Intelligent Power Module Global Market Report 2024

The intelligent power module (IPM) stands out as a high-performance module equipped with a dedicated drive circuit that maximizes the power output from an IGBT chip. Additionally, it features a custom IC to execute essential self-protection functions, including short circuit detection, supply under voltage monitoring, and over-temperature protection. Predominantly utilized in motor control applications, IPMs also find applications in inverters, renewable energy systems, and uninterruptible power supplies.

The primary power devices in the intelligent power module market encompass insulated-gate bipolar transistors (IGBTs) and metal-oxide-semiconductor field-effect transistors (MOSFETs). IGBTs are employed in medium- to high-power applications such as traction motor control, switched-mode power supplies, and induction heating. Functioning as a semiconductor device that combines the high-speed switching performance of a power MOSFET with the high-voltage and high-current handling capabilities of a bipolar transistor, IGBTs come in various voltage types, including up to 600 V, 601–1,200 V, and above 1,200 V. Common vertical types include consumer electronics, automotive, industrial, aerospace, defense, and other sectors. Intelligent power modules are applied across a range of applications, including renewable energy generation, home appliances, electric vehicles, servo drives, and various other applications.

The intelligent power module market research report is one of a series of new reports that provides intelligent power module market statistics, including intelligent power module industry, global intelligent power module market size, regional shares, competitors with a intelligent power module market share, detailed intelligent power module market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent power module industry. This intelligent power module market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The intelligent power module market size has grown rapidly in recent years. It will grow from $2.27 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth observed in the historical period can be attributed to the increased demand for consumer electronics, the expansion of electric vehicles (EVs), a rise in automation, a heightened focus on energy efficiency, and the expansion of data centers.

The intelligent power module market size is expected to see rapid growth in the next few years. It will grow to $4.48 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The projected growth in the forecast period can be linked to the deployment of 5G infrastructure, the expanding medical devices and healthcare sector, the growth of telecommunications infrastructure, and the expansion of the aerospace and defense sector. Key trends expected in the forecast period involve the integration of SiC and GaN technology, the development of customized IPMs for specific applications, enhanced thermal management solutions, a focus on miniaturization and compact design, and an emphasis on sustainable and eco-friendly IPMs.

The anticipated surge in demand for consumer electronic devices is set to drive the growth of the intelligent power module (IPM) market in the foreseeable future. Consumer Electronics (CE) encompass electronic products designed for everyday use by end consumers, and IPMs prove to be highly suitable for frequency converters of drive motors and various inverters due to their user-friendly nature and high reliability. They serve as ideal power electronic devices for applications such as frequency conversion, speed adjustment, electric traction, servo drives, metallurgical machinery, and inverter appliances. For instance, data from GFK, a Germany-based data and intelligence provider, reveals a substantial sales increase of $42.8 billion or 18% in the global consumer electronics market (excluding North America) in the first half of 2021. This surge underscores the pivotal role of rising consumer demand in propelling the growth of the intelligent power module market.

The expanding demand for electric vehicles (EVs) emerges as another driving force for the intelligent power module market. Electric vehicles, powered by electricity and equipped with one or more electric motors, often integrate IPMs in their motor drive systems. These modules play a crucial role in controlling the electric motor that propels the vehicle, managing aspects such as power supply, speed control, and torque. Notably, the International Energy Agency reports a nearly doubled sales figure of electric vehicles, reaching 6.6 million in 2021 compared to 2020. This surge contributes to a total of 16.5 million electric vehicles on the road, showcasing the substantial impact of increasing EV demand on the growth of the intelligent power module market.

A prominent trend in the intelligent power module market is the rise of strategic partnerships and collaborations among key players. Industry leaders are actively engaging in partnerships to strengthen their positions and enhance collaborative efforts. For instance, STMicroelectronics, a Switzerland-based electronics and semiconductors manufacturer, collaborated with Sanken Electric Co., Ltd., a Japan-based supplier of analog power semiconductor products, to develop intelligent power modules for high-voltage industrial and automotive applications. This collaboration aims to create innovative modules for various industrial purposes. Additionally, the partnership between the Hong Kong Applied Science and Technology Research Institute (ASTRI), ASM Pacific Technology Limited (ASMPT), and Alpha Power Solutions (APS) works towards creating the first SiC Intelligent Power Module (IPM) for electric vehicles, manufactured entirely in Hong Kong.

Major companies in the intelligent power module market are focusing on innovation, exemplified by the launch of new modules such as the SPG025N035P1B GaN half-bridge module by Sensitron Semiconductor. This GaN (gallium nitride) module, introduced in May 2022, boasts high-power density architecture for controlling power outputs up to 3kW. Additionally, strategic partnerships continue to shape the market landscape, as seen in the collaboration between Onsemi and BorgWarner Inc. This partnership, aiming to expand their relationship for silicon carbide (SiC) technologies, aligns with the increasing demand for SiC-based products in the automotive sector, particularly for electric vehicles.

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 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in intelligent power module market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the intelligent power module market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The intelligent power module market consists of sales of intelligent power module components such as integrated circuits, temperature sensors, current sensors, protection circuits, and gate drive circuits. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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