Intelligent Power Module Industry Valuation to Hit USD 4.5 Billion by 2033
Custom Market Insights has carried out a study predicting that the worldwide market for Intelligent Power Modules (IPM) is projected to grow at a compound annual growth rate (CAGR) of 7.8% from 2024 until 2033. The market is estimated to be valued at USD 2.3 Billion in 2024, with expectations to climb to USD 4.5 Billion by the year 2033.
Drivers and Trends Stimulating the Intelligent Power Module (IPM) Market Growth
⊙ Escalating Need for Energy Efficiency: The surge in the Intelligent Power Module (IPM) market is propelled by the escalating need for energy-saving solutions across diverse sectors. As organizations and consumers prioritize sustainability and curtailment of energy usage, IPMs, which consolidate power components, control circuits, and protective mechanisms into one unit, have become vital for effective energy regulation.
⊙ Uptake by the Automotive Sector: The IPM market is propelled by significant uptake within the automotive industry. As the shift toward vehicle electrification accelerates, both electric vehicles (EVs) and hybrid electric vehicles (HEVs) are increasingly deploying IPMs to boost energy efficacy and dependability in critical areas like traction inverters and other electronics. This growing adoption in the automotive realm is expected to be a pivotal growth propeller for the IPM market.
⊙ Cutting-edge Technological Developments: The IPM market is buoyed by ongoing innovation in semiconductor and power electronics technology. Implementing cutting-edge functionalities such as sophisticated control systems, real-time tracking, and fault diagnosis within IPMs augments their performance and dependability. These enhancements broaden their appeal across various industry verticals.
⊙ Shift to Renewable Energy: The IPM market is being fueled by a concerted emphasis on renewable energy sources like solar and wind power. IPMs take a central role in renewable energy inverters, where they manage and adapt power output efficiently. With the renewable sector's augmentation, the IM market is poised for significant growth.
⊙ Industrial Automation and Smart Connectivity: The proliferation of industrial automation and smart connectivity through the Internet of Things (IoT) is birthing new prospects for the IPM market. IPMs are essential in motor control tasks within automated setups, providing accurate and energy-efficient motor operation. Their synergy with IoT platforms also makes them integral to the evolution of intelligent manufacturing processes.
⊙ Rising Standards for Power Quality and Stability: The soaring global demand for steadfast power sources has led to a sharpened focus on power quality and steadiness. Intelligent Power Modules enhance power distribution frameworks by including features that counteract overcurrents, short-circuits, and voltage dips. Enhancing the stability and dependability of power systems is a significant motivator for the IPM market's expansion.
In the year 2023, onsemi, a company with expertise in intelligent power and sensor technologies, established an extended supply partnership with Magna, a leader in mobility tech. This collaboration will see Magna incorporating Onsemi’s EliteSiC intelligent power offerings into its eDrive architectures, which is anticipated to propel electric mobility forward and elevate the efficiency of electric propulsion systems.
Previously in 2022, STMicroelectronics introduced its robust silicon-carbide (SiC) modules tailored for electrified vehicles, aimed at heightening their performance and cruising range. These modules have been chosen for implementation within Hyundai’s E-GMP electric vehicle framework, utilized by models like the KIA EV6. This decision underscores the automotive sector’s dedicated efforts in propelling the progress of electric mobility.
Report Scope
The Intelligent Power Module (IPM) Market was not immune to the effects of the COVID-19 pandemic, witnessing an array of challenges as well as opportunities during this period. The following points encapsulate the principal impacts:
In summary, the ramifications of the COVID-19 pandemic on the Intelligent Power Module (IPM) Market have been multifaceted, encompassing both obstacles and prospects precipitated by the global health crisis.
Global Supply Chain Challenges: The advent of the COVID-19 pandemic triggered significant disruptions across worldwide supply chains, affecting the outputs and distribution networks for electronic parts including Intelligent Power Modules (IPMs). Extended delays have led to a scarcity of vital components, thereby impeding production capabilities for IPM vendors and inducing temporary hurdles in fulfilling market demand.
Impact on Consumer Markets: The automotive sector, industrial automation realms, and the renewable energy space were among the various consumer markets that encountered deceleration and interruptions due to the enforcement of lockdowns, restrictive measures, and the prevailing economic doubtfulness attributed to the pandemic. This led to a curtailment in investments and the postponement of projects, impacting the consumption of Intelligent Power Modules in segments such as electric vehicles, automated manufacturing, and sustainable energy infrastructures.
Strategic Supply Chain Diversification: In response to the pandemic and in anticipation of potential future adversities, entities within the IPM sector have commenced diversifying their supply chain structures. This strategic move includes procuring alternate sources for imperative components, thereby curating more robust and adaptable networks. Such diversified supply channels aim to diminish the likelihood of interruptions and sustain a steady manufacturing workflow.
Enhanced Digital Integration: The pandemic has served as a catalyst for an expedited digital makeover throughout various industries. Within the domain of IPMs, enterprises are integrating advanced digital tools for distanced supervision, prescient maintenance, and instantaneous data analytics. These digital enhancements not only refine the production methodologies but also fortify supply chain communications and collaborations, resulting in a more fortified and agile industrial ecosystem.
Research & Development Investment Boost: With the intention of recapturing growth trajectories, companies dedicated to IPM technology are heightening their investments in research and development. These investments are directed toward innovating with superior functionality, escalated integration aptitude, and augmented energy conservation techniques. By presenting such pioneering technology, organizations are setting themselves apart and can better address the needs of industries rallying from the pandemic's repercussions.
Notable Key Players in the IPM Market:
- Infineon Technologies AG
- ON Semiconductor Corporation
- Mitsubishi Electric Corporation
- Fuji Electric Co., Ltd.
- STMicroelectronics N.V.
- ROHM Co., Ltd.
- Semikron International GmbH
- Renesas Electronics Corporation
- Fairchild Semiconductor International Inc.
- Texas Instruments Incorporated
- Vishay Intertechnology Inc.
- Dialog Semiconductor PLC
- Microsemi Corporation
- Avalanche Technology Inc.
- Pre-Switch Inc.
These industry leaders are at the helm of innovation, providing an array of IPM solutions to cater to the diverse demands of the evolving marketplace.
