Intelligent Power Module Market: Introduction
Transparency Market Research delivers key insights on the global intelligent power module market. In terms of revenue, the global market is estimated to reach value of ~US$ 3.8 Bn by 2027, expanding at a CAGR of ~8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global intelligent power module market.
An intelligent power module (IPM) is an electronic device that consists of power devices such as IGBT and MOSFET with integrated gate drive and protection circuits. These modules are incorporated into a power management system to enable the function of self-protection from damage caused by short-circuiting or overheating. Owing to the design feature of IPMs, they are largely used in consumer electronics devices to increase their efficiency and reliability. Intelligent power modules (IPMs) are widely used in multiple applications including renewable energy generation, home appliances, and electric vehicles. Furthermore, they are also used for power fault detection in motor control applications. Moreover, constantly rising efforts to reduce T&D losses are expected to significantly impact the global intelligent power module market in the near future.
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Intelligent Power Module Market: Dynamics
In this report, TMR proposes that intelligent power modules are estimated to witness technological advancements in the near future. Increasing use of intelligent power modules in consumer electronics devices is a key factor driving the global market for intelligent power modules.
Moreover, increase in the emission 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 sources during the forecast period.
Furthermore, rise in the demand for electricity in developing countries is shifting the focus toward generation of renewable energy. This increasing demand can raise the use of photovoltaic inverters, micro-inverters, and wind turbine inverters, wherein intelligent power module is an essential component. Thus, rise in the renewable energy generation across the globe is anticipated to drive the global intelligent power module market during the forecast period. For instance, as per the UN Environment Program (UNEP), the global investment in renewable energy generation was valued at US$ 272.9 Bn in 2018.
Additionally, growing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is expected to drive the intelligent power module market over the next few years.
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Intelligent Power Module Market: Prominent Regions
Asia Pacific is estimated to hold a prominent share of the global intelligent power module market during the forecast period, due to high adoption of electronic vehicles in the region. For instance, according to the IEA (International Energy Agency), in 2018, China accounted for around 45% share of the total electric cars in the world. The market in the region is expected to expand at the maximum CAGR during the forecast period, primarily due to increased adoption of intelligent power modules in electric vehicles and consumer electronics devices. Owing to presence of a large number of manufacturers across the region, the intelligent power module market in Asia Pacific is expected to witness more innovations and developments in the near future. In addition, several leading manufacturers are investing in research and development activities to provide innovative products to end users.
Key manufacturers operating in the global intelligent power module market are displaying synergies through collaborations with distributor companies and raw material suppliers in the areas of sales, marketing, research, and production. Manufacturers are also expanding through organic methods, such as increase in the production capacity, so as to meet the rising demand for intelligent power modules.
Intelligent Power Module Market: Key Players
Key players operating in the global intelligent power module market are Mitsubishi Electric Corp., Fuji Electric Co., Ltd., SEMIKRON International GmbH, Infineon Technologies AG, ON Semiconductor Corporation, STMicroelectronics N.V., ROHM Co., Ltd., Sanken Electric Co., Ltd., and Microchip Technology Inc.
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