Power Module Industry to have a CAGR of 11.8% by 2033

Demand was initially expanding at a market CAGR of 9.7% between 2018 and 2022.

Due to high power efficiency and low power consumption, the demand for intelligent power modules is well-suited for consumer electronics, smart grids, and other systems. The great advantage of SiC is its enormously improved efficiency. In addition to being quickly adopted in industries that are energy-focused, like electric cars, SiC also improves the efficiency of electronics across industries and helps the world's carbon footprint. This affects the global growth of the market.

Market challenges

For the intelligent power module sector to expand quickly, new trends and technologies must be incorporated. Although new technology and its advantages appeal to engineers, creating a control structure is difficult. As a result, the IPM market adopts new technologies at a relatively moderate rate, which is likely to impede the technology's development.

Key takeaways

• By 2033, the intelligent power module market in the UK is likely to expand, with a CAGR of 23.8%.
• In 2022, the US accounted for a share of 19.2% in the intelligent power module sector.
• The intelligent power module market was significantly expanding, with a size of $1,455.3 million in 2022.
• By 2033, the intelligent power module market in China is likely to expand, with a CAGR of 20.8%.
• In 2022, Germany expanded significantly in the intelligent power module business, with an expected share of 7.6%.
• By 2033, India is projected to expand significantly in the intelligent power module market, with a share of 25.2%.
• In 2022, Australia developed significantly in the intelligent power module business, with an expected share of 3.1%.
• Japan's intelligent power module industry share developed significantly, with a 5.4% share in 2022.
• In 2022, the IGBT segment led the market with a significant share and is likely to hold a top spot in the market, in terms of type.
• Based on the application, the consumer electronics market dominated the industry in 2022.

Competitors winning strategies

Top companies are releasing updated versions of intelligent power modules; these modules are anticipated to be employed in several applications. To get a competitive advantage in the market, manufacturers are concentrating on crucial strategies to update the system.

Recent developments

• Magnachip introduced a new MOSFET 40V version in April 2022 that is vital to vehicle safety and has AEC-Q101 certification. It has a wide range of applications, including BLDC applications for electric oil pumps, electric power steering, engine cooling fans, and battery cooling fans.
• Infineon Technologies significantly increased its manufacturing capacity for wide bandgap (SiC and GaN) semiconductors in February 2022.
• The business is spending more than $2 billion to construct a third module at its Malaysian facility in Kulim.
• If completely outfitted, the new module brings in an additional $2 billion in income per year from items made of silicon carbide and gallium nitride.
• Mitsubishi Electric Corp. presented its newest ultra-compact intelligent power module (IPM), branded as DIPIPMTM Ver.7, in August 2019. This module's characteristics include less radiation noise, low power consumption, and more flexible heat dissipation.