The global intelligent power module market size is expected to grow from USD 1.8 billion in 2022 to USD 3.0 billion by 2027, at a CAGR of 10.7%. The increasing usage of IPMs in industrial, consumer electronics and automotive verticals are the key factors boosting the growth of the market.
The consumer electronics and automotive vertical is expected to account for significant market share during forecast period. The consumer electronics vertical is expected to grow at a highest CAGR in intelligent power module market. The automotive vertical is the second largest contributor in the overall market size of the intelligent power module market for vertical segment. The advent of electric vehicles is likely to create opportunities for intelligent power modules in the automotive sector.
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The market for a 6-pack circuit configuration segment is expected to account largest market share during the forecast period.A 6-pack module is equipped with six IGBTs and six free-wheeling diodes, which usually have 600 V, 1,200 V, or 1,700 V blocking voltage capability. It is also referred to as the C type circuit configuration. IGBTs and diodes often share the same current rating. These IPMs are widely available and are manufactured by all major players, such as Fuji Electric (Japan), ON Semiconductor (US), and Infineon Technologies (Germany). Such IPMs are used in consumer and light-duty industrial applications, such as washing machines, fans, air purifiers, pumps, and kitchen hoods
Asia Pacific is expected to hold the largest share of the intelligent power module market in 2022. China is the world’s largest producer and end user of consumer electronics, such as smartphones, tablets, and home appliances. The region can be considered a global hub for consumer electronics due to the presence of several significant players, such as LG Electronics, Sony, Panasonic, and Samsung, in China, Japan, and South Korea. The rising production of consumer electronics in the region is expected to create significant opportunities for the providers of intelligent power modules in the region. The increasing need for power management in consumer electronics products is fueling the demand for intelligent power modules in the consumer electronics vertical. Consumer electronics, automotive, and energy are among a few key industries in Asia Pacific region.