The intelligent power module market is forecast to witness significant growth over the coming time period owing to the rising product adoption across a range of applications such as in electric motor drives for aircraft or in power converters. Rising consumer inclination towards the adoption of electric vehicles will further accelerate the market growth in the years to come.
Presently, novel innovations are expected to gain significant momentum in the intelligent power module market. Key participants in the market landscape are rolling out enhanced versions of intelligent power modules that are suitable to be deployed in an array of applications. Citing an instance, in September 2020, Fuji Electric Corp, a leader in electronic devices, power electronics, energy, social and industrial systems, reportedly announced a novel line-up of smart intelligent power modules based on the company’s 7th generation X-Series IGBT technology.
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The market for IPMs rated above 1200 V is anticipated to record a CAGR of more than 5% by 2026. Growing product application in high-voltage industrial equipment like inverter appliances, power transformers, industrial motor drives and motor control systems could majorly drive the estimated growth. These modules provide high voltage stability and power density that improves system efficiency of industrial equipment. Several industries are working on creating innovative products that meet consumer requirements, favoring the demand for IPMs.
The renewable energy application segment accounted for over 15% of intelligent power module market share in 2019 and is expected to register a CAGR of over 8% during the forecast timeframe. IPMs have prominent application in solar power plants and photovoltaic systems. Funding efforts and supportive government initiatives to increase the use of renewable energy resources are likely to fuel overall industry growth. These initiatives also aim to increase the adoption of IPMs in motor controls, solar power plants, wind turbines and photovoltaic systems.
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Europe intelligent power module market held for 20% of global market share in 2019 and is projected to record 7% CAGR in the upcoming years. Large scale establishment of electric vehicle (EV) charging stations have propelled product demand in the region. These modules are modules used in EV charging stations and battery-power establishments due to their advanced features such as accurate sensing of power outputs, fast charging and DC/DC conversion to decrease power losses. Prompt deployment of electric vehicle charging stations to support the shift towards sustainable mobility will positively impact IPM business outlook in Europe.
Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, STMicroelectronics N.V., Infineon Technologies AG, and ON Semiconductor Corporation among many others are some of the key players operating in the market.
Major Key Points from Table of Content:
Chapter 5. Intelligent Power Module Market, By Voltage Rating
5.1. Key trends, by voltage rating
5.2. Up to 600 V
5.2.1. Market estimates and forecast, 2016 - 2026
5.3. 1,200 V
5.3.1. Market estimates and forecast, 2016 - 2026
5.4. Above 1,200 V
5.4.1. Market estimates and forecast, 2016 - 2026
Chapter 6. Intelligent Power Module Market, By Current Rating
6.1. Key trends, by current rating
6.2. Up to 20 A
6.2.1. Market estimates and forecast, 2016 - 2026
6.3. 20 A- 100 A
6.3.1. Market estimates and forecast, 2016 - 2026
6.4. >100 A
6.4.1. Market estimates and forecast, 2016 - 2026
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