Global Intelligent Power Module (IPM) Market - Segmented by Operation Voltage (600V, 1200V), Power Device (IGBT, MOSFET), Application (Consumer Electronics, Servo Drives, Transportation, Renewable Energy), and Region - Growth, Trends, and Forecast (2018 - 2023)
The Global Intelligent Power Module (IPM) Market was valued at USD 1.54 billion in 2017, and is expected to reach a value of USD 2.55 billion by 2023 at a CAGR of 8.79%, during the forecast period (2018 - 2023). The scope of the report is limited to operational voltage offered by major players which include 600V, 1200V. While the end users considered in the scope of the report include Consumer Electronics, Servo Drives, Transportation, and Renewable Energy.
The use of IPM in industrial domains aids in the utilization of power optimally. This enables in the intelligent power management. This aids in increasing the system performance as a whole. Flexibility in the systems will be provided by the use of SMBus and PMBus, which is not possible with traditional analog power modules. As a product is being deployed there can be many changes that can be made, the implementation of intelligent power modules accommodates for the changes in the design or basic structure, such as the addition of a rail or the increase in the current or amperage. Compact design for the products used is also made possible through the use of intelligent power modules. The reliability of the systems is also increased owing to the implementation of intelligent power modules.
Growth of Electric Vehicles is Expected to Drive the Growth for IPM.
Many initiatives have been put in place for the development of electric cars. The growth of electric cars is expected to drive the use of intelligent power modules to drive growth in the market. The EVI Government Fleet Declaration, EV30@30 campaign, Electric Vehicles Initiative are some of the initiatives put in place for the development of electric cars. The number of electric cars on the roads has been increased to 200 million electric two wheelers. More than 300 thousand electric buses, 3-4 million low speed electric vehicles (LSEVs) have been deployed indicating the rise of electric vehicles. The availability of public charging has also been increasing which further indicates the scope for the growth of electric cars. The electric cars stock has registered a growth of 60% the same year.
Automotive Sector has One of the Highest Adoption Rate for Intelligent Power Modules
The adoption of Intelligent Power Module market has seen a marked increase in the automotive industry. The manufacturing base of automotive companies is being shifted from China to Mexico and increase in foreign direct investment is contributing to the growth of industrial control systems market. The developing economies are still the primary market growth engine for the automotive industry. Countries, such as China and India are investing heavily in a variety of industries. In India, National Manufacturing Policy leads to creation of national investment and manufacturing zones, along with increasing manufacturing activity in the automation sector that will boost the demand for industrial control systems market. Emerging economies continue to need improvements in their infrastructure. Investments in roads, water & wastewater facilities, airport facilities, and power plants will boost the direct use of automotive industry.
United States is One of the Prime Markets for Intelligent Power Modules.
United States is on the verge of the fourth industrial revolution where data is being used in an extensive scale for production, and integrating the data with a wide variety of manufacturing systems throughout the supply chain. US has also been one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. The automotive manufacturing has been one of the largest revenue generators for the country in the manufacturing sector.
The formation of the “Advanced Manufacturing Partnership (AMP)”, is one such initiative undertaken to bring the industry, universities, and the federal government invest in the emerging technologies has helped the country substantially to gain competitive edge in the global economy. The National network for manufacturing innovation (NNMI), was proposed by Obama, which consists of developing regional hubs, which would be involved in developing and adopting cutting-edge manufacturing technologies for making innovative products to be implemented in the manufacturing sector
Key Developments in the Market
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