The Intelligent Power Module market is projected to reach USD 5.49 Billion by 2032
From GlobeNewswire: 2024-12-09 08:00:00
The Intelligent Power Module (IPM) market was valued at USD 2.30 Billion in 2023, projected to reach USD 5.49 Billion by 2032 with a CAGR of 10.2%. IPMs play a crucial role in energy-efficient power electronics, supporting sectors like automotive, industrial automation, and renewable energy. Government policies promoting energy efficiency further drive market growth.
The rising adoption of electric vehicles (EVs) is a key factor fueling the growth of the IPM market. With EV sales exceeding 14 million units in 2023 and expected to reach 30% of new car sales by 2030, the demand for IPMs in managing energy systems in EVs is rapidly increasing. China and Europe lead in EV sales, driven by favorable policies and consumer interest.
The Automotive segment led the IPM market in 2023, capturing over 32% share and expected to grow at a CAGR of 11.6%. IPMs are vital in controlling onboard chargers, AC compressors, and oil pumps in electric vehicles, driving growth in the automotive sector. The 600 V to 1,199 V voltage rating segment dominated in 2023, favored for high-end appliances and industrial drives.
The Asia Pacific region held the largest market share in 2023, driven by China’s dominance in automobile production and renewable energy capacity. North America is expected to be the fastest-growing region from 2024-2032, with a focus on semiconductor innovation and smart energy solutions. Recent developments include enhanced IPM products from Infineon Technologies AG and Texas Instruments. The Intelligent Power Module Market is projected to see significant growth from 2024 to 2032. The report includes key vendor analysis, performance benchmarks, integration capabilities, and usage statistics. The competitive landscape, market segmentation by power device type, voltage rating type, and application type are also covered. Regional analysis, company profiles, use cases, and best practices are included for a comprehensive overview. For more information, visit https://www.snsinsider.com/reports/intelligent-power-module-market-4828. Contact [email protected] for customization options. SNS Insider is a top market research and consulting agency providing clients with up-to-date market data, consumer insights, and opinions to make informed decisions in a changing environment.
Read more at GlobeNewswire: Intelligent Power Module Market to grow USD 5.49 Billion by