Intelligent Power Module Market Showing Tremendous Growth and Strong Revenue by 2026
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.
As per a research report by GMI, Inc., intelligent power module market is estimated to exceed $2.5 billion valuation by 2026.
Presently, novel innovations are expected to gain significant momentum in the intelligent power module market. Key participants in the intelligent power module 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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Fuji Electric is a leading developer of IGBT modules that are presently used in the power electronic systems of today, which includes renewable energy systems, HVAC, uninterruptable power supplies, variable-speed drives, and power converters. The newest IPM modules are equipped with a control IC providing protection circuits and IGBT drive, further ensuring high system reliability, along with making the design of peripheral circuits more simple.
In terms of application, the renewable energy application segment is earmarked to witness remunerative revenue growth. In 2019, the segment accounted for a market share of nearly 15% and is further expected to grow at a CAGR of around 8% through the forecast time period. This anticipated growth is ascribed to the increasing adoption of IPM in solar power plants and photovoltaic systems. Rising government initiatives as well as investments towards the adoption of renewable energy resources will further influence the demand for intelligent power modules. This is likely to offer the segment a number of viable revenue streams, including motor controls, solar power plants, and wind turbines among others.
On the geographical front, the Europe IPM market held a market share of nearly 20% in 2019 and is slated to grow at a CAGR of around 7% over the forthcoming time period. The regional growth is mainly ascribed to the presence of a well-established EV (electric vehicle) charging station network in Europe. These EV charging stations and battery-power establishments have a huge demand for IPMs owing to their superior features like conversion of DC/DC for decreasing power losses, precise sensing of power outputs, and fast charging. Thus, the rising penetration of electric vehicle charging stations across Europe is anticipated to drive the intelligent power module market growth over the coming years.
Given the rising adoption of the product across various application avenues, industry players are increasingly focusing on consolidating their market position through numerous strategic means. Citing an instance, in February 2020, Alpha and Omega Semiconductor Limited, a leading developer, designer, and supplier of a wide range of power semiconductors and power ICs, reportedly unveiled a novel series of MOSFET IPM, namely AIM702H50B.
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The new IPMs are mainly specialized for BLDC motor drives system like fan motors in air-conditioners and home appliances that need very high compact size with efficient and reliable design allowance. The novel IPM7 series comprises of 3-phase super junction MOSFETs specifically designed for motor drive, an integrated HVIC gate driving along with bootstrap circuit in a novel ultra-compact surface mountable package.
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 intelligent power module market.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Scope & definition
1.2. Methodology & forecast
1.3. Data Sources
1.3.1. Primary
1.3.2. Secondary
Chapter 2. Executive Summary
2.1. Intelligent power module market 3600 synopsis, 2016 - 2026
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Voltage rating trends
2.1.4. Current rating trends
2.1.5. Power device trends
2.1.6. Application trends
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