The global smart power module market was valued at $1.6 billion in 2021 and is expected to reach $3.7 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.
Intelligent power modules (IPMs) are hybrid power devices that use advanced technology to combine high-speed, low-loss insulated-gate bipolar transistors (IGBTs) with optimized protection circuitry and gate drive. IPM uses advanced current-sensing IGBT chips to provide efficient short-circuit and overcurrent protection, enabling continuous monitoring of power device current. IPM's integrated undervoltage and overtemperature lockout protection further enhances system reliability. Finally, self-assembled smart power modules are compact and designed to reduce time to market, cost, and system size.
Power management and energy savings are important reasons for the use of intelligent power modules or IPM modules in motors as well as in technology. Given global warming concerns, this factor is expected to become even more important during the forecast period. Worldwide, machines are versatile, compact and efficient, so they have taken over many manually done activities. The demand for machines and electronics has grown significantly over the past few years and is expected to maintain or even exceed previous demand in the coming years. Automation updates in different industries, especially process automation and control automation equipment, are also expected to support the smart power module industry.
Intelligent power modules are an important aspect required in electronics, electrical and technology. A range of devices in these industries require the use of electricity, and smart power modules are devices that manage the flow of power to ensure that the equipment is working properly. In addition, the use of technology in various industries is increasing. At the same time, the complexity of the manufacturing process also limits the smart power module market. They also create a high barrier to entry for new players. In addition, this has increased the cost of manufacturing and selling equipment, resulting in a corresponding slowdown in its market growth. In this case, the end user can choose an alternative product or alternative, such as a power module, instead of using an IPM module. On the other hand, the automotive industry is expected to provide significant opportunities for the smart power module market during the forecast period. It is one of the important trends in the intelligent power module market. This is due to new technologies in the automotive industry, especially electric vehicles.
The smart power module market is segmented into industry vertical, voltage, current rating, circuit configuration, and power devices.
According to vertical industries, it can be divided into industrial, consumer electronics, transportation, IT and telecommunications. In terms of vertical industry segmentation, the market is dominated by the industrial sector in 2021, while the transportation sector is expected to have the highest growth rate during the forecast period. The adoption of technology by industry has been the major driver for the size of the smart power module market in the industrial sector.
According to the voltage, it is divided into 600V or less, 601V to 1,200V and 1,200V or more. In terms of voltage market segmentation, the sub-600V segment is dominated in 2021, which is also expected to witness the highest growth rate during the forecast period. The market share of "up to 600V" smart power modules is mainly driven by the demand for consumer electronics.
According to the rated current, it is divided into 100A or less, 101A to 600A, and above 600A. In terms of market segmentation in terms of current level, the market in 2021 is dominated by the sub-100A segment, which is also likely to be the fastest expanding segment. The rising standard of living across the globe has led to an increase in the demand for consumer electronics and small home devices, thereby driving the growth of the smart power module market in this segment.
According to the circuit structure, it is divided into 6 pieces, 7 pieces, bridge type, etc. From the perspective of intelligent power module market analysis, the market is dominated by 6-piece segments, which may also be the fastest growing segment. The high compatibility and adaptability of the 6-set circuit configuration is the main driver of this segment.
In terms of power devices, the market is segmented into insulated-gate bipolar transistors (IGBTs), metal-oxide semiconductor field-effect transistors (MOSFETs), and others. In terms of smart power module market forecast, the market in 2021 is dominated by the insulated-gate bipolar transistor (IGBT) segment, which saw the highest growth rate in 2021. The increasing demand for power management chips in electronic applications such as refrigerators and air conditioners is the main driver for the adoption of IGBTs.
By region, North America (USA, Canada and Mexico), Europe (UK, Germany, France and the rest of Europe), Asia Pacific (China, Japan, India, South Korea and the rest of Asia Pacific) and LAMEA (Latin America, Middle East and Africa) were analyzed. From a regional perspective, the market in 2021 is dominated by the Asia-Pacific region, which is also expanding at the highest speed. A major advantage of the Asia-Pacific region is that it is a huge market for the consumer electronics and automotive industries due to its high industrialization and large population.
Competitive analysis
Competition among key players in the smart power module market includes Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Infineon Technologies AG, Rohm Co. Ltd., STMicroelectronics, Microchip Technology Inc., Texas Instruments, Toshiba Electronic Devices and Storage Corporation, Renesas Electronics Corporation and Silan Semiconductor Manufacturing Group. These key players are adopting various strategies such as new product launches and developments, acquisitions, partnerships, and business expansion during the forecast period to increase their market share in the global smart power module market.
Main influencing factors
Some of the important factors influencing the global smart power module market include its huge demand in the fields of electrical equipment, electro-mechanics, and technology. These machines mainly need them to manage the power supply. IPM is also used for power management and energy saving, especially in the face of today's concerns about global warming and CO2 emissions. The continued adoption of technology in the industrial sector is also a significant factor driving the smart power module market. However, the complexity of product manufacturing is expected to limit the growth of the market. At the same time, the automotive industry offers significant opportunities for market players during the forecast period.
Historical data and information
Due to the strong presence of existing suppliers, the smart power module market is quite competitive. Market vendors are expected to gain a competitive advantage over their competitors because they can meet market demand with a wide range of products. The competitive environment in this market is expected to intensify as key vendors adopt technological innovations, product expansion, and different strategies.
Major developments/strategies
Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Infineon Technologies AG and Rohm Co. Ltd. are the top companies with a major share of the smart power module market. Leading market players have adopted various strategies such as product launches, contracts, and others to expand their foothold in the smart power module market.
1. In March 2022, Microchip Technology Inc. decided to expand its SiC portfolio with the industry's lowest on-resistance [RDS 3.3 kV SiC MOSFETs] and the highest current rating SiC SBD on the market, enabling designers to take advantage of durability, reliability, and performance. As the Microchip SiC portfolio expands, designers have the tools to develop smaller, lighter, and more efficient solutions for electrified transportation, renewable energy, aerospace, and industrial applications.
2. In December 2022, ST introduced high-power modules for electric vehicles that improve performance and range. ST's new silicon carbide (SiC) power module has been selected by Hyundai Motor's E-GMP electric vehicle platform, which is shared with the Kia EV6 and multiple models.