Intelligent Power Module Market
Governments in the Americas and Europe are putting more emphasis on modernizing existing electrical infrastructure. Because of rising power demand in developing locations, existing power supply resources are heavily exploited. Concerns about the usage of renewable energy sources are growing globally, as is the need to improve electricity infrastructure. Governments throughout the world are increasing their investments in renewable energy sources such as solar and wind, and are attempting to develop stronger feed-in-tariff laws to supply grid-connected photovoltaic installations.
Renewable energy generation is also a priority for European governments. As part of the Clean Energy for All Europeans Package, the revised renewable energy directive went into effect in December 2018, with the goal of keeping the EU as a global leader in renewables and, more broadly, assisting the EU in meeting its emissions reduction commitments under the Paris Agreement. The new directive sets a new binding renewable energy target for the EU of at least 32% by 2030, with a provision for an upward revision by 2023.
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Intelligent power modules (IPMs) are used in both solar and wind energy systems, therefore the expansion of the intelligent power module market is likely to be fueled by the rise in the number of renewable energy projects throughout the world over the forecast period. IPMs are also widely utilized in renewable energy generating, such as solar, wind, and tidal energy facilities. The intelligent power module market is projected to be driven by government measures to encourage the use of renewable energy.
The delayed adoption of new technologies in the IPM market is one of the issues limiting its growth. The utilization of digital interfaces is one of the current market trends. Analog technologies are more comfortable for experienced design engineers who are unfamiliar with digital interfaces. Digital IPMs, on the other hand, allow for the capture of massive amounts of data. The rapid growth of the IPM market necessitates the adoption of new trends and technology in IPMs. Engineers are interested in new technology and the benefits they bring, but designing a control system is difficult. As a result, the acceptance of new technologies in the IPM market is rather gradual, which could function as a stumbling block to the technology’s progress.
The global Intelligent power module market is expected to reach a market size of USD 3.78 Billion at a CAGR of 11.7% during the forecast period, according to the latest analysis by Emergen Research. This consistent growth in the revenue can be attributed to increasing adoption and research and development of electric and hybrid vehicles all around the world. The focus of major economies in the world to upgrade their power infrastructure is also a major factor in the growth of the market. Moreover, increased government funding in solar, wind and tidal projects further adds fuel to the market growth. Setting up of various new industries and expansion of already existing industries all around the world require electronic devices and equipment. This further adds to the development of the market.
Major companies operating in Intelligent power module are Mitsubishi Electric Corporation, STMicroelectronics NV, ROHM Semiconductors, (Germany), Sanken Electric Co. Ltd, Texas Instruments Incorporated, ON Semiconductor, Fuji Electric Co. Ltd, Hon Hai Precision Industry Co., Ltd, Infineon Technologies, Central Semiconductor.
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