Intelligent Power Module Market| 3 Major Trends that Will Drive Industry Forecast to 2026
Intelligent power module (IPM) market size is expected to grow rapidly during the forecast timeline led by emphasis towards renewable energy in power generation
Delaware , United States – August 9, 2021 /MarketersMedia/ —
The intelligent power module (IPM) market is expected to register sizable growth over the coming years as a result of rising adoption in electric motor drives for aircrafts and power converters. With features like high performance, low noise radiation, increased power density and small footprint, aircraft manufacturers are utilizing IPMs to decrease system cost and obtain small footprint packages needed in avionics.
Meanwhile, IPMs with a current rating of up to 10A are gaining application in hydronic pumps, drain pumps & compressor control systems of washing machines, air conditioners, refrigerators, and kitchen hoods. Use of emerging technologies such as IoT and AI in automated machinery, along with robust investments in different sectors is estimated to augment intelligent power module market outlook over time.
Companies operating in this landscape are vesting in R&D and new product innovations. Adding to this, in 2019, leading IPM maker, Mitsubishi Electric Corporation announced the launch of Super mini DIPIPM Ver.7, its new high-performance intelligent power module consisting of low power consumption and reduced radiation noise for air conditioners and other small-capacity motor drives.
With such breakthroughs in product development, Global Market Insights Inc., suggests that the market may exceed USD 2.5 billion by 2026. This growth can further be attributed to higher disposable income and subsequent increase in usage of smart home appliances across regions like North America.
To access a sample copy or view intelligent power module market report in detail along with the table of contents, please click the link below: https://www.gminsights.com/request-sample/detail/4843
Mentioned below are some of the ongoing trends influencing market expansion:
1) Increasing demand for above 1200 V IPMs
The market for IPMs rated above 1200 V is anticipated to record a CAGR of more than 5% by 2026. Growing product application in high-voltage industrial equipment like inverter appliances, power transformers, industrial motor drives and motor control systems could majorly drive the estimated growth. These modules provide high voltage stability and power density that improves system efficiency of industrial equipment. Several industries are working on creating innovative products that meet consumer requirements, favoring the demand for IPMs.
2) Rising adoption of renewable energy resources
The renewable energy application segment accounted for over 15% of intelligent power module market share in 2019 and is expected to register a CAGR of over 8% during the forecast timeframe. IPMs have prominent application in solar power plants and photovoltaic systems. Funding efforts and supportive government initiatives to increase the use of renewable energy resources are likely to fuel overall industry growth. These initiatives also aim to increase the adoption of IPMs in motor controls, solar power plants, wind turbines and photovoltaic systems.
3) Europe to amass major industry foothold
Europe intelligent power module market held for 20% of global IPM market share in 2019, and is projected to record 7% CAGR in the upcoming years. Large scale establishment of electric vehicle (EV) charging stations have propelled product demand in the region. These modules are modules used in EV charging stations and battery-power establishments due to their advanced features such as accurate sensing of power outputs, fast charging and DC/DC conversion to decrease power losses. Prompt deployment of electric vehicle charging stations to support the shift towards sustainable mobility will positively impact IPM business outlook in Europe.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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