The intelligent power module market was valued at USD 1.6 billion in 2020 and is projected to reach USD 2.7 billion by 2025. It is expected to grow at a CAGR of 12.2% during the forecast period.

Major players in the intelligent power module market include Mitsubhishi Electric (Japan), ON Semiconductor (US), Infineon Technologies (Germany), Fuji Electric (Japan), and Semikron (Germany).

Driver: Growing focus of worldwide governments on generating power using renewable sources

In the Americas and Europe, governments are increasing their focus on upgrading the existing power infrastructure. In developing regions, the existing power supply resources are widely utilized because of the growing power consumption. The need to enhance power infrastructure and concerns regarding the use of renewable power supplies are growing globally. Governments worldwide are increasingly investing in renewable energy sources, such as solar and wind, and are working on formulating better feed-in-tariff policies to provide photovoltaic projects equipped with grid connections.

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Restraint: Sluggish adoption of new technologies

One of the factors inhibiting the growth of the IPM market is the slow adoption of new technologies in the market. One of the current market trends is the use of digital interfaces. Experienced design engineers who do not have much knowledge about digital interfaces are more comfortable with analog technologies. However, digital IPMs enable the collection of a vast amount of data. The adoption of new trends and technologies in IPMs is essential for the rapid growth of the IPM market. Although engineers are interested in new technologies and associated benefits, designing a control structure is a challenge. Hence, the pace of adoption of new technologies is relatively slow in the IPM market, which would act as a restraining factor for the growth of the technology.

Opportunity: Increasing demand of IPMs from consumer electronics sector

IPMs enable engineers to explore the characteristics of IGBTs, such as high-speed and low-saturation voltage, and combine it with strong protection technologies. The growing demand in the consumer electronics sector for increased energy efficiency is a major opportunity for the growth of the IPM market. There is a lot of pressure on design engineers to reduce energy consumption and limit energy costs. AC units, compressors, and fans are products with huge potential for energy savings. However, demanding EMC specifications, limited space, and harsh operating environments pose tough design challenges for engineers. IPMs offer design engineers a smart solution by integrating all the necessary power semiconductors and the driver circuit in a single integrated package. Thus, IPMs help engineers simplify product design and meeting their energy efficiency goals.

The power electronics devices in consumer electronics help in minimizing power consumption. Any consumer electronic product that requires electrical power from a battery needs a power management solution to convert electrical energy. The increasing adoption of consumer and connected devices is expected to drive the growth of the market. Power electronic products are used in a large number of home appliances, such as air-conditioning power supplies, washing machines, dishwashers, and induction heaters. Most power electronics used today are improving control of loads, such as variable-speed drives for motors that drive fans, pumps, and compressors, or in switching power supplies found in most consumer electronics.

Challenge: Technical challenges associated with next-generation of IPMs

The new generation of IPMs enables continuous monitoring of several important module parameters. With the help of supporting software, IPMs generate a significant amount of data. Utilizing the data efficiently is a significant engineering challenge. Moreover, an increase in processing power is required for the efficient use of the data generated by IPMs. Design challenges related to electromagnetic interference (EMI) increase with the increase in switching frequency. Thus, IPMs operating at high switching frequencies may be more compact, but they create more design complexities. These technical challenges need to be addressed for further development of the IPM market.