Global Warming Paves Way for Energy-efficient Intelligent Power Modules
Over the past decade, a significant amount of efforts are being made to enhance energy efficiency and minimize carbon footprint due to the mounting concerns over global warming and depletion of fossil fuels. As the demand for energy-efficient solutions is likely to show no signs of slowing down, stakeholders in the intelligent power module market are under considerable pressure to provide efficient power conversion devices. The demand for intelligent power modules is set to witness noteworthy growth in the coming years, as they are increasingly being used in a range of applications in various industries.
The adoption of power semiconductor devices, including intelligent power modules is witnessing significant growth, as they are extensively being used in consumer electronic products, renewable power generation, electric vehicles, power supplies, and railway applications. At present, innovations are expected to gain significant momentum in the intelligent power module market, as key participants in the value chain are focusing on offering high performing, cost-effective, energy-efficient, and downsized intelligent power modules to fulfill the current industrial requirements. In addition, leading stakeholders are also leveraging the benefits of innovative package and chip technologies to improve the performance of their intelligent power modules. Due to these factors, the global intelligent power module market is expected to attain a market value of ~US$ 3.8 Bn by the end of 2027.
You will get Custom Report at Syndicated Report price, Buy Now
Intelligent Power Module Market: Key Drivers
- Increase in emissions of greenhouse gases (GHGs), particularly CO2, owing to high utilization of fossil fuels for generation of energy is likely to augment the demand for renewable energy, such as wind and solar, in the next few years
- Moreover, rise in the demand for electricity in developing countries is shifting the focus toward generation of renewable energy
- This rising demand can increase the use of photovoltaic inverters, micro-inverters, and wind turbine inverters, wherein intelligent power module is an essential component
- Thus, increase in the renewable energy generation across the globe is anticipated to drive the global intelligent power module market during the forecast period
- For instance, the UN Environment Program (UNEP) states that the global investment in renewable energy generation was valued at US$ 272.9 Bn in 2018
- According to International Renewable Energy Agency (IRENA), the global public investment in renewable energy was valued at US$ 19 Bn in 2016
Get More Press Releases by TMR:https://www.prnewswire.com/news-releases/artificial-intelligence-market-valuable-applications-for-host-of-functions-across-a-spectrum-of-industries-extends-lucrative-growth-opportunities-explains-worth-predicted-to-surpass-us-2-8-bn-by-2030—tmr-301282109.html
New Intelligent Power Modules Curb Carbon Emissions and Enhance Energy Efficiency
The automotive sector has received a significant amount of criticism, especially in the past decade, owing to the high levels of carbon emission and the negative impact it has on the environment. In addition, as automobiles predominantly relied on fossil fuels, including oil, the onus was on automotive manufacturers to look for greener alternatives. As the demand for electricity continues to grow at an exponential rate due to staggering population growth, natural resources are depleting at a considerable pace. As per the International Energy Association, the global demand for electrical energy is set to increase by ~60% over the next couple of decades.
Thus, amidst these rising concerns pertaining to energy efficiency and sustainable utilization of natural resources, innovations in energy systems, particularly in the automotive sector are on the rise. Thus, due to the growing need for energy efficiency, the automotive electronics space is expected to undergo transformation. In the current scenario, as hybrid and fully electric vehicles are making a mark internationally, particularly in North America and Europe, the adoption of intelligent power modules is witnessing notable growth. Stakeholders in the current intelligent power module market are focusing on the development of intelligent power modules that are especially use in automotive applications.
Stuck in a neck-to-neck competition with other brands? Request a custom report on Intelligent Power Module Market
Intelligent Power Module Market: Introduction
- According to Transparency Market Research’s latest report on the global intelligent power module market for the base year 2018 and the forecast period of 2019–2027, the global market is expected to expand at a significant rate during the forecast period, owing to the large number of applications of intelligent power modules in consumer electronics devices
- In terms of revenue, the global intelligent power module market is estimated to reach value of ~US$ 3.8 Bn by 2027 and it is expected to expand at a CAGR of ~8% throughout the forecast period
