Intelligent power modules (IPM) are highly integrated, compact, and energy-efficient power modules that are used to drive motor in various applications. They increase the power density and system reliability by offering an enhanced monitoring level, thus improving the overall performance as well. Also, the compact design of these power modules helps in reducing the number of components that are purchased, stored, and assembled, thus reducing the overall size of the system as well. With the increased focus on using renewable power sources and demand for electric vehicles, there has been an increase in demand for IPMs, thereby boosting the growth of this market, globally.
Where is the Global IPM Market headed?
The value of the worldwide intelligent power module market which was expected to be USD 1.33 Billion in 2015 is projected to reach USD 2.42 Billion by 2022, while growing at a CAGR of 9.0% during the forecast period from 2016 to 2022. Based on voltage rating, IPMs with a voltage rating of up to 600V held the largest market share in 2015; however, the market for IPMs with a voltage rating above 1200V is estimated to grow at the highest CAGR during the forecast period. Among verticals, the consumer vertical is expected to be the largest market by 2022, owing to the increasing demand for increased energy efficiency in the consumer electronics segment.
IPMs provide design engineers an integrated compact solution to solve their challenges associated with energy efficiency, especially in consumer electronics segment. Hence, IPMs are expected to have more penetration in the segment. The growth of the renewable energy segment and electric vehicle market is also expected to benefit the IPM market. Furthermore, the market is expected to witness an increased used of SiC-based IPMs with increased current ratings and switching frequencies along with a shift towards digital monitoring and control of the devices.
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In which region is the market likely to experience maximum growth and how?
The APAC region is expected to experience maximum growth in the global intelligent power module market. The region has emerged as a key manufacturing hub of consumer electronic products. Initiatives by governments in the countries in APAC to boost domestic manufacturing combined with the cost advantages obtained in developing economies is expected to further trigger the growth of the IPM market in APAC.
What are the factors influencing the growth of this market?
Some of the key factors that are influencing the growth of the IPM market include the growing focus across the globe towards adopting renewable power sources. Intelligent power modules are used in solar and wind energy generation and hence expected to grow with the increasing demand for renewable energy. IPMs are expected to play an important role in development of electric vehicles due to their compact design and high power density. The demand for electric vehicles is also expected to grow at a high rate in the next six years, thereby increasing the demand for IPMs. Apart from these growth areas, the penetration of IPMs in the consumer market is expected to increase due to the enhanced system reliability that comes with intelligent power modules.
What strategies are the market players adopting in order to gain a stronger hold on the market?
Players in the IPM market are periodically introducing new IPM models in the market to keep up with changing customer needs as well as new products introduced by competitors in the marketplace. New models are typically more compact and energy efficient. This is the key strategy adopted by all the players in the market.
What obstacles are likely to be faced by the market players and how can they be overcome?
There is a gradual shift in the power semiconductor market towards the use of SiC-based devices. As the companies in the IPM market are adopting the trend with the development of SiC-based intelligent power modules, a new set of obstacles await them. SiC based modules have high switching frequency. A majority of the control algorithms that exist in the industry cannot keep up with the increased switching frequency, putting more pressure on the control structure of the module. The complexity of designing effective solutions to heating and EMI issues also increases at higher switching frequencies. To overcome these challenges, continuous improvement of the module design is required.
How can the challenges be tackled by the market players?
To continue the development of the IPM technology, market players should continue to invest in IPM research and development. Technology collaborations with independent research institutes, fellow IPM manufacturers, and other key players in the market value chain can significantly help in making the technology breakthroughs required to overcome the challenges faced by the