Intelligent Power Modules Market
Global Market Study on Intelligent Power Modules: Rising Adoption of Electric & Hybrid Vehicles to Accelerate Market Expansion
Intelligent Power Modules Market Segmented By Voltage Rating such as Up to 600 V, 601 V - 1200 V, Above 1200 V with Power Device such as IGBT, MOSFET
Intelligent power modules revenue totalled US$ 1.5 Bn in 2020, according to industry analysis by Persistence Market Research. The overall market is expected to reach US$ 5 Bn by 2031, surging at a CAGR of 11.8%.
Intelligent power modules forecast analysis indicates 10.5% y-o-y growth in 2021. Among the power devices available, market share of MOSFET-based intelligent power modules is the highest among all, and demand for these is set to accelerate at 12.4% CAGR through 2031.
Find Out More about the Report Coverage
- Mitsubishi Electric Corporation
- Semiconductor Components Industries, LLC (ON Semiconductor)
- Infineon Technologies
- Fuji Electric
- Renesas Electronics Corporation
- Texas Instruments
- Sensitron Semiconductor
- Sanken Electric
- ROHM Semiconductor
- Hirata Corporation
- Schneider Electric
Key Insights Offered in Intelligent Power Modules Industry Survey
- Market Estimates and Forecast 2016-2031
- Key Drivers and Restraints Impacting Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Intelligent Power Module Sales and How to Navigate
- Recommendation on Key Winning Strategies
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Demand Analysis of Intelligent Power Modules from 2016-2020 Compared to Market Outlook for 2021-2031
The global intelligent power modules market is estimated to be valued at US$ 1.6 Bn in 2021. The market is expected to witness acceleration at a CAGR of 11.8% during the forecast period 2021-2031.
Several initiatives by various government worldwide that aim to reduce carbon dioxide emissions and preserve the environment are driving the adoption of intelligent power modules. These modules deliver a high degree of efficiency and operational performance. Smart consumption will depend on the use of more efficient equipment such as hybrid plug-in electric vehicles.
Smart generation includes the use of renewable energy sources (wind, solar, or hydropower). There is an increase in the number of renewable energy projects worldwide, which is also contributing to the growth of the market. Initiatives taken to encourage the use of renewable energy by governments are also driving demand for intelligent power modules.
The global market is anticipated to witness growth in revenue from US$ 1.5 Bn in 2020 to US$ 5 Bn by 2031.
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How is Increased Power Generation Surging Demand for Intelligent Power Modules?
Adoption of IPMs in the sector of renewable energy is increasing significantly in applications such as off-shore wind turbine inverters, on-shore wind turbine inverters, micro-inverters, and photovoltaic inverters. It is expected that solar and wind energies will address one-third of global power needs by 2040.
This will have a significant impact on the market, as the critical components of these power architectures are formed by IPMs. Many countries are generating power from wind, and due to this factor, the market of IPMs is projected to experience a considerable boost. There is a good investment opportunity for governments to generate power using renewable sources, which will further help the market to proliferate.
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Which Factors are Driving Adoption of Intelligent Power Modules?
Due to an increase in the adoption of electric and hybrid vehicles in developed economies such as North America and Europe, demand for intelligent power modules has increased significantly. In 2019, the United States was the third-largest electric vehicle market with more than 300,000 new sales, followed by China and Europe.
As reliability and durability are crucial factors in hybrid electric vehicle (HEV) applications, intelligent power modules with high power ratings (10-100 kW peak) are fulfilling these requirements. There is high growth potential for hybrid and electric vehicles, which will drive the adoption of intelligent power modules over the coming years.
What are the Key Challenges Impacting Demand for Intelligent Power Modules?
Major manufacturing companies of intelligent power modules are continuously focusing on the integration of multiple functions in a single chip, and this has resulted in complex designing issues. Special skillsets, robust methodologies, and toolsets are required for the designing and integration of complex devices.
Intelligent power module manufacturing companies are providing multiple features in a single integrated circuit (IC). Due to such factors, the overall cost of these devices increases and can potentially hamper demand for intelligent power modules.
Moreover, engineers are interested in the benefits of new technologies but there is a challenge of designing a control structure. Hence, slow adoption of new technologies can hamper market growth to some extent.
Why is Demand for Intelligent Power Modules Surging across India?
According to Persistence Market Research’s market analysis, overall intelligent power module spending in the India is likely to increase at a rate of almost 15.5% through 2031, with a present market value of US$ 43 Mn.
The market is rapidly evolving with new technologies and methodologies in India. Semiconductor companies are channelizing and strategized business development activities in 3 phases: immediate, mid-term, and long-term phase.
They are focusing on utility solar, solar power, traction, and consumer durables in the immediate-term phase and channelizing best efforts in getting the design for electric vehicle traction and EV charger in the mid-term phase. They are further contributing in space for high frequency (HF) & optical devices (OPTO) and high voltage direct current (HVDC) in the long-term phase, along with the growth of the above mentioned segment.
The Indian government introduced the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) in April 2020 under the Make in India initiative. Such factors are anticipated to drive demand for intelligent power modules in the country.
Which Factors are Boosting Adoption of Intelligent Power Modules in South Korea?
According to the research analysis, the market for intelligent power modules in South Korea has a present value of around US$ 86 Mn.
The country is speeding up growth of the power semiconductor industry as it is planning to develop five power semiconductor products by 2025. South Korea is focusing on the development of energy-efficient power semiconductors for parts of electric cars with stronger durability against pressure and heat.
An amount of US$ 5 million will be invested by the country to build infrastructure to produce prototypes of power chips through 2022. With the help of such efforts, the country will beef up the supply chain of modules, devices, and systems. Thus, the market of South Korea is anticipated to witness a healthy growth rate over the forecast period of 2021-31.
Why is China Becoming a Lucrative Market for Intelligent Power Module Suppliers?
The market in China is anticipated to be valued around US$ 421 Mn by 2031. China's semiconductor market is one of the largest in the world due to the presence of key players. There is a decrease in the supply of automotive IGBTs at the global level, which is attracting China-based car original equipment manufacturers (OEMs) and vendors to develop intelligent power modules.
A company named BYD Auto Co., Ltd. is already developing IGBT modules in-house, which are used in electric vehicles. Many China-based firms are following the footsteps of BYD to invest in intelligent power modules.
China-based EV companies are also adopting silicon carbide (SiC), a new material for EV-use power modules, as the demand of Sic MOSFET modules are high in Tesla's EVs.
China also introduced its 14th Five-year Plan for 2021-2025 to invest US$ 1.53 trillion for supporting the development of 3rd generation semiconductors. Such initiatives will surge demand for intelligent power modules in the country.
Which Voltage Rating is Anticipated to Fuel Sales of Intelligent Power Modules?
Demand for intelligent power modules with up to 600 voltage rating is anticipated to expand at a CAGR of 11.2%, with a current market value of around US$ 836 Mn in 2021.
IPMs using IGBT 600V are serving the purpose of domestic applications such as washing machines, air conditioners, and dishwashers. Companies such as Mitsubishi Electric Corp., Fuji Electric Co., Ltd., ON Semiconductor Corporation, and Infineon Technologies AG are continuously focusing on the manufacturing such IPMs.
Consumer electronics is the key target segment of these intelligent power modules. Some of the benefits of intelligent power modules with IGBT 600V include cost savings from reduced PCB space and smaller footprint. Hence, these intelligent power modules will account for the largest share of the market.
Which Power Device is Expected to Proliferate in Future?
MOSFET-based IPMs are estimated account for total sales of US$ 685 Mn by the end of 2021. However, demand for IGBT-based IPMs is anticipated to surge at a CAGR of 11.4% from 2021 and 2031.
An IGBT-based intelligent power module incorporates a control IC with an IGBT drive circuit and a protection circuit, which makes it easier to secure high system reliability and design peripheral circuits. It is a type of application and an optimized power conversion device that is used in the areas of power electronics such as air conditioning equipment, AC servo, and elevators.
V-series IGBT IPMs have capacities up to 400 A/600 V and 200 A/1200 V. This characteristic is beneficial for overcurrent protection, short circuit protection, control power supply voltage drop protection, and overheat protection. Due to such factors, demand for IGBT-based IPMs is anticipated to grow at a significant rate.
How Will Automotive Industry Support Demand Growth of Intelligent Power Modules?
Automotive application contributed a noteworthy revenue share of 15% in 2020, and is expected to rise at a CAGR of 12% over the forecast period.
IPMs using 80V MOSFETS are increasingly being used in the industry of automotive to drive pumps and electric fans. Due to high integration in small footprint packages with excellent cooling performance, design engineers are reducing system cost with the help of these IPMs.
Energy efficiency and system performance are improved with the help of these modules due to increased power density, enhanced system ruggedness, and reliability. This is one of the reasons why the automotive industry is moving toward the implementation of IPMs with MOSFETS for integrating the latest ICs technology and power semiconductors.
Key vendors operating in market are continuously focusing on evolving their existing products and service portfolios. Companies are launching industry-specific solutions in order to cater to consumer needs.
- In June 2021, Mitsubishi Electric Corporation announced the launch of its T-series 2.0kV Insulated Gate Bipolar Transistor (IGBT) Module for industrial use, the world's first IGBT1 with 2.0kV withstand voltage. The module will be ideally suited to increase the efficiency and reduce the size of renewable-energy power converters.
- In October 2020, STMicroelectronics and Sanken Electric collaborated to develop intelligent power modules for high-voltage industrial and automotive products. With this collaboration, both companies aim to bring new high-voltage, high-power IPMs to the industrial and automotive markets.
Intelligent Power Modules Market Report Scope
Historical Data Available for
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
Customization & Pricing
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Market Segmentation Based on Intelligent Power Modules Industry Research
- Up to 600V Intelligent Power Modules
- 650 V Intelligent Power Modules
- 1200 V Intelligent Power Modules
- IGBT-based Intelligent Power Modules
- MOSFET-based Intelligent Power Modules
- Intelligent Power Modules for Consumer Electronics
- Intelligent Power Modules for Automotive
- Intelligent Power Modules for Industrial
- Intelligent Power Modules for Renewal Energy
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