July 24, 2024
Intelligent Power Module Market
Ict

Intelligent Power Module Market Estimated to Witness High Growth Owing to Increasing Adoption of Electric Vehicles

The intelligent power module market offers several advantages such as high efficiency, compact size, enhanced reliability, and rugged design. Due to these advantages, intelligent power modules find wide applications in electric vehicles, renewable energy plants, industrial motor drives and motor control. The growing adoption of electric vehicles globally is one of the major drivers propelling the demand for intelligent power modules in motor control applications.

The global intelligent power module market is estimated to be valued at US$ 4.53 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period from 2024 to 2031.

Key Takeaways

Key players: Key players operating in the intelligent power module market are Avalanche Technology Inc., Fuji Electric Co., Ltd., Hitachi, Ltd., Infineon Technologies AG, Intelligent Power and Energy Research Corporation, Mitsubishi Electric Corporation, ON Semiconductor, Powerex, Inc., Pre-Switch, Inc., Renesas Electronics Corporation, ROHM Semiconductor, Semikron, Semiconductor Components Industries, LLC, STMicroelectronics, and Toshiba Electronic Devices & Storage Corporation.

Key opportunities: Advancement in silicon carbide-based intelligent power modules is creating new revenue pockets for manufacturers. In addition, growing demand for faster switching capabilities, higher voltages, and integration of functional safety features is fueling research and development of next-generation products.

Global expansion: Leading manufacturers are expanding their intelligent power module production capacities across major markets such as China, Europe and North America to tap into the growing regional demand. Strategic collaborations with automotive OEMs is another approach adopted by players to strengthen their worldwide footprint.

Market drivers: Increasing adoption of electric vehicles worldwide is a major factor driving the demand for intelligent power modules in motor control applications such as traction inverters and on-board chargers. Stringent fuel efficiency and emission norms are also compelling automotive OEMs to switch from legacy internal combustion engine vehicles to electric alternatives.

PEST Analysis

Political: The Intelligent Power Module Market Demand is regulated by safety and environmental protection laws related to power electronics and renewable energy systems. Government support through funding and incentives promotes adoption of more efficient technologies.

Economic: As energy costs rise and grid modernization takes place, the need for higher efficiency and reliability in power conversion increases demand for intelligent power modules. Their use helps optimize costs in applications like electric vehicles, renewable energy, and industrial motor drives.

Social: Growing environmental awareness and the push for cleaner energy are driving markets like electric mobility and renewable power generation which utilize intelligent power modules. Consumers expect higher performing products with smaller footprints that consume less energy.

Technological: Intelligent power modules integrate control, gate drivers, and protection in single optimized packages. They offer advanced integration and protection capabilities along with increased power density and reliability compared to discrete solutions. Manufacturers continue advancing insulation, thermal management and integrated diagnostic features.

Geographical Regions of Concentration

The Asia Pacific region accounts for the largest share of the global intelligent power module market in terms of value. This is due to large manufacturing bases and rapidly growing adoption of electric vehicles, renewable energy systems, and industrial automation equipment in major economies like China, Japan, South Korea, and India. Government support contributes to high penetration of advanced technologies in these countries.

Fastest Growing Geographical Region

Europe is projected to be the fastest growing regional market during the forecast period. Stringent norms around energy efficiency and electrification of transportation are driving the need for more intelligent power electronics. Supported by funding programs, adoption of renewable energy and investments in electric vehicle charging infrastructure are high across major countries in Western and Northern Europe, propelling regional demand.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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