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Industry Forecast

Intelligent Power Module Market Revenue To Cross USD 2.5 Bn By 2026

According to a latest report, the market valuation of intelligent power module will cross $2.5 billion by 2026. The growing adoption of intelligent power modules in power converters, electric motor drives for aircraft will fuel the market growth over the coming years. Intelligent power modules offer several features such as low noise radiation, high-performance, small footprint, and increased power density. The integration of IPMs will help aircraft manufacturers to reduce the system cost and achieve small footprint packages that are required in avionics.

The above 1,200 V segment in the intelligent power module market is expected to show a reasonable growth of around 5% till 2026 due to its increasing adoption in high-voltage industrial equipment such as power transformers, inverter appliances, motor control systems, and industrial motor drives, among others. The above 1,200 V IPMs offer high voltage stability and power density, which enhances the system efficiency of industrial equipment. To cater to the high demand in the industry, companies are continuously innovating new products.

The up to 20A current rating segment dominated the intelligent power module market share of more than 40% in 2019 owing to the increasing adoption of these devices in electronics and home appliances. Intelligent power modules up to 10A current rating are integrated into drain pumps, hydronic pumps, & compressor control systems of washing machines, refrigerators, air conditioners, and kitchen hoods. These devices offer high-performance and energy efficiency.

The intelligent power module market for renewable energy application held over 15% share in 2019 and is predicted to expand at a CAGR of more than 8% by 2026 on account of the rising adoption of intelligent power modules in photovoltaic systems and solar power plants. Supportive government initiatives and funding to increase the adoption of renewable energy resources will accelerate market expansion. For instance, the U.S. Department of Energy (DoE) has set an ambitious plan to achieve a 20% share in the country’s electricity consumption by implementing wing energy by 2030 and 35% by 2050.

Europe intelligent power module market accounted for 20% of revenue share in 2019 and is poised to expand at 7% CAGR through 2026 led by rapid increase in the establishment of Electric Vehicle (EV) charging stations across Europe. According to the August 2020 press release by the Department for Transport, Government of UK, there were 18,265 electric vehicle charging stations, fully operational in the UK in June 2020.

The deployment of EV charging stations is witnessing a Year-on-Year growth of 11% compared to June 2019. These EV charging stations and battery-power establishments have a high demand for intelligent power modules due to their advanced features such as fast charging, accurate sensing of power outputs, and DC/DC conversion to reduce power losses. The growing penetration of EV charging stations in the region will significantly propel the market value during the forecast timeline.

Some of the key players operating in the intelligent power module market are STMicroelectronics N.V., ON Semiconductor Corporation, Mitsubishi Electric Corporation, Infineon Technologies AG, and Fuji Electric Co. Ltd. These companies are extensively focusing on new product innovation and strategic collaborations to increase their market share. For instance, in March 2020, CISSIOD launched its new three-phase SiC intelligent power module for e-mobility solutions. The new 1,200V/450A IPM delivers low conduction and switching losses suitable for battery-powered cars.

Source: Global Market Insights