As per the current market research conducted by the CMI Team, the global Intelligent Power Module (IPM) Market size is expected to record a CAGR of 7.8% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 2.3 Billion. By 2033, the valuation is anticipated to reach USD 4.5 Billion.
Intelligent Power Module (IPM) Market: Growth Factors and Dynamics
- Rising Demand for Energy-Efficient Solutions: The Intelligent Power Module (IPM) market is experiencing growth due to the increasing demand for energy-efficient solutions in various industries. As organizations and consumers focus on sustainability and reducing energy consumption, IPMs, which integrate power devices, gate drivers, and protection features in a single module, are becoming essential components for efficient power management.
- Automotive Industry Adoption: The automotive sector is a key driver for the growth of the IPM market. With the electrification trend gaining momentum, electric vehicles (EVs) and hybrid electric vehicles (HEVs) are increasingly incorporating IPMs to enhance power efficiency and reliability in traction inverters and other power electronics applications. This adoption is expected to contribute significantly to the expansion of the IPM market.
- Technological Advancements and Integration: Continuous technological advancements in power electronics and semiconductor technologies are playing a crucial role in the growth of the IPM market. Integration of advanced features, such as intelligent control algorithms, real-time monitoring, and fault detection capabilities within IPMs, enhances their performance and reliability, making them more appealing to a broad range of industries.
- Focus on Renewable Energy Sources: The growing emphasis on renewable energy sources, such as solar and wind power, is driving the demand for intelligent power modules. IPMs are used in inverters for renewable energy systems to efficiently convert and manage power generated from these sources. As the renewable energy sector expands, the IPM market is expected to witness substantial growth.
- Industrial Automation and IoT Integration: The increasing adoption of industrial automation and the integration of Internet of Things (IoT) technologies are creating new opportunities for the IPM market. IPMs play a vital role in motor control applications within industrial automation, offering precise and efficient control of motors. The compatibility of IPMs with IoT platforms further enhances their appeal in smart manufacturing environments.
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Intelligent Power Module (IPM) Market: Partnership and Acquisitions
- In 2023, onsemi, specializing in intelligent power and sensing technologies, entered a long-term supply agreement with Magna, a mobility technology company. Magna will integrate Onsemi’s EliteSiC intelligent power solutions into its eDrive systems, fostering advancements in electric mobility and enhancing the performance of electric drive systems.
- In 2022, STMicroelectronics has unveiled high-power silicon-carbide (SiC) modules designed for electric vehicles, enhancing performance, and driving range. These modules have been selected for use in Hyundai’s E-GMP electric vehicle platform, which is shared by models such as the KIA EV6, showcasing the industry’s commitment to advancing electric mobility.
Intelligent Power Module (IPM) Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Intelligent Power Module (IPM) Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic has led to widespread disruptions in global supply chains, affecting the production and distribution of electronic components, including Intelligent Power Modules. Delays in the supply chain have led to shortages of critical components, impacting the manufacturing capabilities of IPM suppliers, and causing temporary setbacks in meeting market demands.
- Slowdown in End-User Industries: Various end-user industries, such as automotive, industrial automation, and renewable energy, experienced slowdowns, and disruptions due to lockdowns, restrictions, and economic uncertainties caused by the pandemic. This resulted in reduced investments and delayed projects, directly affecting the demand for Intelligent Power Modules in applications like electric vehicles, factory automation, and renewable energy systems.
- Diversification of Supply Chains: To mitigate the impact of future disruptions, companies in the IPM market are focusing on diversifying their supply chains. This involves identifying alternative suppliers for critical components and establishing more resilient and flexible supply networks. Diversification helps minimize the risk of supply chain disruptions and ensures a more stable production process.
- Accelerated Digital Transformation: The pandemic has accelerated the pace of digital transformation across industries. In the context of the IPM market, companies are leveraging digital technologies for remote monitoring, predictive maintenance, and real-time analytics. This not only enhances the efficiency of manufacturing processes but also enables better communication and collaboration in the supply chain, contributing to a more resilient and responsive industry ecosystem.
- Emphasis on R&D for Innovation: To regain momentum, companies in the IPM market are investing in research and development to bring innovative solutions to market. This includes the development of advanced features, increased integration capabilities, and improvements in energy efficiency. By offering cutting-edge technologies, companies can differentiate themselves and meet the evolving needs of industries recovering from the pandemic’s impact.
List of the prominent players in the Intelligent Power Module (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.
- Others
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