What Are The 5 Top Insights From The Intelligent Power Module Market Forecast 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Intelligent Power Module Global Market Report 2023, the intelligent power module market is expected to show significant growth in the forecast period.
Key insights from the intelligent power module market forecast include:
- Market Size
The intelligent power module market is projected to rise from $1.94 billion in 2022 to $2.27 billion in 2023, with a CAGR of 16.8%. The market size is anticipated to reach $4.06 billion in 2027, growing at a CAGR of 15.6%.
- Major Driver
The increasing need for consumer electronics is set to drive intelligent power module growth. In H1 2021, the global consumer electronics market (excluding North America) surged by $42.8 billion, or 18%, according to GFK, a Germany-based consumer goods data provider. Consequently, the intelligent power module market is benefiting from this heightened demand for consumer electronics.
View More On The Intelligent Power Module Market Report 2023 – https://www.thebusinessresearchcompany.com/report/intelligent-power-module-global-market-report
- Key Trend
Strategic partnerships and collaborations are gaining traction in the intelligent power module sector. Key industry players are forming these alliances to enhance their market positions. For example, STMicroelectronics, a Swiss electronics and semiconductor manufacturer, partnered with Sanken Electric Co., Ltd., a Japanese analog power semiconductor supplier, to develop intelligent power modules for high-voltage industrial and automotive applications in October 2020. Their aim was to create and jointly market industrial modules, simplifying design challenges and reducing material requirements for various applications like HVAC systems and industrial drives. Additionally, Hong Kong Applied Science and Technology Research Institute (ASTRI), ASM Pacific Technology Limited, and Alpha Power Solutions (APS) announced their collaboration in April 2022 to produce Hong Kong’s first SiC Intelligent Power Module (IPM) for electric vehicles (EVs).
- Major Players
Major players in the intelligent power module market are Mitsubishi Electric, On Semiconductor, Infineon Technologies, Fuji Electric, Semikron, Rohm Semiconductor, Sanken Electric, Stmicroelectronics, Hangzhou Silan Microelectronics, Sino Microelectronics, Alpha & Omega Semiconductor, Cissoid, Sensitron Semiconductor, Rongtech Industry, and Powerex.
- Top Market Segments
The global intelligent power module market 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
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The Intelligent Power Module Global Market Report 2023 provides an in-depth analysis on the intelligent power module market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the intelligent power module market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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