Intelligent Power Module market worth $3B by 2027
IPM market growing at a CAGR of nearly 11 percent
According to a new market research report 'Intelligent Power Module Market by Voltage Rating, Current Rating, Circuit Configuration, Vertical, Region - Global Forecast to 2027', published by MarketsandMarkets, the Intelligent Power Module Market size is expected to grow from $1.8 billion in 2022 to $3.0 billion by 2027, at a CAGR of 10.7 percent.
The industrial segment of the intelligent power module market is expected to contribute to the largest market share during forecast period. Processes such as electroplating, electrolysis, welding, lighting, induction heating, and other industrial operations are equipped with power modules to use electric power efficiently and safely.
The ease of manufacturing has also led to the availability of these devices in a vast range of ratings as well as in high voltage. IPMs control almost all motors employed in rolling, textile, and cement mills. Furthermore IPMs have applications in both solar and wind energy systems. Thus, the increasing number of renewable energy projects worldwide is expected to drive the growth of the intelligent power module market during the forecast period. IPMs are also used extensively in renewable energy generation facilities such as solar energy plants, wind energy plants, and tidal energy plants. The initiatives taken by governments across several countries to encourage the generation of renewable energy are also expected to drive the intelligent power module market.
The intelligent power module market for the up to 100 A segment accounted for the largest share of the overall market in 2021. An intelligent power module with a current rating of up to 100 A is majorly used in domestic consumer electronics such as air conditioners, washing machines, and dishwashers. As automation has become an integral part of day-to-day life, the demand for consumer electronics equipped with intelligent power modules having up to 100 A current ratings is rising significantly, which, in turn, is expected to fuel the growth of this segment.
The IGBT segment is expected to hold a larger share of the intelligent power module market during the forecast period due to its growing usage in consumer and low-power industrial applications. The rising demand for new and improved technologies in the industrial vertical of emerging economies such as South Korea and India is expected to fuel the adoption of IGBT-based IPMs in the coming years
China is projected to account for the major share of the intelligent power module market in Asia Pacific from 2022 to 2027. The country is a key manufacturer of electronic devices. The country is also know for low cost automotive product manufacturing. It is the most significant economy in the region. Factors such as ongoing industrialisation, the rising requirement for replacing aging renewable plants and energy sources, and increasing adoption of novel and efficient power modules by manufacturing firms in automotive, electronics, industrial and other applications is pushing the growth of the intelligent power module market in China.
