The intelligent power module market has seen considerable growth due to a variety of factors.
• Recent years have seen a swift expansion in the size of the intelligent power module market. The market is forecasted to balloon from a value of $2.6 billion in 2024, to an increased value of $3 billion in 2025 - showing a compound annual growth rate (CAGR) of 15.5%.
The notable growth during the historic duration has been due mainly to factors such as an upsurge in consumer electronics demand, an expansion in the electric vehicle sector, a rise in automation, a heightened emphasis on energy efficiency, and expansion of data centers.
The intelligent power module market is expected to maintain its strong growth trajectory in upcoming years.
• The market for intelligent power modules is anticipated to experience swift expansion in the coming years, with projections indicating a growth to $5.02 billion by 2029 and a compound annual growth rate (CAGR) of 13.7%.
Factors contributing to this predicted growth over the forecast period include the roll-out of 5G infrastructure, expansion in the medical devices and healthcare sector, growth of telecommunications infrastructure, and the developing aerospace and defense sector. Coming trends in the same time frame include the incorporation of SiC and GaN technology, the production of custom IPMs for specific applications, improvements in thermal management solutions, emphasis on miniaturization and compact design, and the development of sustainable and environmentally-friendly IPMs.
The expansion of the intelligent power module is likely to be driven by the increasing demand for consumer electronics. The term Consumer Electronics (CE) refers to any electronic product designed for everyday use by end users or consumers, excluding commercial or professional applications. With their ease of use and superior reliability, IPMs are the perfect power electronic device for a variety of applications, including frequency conversion and speed adjustment, electric traction, servo drives, metallurgical machinery, and inverter appliances. They are particularly suitable for the frequency converters of drive motors and various inverters. GFK, a data and intelligence provider from Germany for the consumer goods sector, reported that the global consumer electronics market (excluding North America) experienced an increase in sales of $42.8 billion, a rise of 18%. As such, the burgeoning demand for consumer electronic devices is fuelling the development of the intelligent power module market.
The intelligent power module market covered in this report is segmented –
1) By Power Device: Insulated-Gate Bipolar Transistor (IGBT), Metal Oxide Semiconductor Field Effect Transistor (MOSFET)
2) By Voltage Rating: Up To 600 V, 601–1,200 V, Above 1,200 V
3) By Vertical: Consumer Electronics, Automotive, Industrial, Aerospace, Defense, Other Verticals
4) By Application: Renewable Energy Generation, Home Appliances, Electric Vehicles, Servo Drives, Other Applications
Subsegments:
1) By Insulated-Gate Bipolar Transistor (IGBT): Standard IGBT Modules, High Voltage IGBT Modules, Low Voltage IGBT Modules
2) By Metal Oxide Semiconductor Field Effect Transistor (MOSFET): Standard MOSFET Modules, High Power MOSFET Modules, Low Voltage MOSFET Modules
Collaborations and strategic partnerships are increasingly becoming prominent in the intelligent power module market. Top companies in this sector are prioritizing partnerships to enhance their market position. For instance, STMicroelectronics, a Swiss electronics and semiconductors producer, teamed up with Sanken Electric Co. Ltd, a Japanese firm specializing in analog power semiconductor products. The objective of this collaboration was the creation of intelligent power modules suitable for high-voltage industrial and automotive applications. In particular, they aim to engineer and jointly sell 650V/50A and 1200V/10A industrial modules that could simplify design challenges and reduce the required materials for HVAC systems, industrial servo drives, industrial washers, and universal inverters above 3 kW. Furthermore, in April 2022, a collaboration was announced between the Hong Kong Applied Science and Technology Research Institute (ASTRI), ASM Pacific Technology Limited (ASMPT), a Singaporean integrated solutions provider, and Alpha Power Solutions (APS), a semiconductor technology firm based in Hong Kong. They aim to manufacture the first entirely Hong Kong-built SiC Intelligent Power Module (IPM) for electric vehicles (EVs).
Major companies operating in the intelligent power module market include:
• Mitsubishi Electric Corp.
• ON Semiconductor Corporation
• Infineon Technologies AG
• Fuji Electric Co. Ltd.
• Semikron Elektronik GmbH & Co. KG
• ROHM Co. Ltd.
• Microchip Technology Inc.
• Toshiba Electronic Devices & Storage Corporation
• Vincotech GmbH
• Powerex Inc.
• Renesas Electronics Corporation
• Silan Semiconductor Manufacturing Group
• Power Integrations Inc.
• Sanken Electric Co. Ltd.
• Vishay Intertechnology Inc.
• Fairchild Semiconductor International Inc.
• International Rectifier Corporation
• IXYS Corporation
• Future Electronics Inc.
• Hitachi Power Semiconductor Device Ltd.
• SanRex Corporation
• ABB Ltd.
• Texas Instruments Inc.
• STMicroelectronics N.V.
• Microsemi Corporation
• Ideal Power Inc.
• TECX Inc.
• Design Criteria Inc.
• Vicor Corporation
• Quail Electronics Inc.
• TAMURA Corporation
Asia-Pacific was the largest region in the intelligent power module market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the intelligent power module market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.