Intelligent Power Module Global Market Report 2025

The intelligent power module market size has grown rapidly in recent years. It will grow from $2.6 billion in 2024 to $2.96 billion in 2025 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to rise in demand for consumer electronics, expansion of electric vehicle (ev), rise in automation, increased focus on energy efficiency, data center expansion.

The intelligent power module market size is expected to see rapid growth in the next few years. It will grow to $4.87 billion in 2029 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to 5g infrastructure deployment, growing medical devices and healthcare sector, growing telecommunications infrastructure, expansion of aerospace and defense sector. Major trends in the forecast period include integration of sic and gan technology, customized ipms for specific applications, enhanced thermal management solutions, focus on miniaturization and compact design, sustainable and eco-friendly ipms.

The forecast of 13.3% growth over the next five years reflects a modest reduction of 0.4% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. This is likely to directly affect the US through supply chain disruptions for high-efficiency power packaging, mainly imported from Japan and South Korea, impacting production of appliance and industrial drives. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The increasing demand for consumer electronic devices is anticipated to drive the growth of the intelligent power module in the future. Consumer electronics (CE) refers to any electronic products designed for everyday use by consumers, distinct from commercial or professional applications. Intelligent power modules (IPMs) are well-suited for frequency converters in drive motors and various inverters due to their ease of use and high reliability, making them ideal power electronic devices for applications like frequency conversion and speed adjustment, electric traction, servo drives, metallurgical machinery, and inverter appliances. For example, in May 2023, the Japan Electronics and Information Technology Industries Association, a trade association based in Japan, reported that total electronic equipment production in Japan reached ¥771.45 billion ($5.31 billion). Additionally, consumer electronics production was valued at ¥32.09 billion ($0.221 billion) in May 2023, up from ¥25.27 billion ($0.174 billion) in May 2022. Consequently, the rising demand for consumer electronic devices is driving the growth of the intelligent power module market.

The rising demand for electric vehicles is propelling the growth of the intelligent power module market in the future. Electric vehicles (EVs) are powered by electricity, utilizing one or more electric motors for propulsion. Power modules (PMs) are frequently employed in the motor drive systems of electric vehicles, where they control the electric motor that drives the vehicle's wheels. The intelligent power module (IPM) regulates the power delivered to the motor, including speed and torque control. For example, in November 2023, the U.S. Energy Information Administration, a government agency in the US, reported that the share of battery-electric vehicles (BEVs) in new light-duty vehicle sales reached 17.7% in the third quarter of 2023. So far this year, BEVs have accounted for 16% of total new vehicle sales, an increase from 12.5% in 2022 and 9% in 2021. This data highlights a significant upward trend in the demand for electric vehicles, indicating growing consumer preference and market expansion. Consequently, the increasing demand for electric vehicles is driving the growth of the intelligent power module market.

A prominent trend in the intelligent power module market is the rise of strategic partnerships and collaborations among key players. Industry leaders are actively engaging in partnerships to strengthen their positions and enhance collaborative efforts. For instance, STMicroelectronics, a Switzerland-based electronics and semiconductors manufacturer, collaborated with Sanken Electric Co., Ltd., a Japan-based supplier of analog power semiconductor products, to develop intelligent power modules for high-voltage industrial and automotive applications. This collaboration aims to create innovative modules for various industrial purposes. Additionally, the partnership between the Hong Kong Applied Science and Technology Research Institute (ASTRI), ASM Pacific Technology Limited (ASMPT), and Alpha Power Solutions (APS) works towards creating the first SiC Intelligent Power Module (IPM) for electric vehicles, manufactured entirely in Hong Kong.

The intelligent power module (IPM) stands out as a high-performance module equipped with a dedicated drive circuit that maximizes the power output from an IGBT chip. Additionally, it features a custom IC to execute essential self-protection functions, including short circuit detection, supply under voltage monitoring, and over-temperature protection. Predominantly utilized in motor control applications, IPMs also find applications in inverters, renewable energy systems, and uninterruptible power supplies.

The primary power devices in the intelligent power module market encompass insulated-gate bipolar transistors (IGBTs) and metal-oxide-semiconductor field-effect transistors (MOSFETs). IGBTs are employed in medium- to high-power applications such as traction motor control, switched-mode power supplies, and induction heating. Functioning as a semiconductor device that combines the high-speed switching performance of a power MOSFET with the high-voltage and high-current handling capabilities of a bipolar transistor, IGBTs come in various voltage types, including up to 600 V, 601-1,200 V, and above 1,200 V. Common vertical types include consumer electronics, automotive, industrial, aerospace, defense, and other sectors. Intelligent power modules are applied across a range of applications, including renewable energy generation, home appliances, electric vehicles, servo drives, and various other applications.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sharp escalation of U.S. tariffs and resulting trade tensions in spring 2025 are significantly affecting the electrical and electronics sector. Key components such as semiconductors, display panels, and rare-earth metals crucial for batteries and motors are now facing heavy duties. Consumer electronics companies are seeing profit margins shrink, as fierce competition makes it difficult to pass on rising costs to consumers. At the same time, industrial electronics firms are experiencing project delays due to shortages of tariff-impacted parts like printed circuit boards. In response, businesses are shifting assembly operations to tariff-exempt nations, building up inventory reserves, and redesigning products to reduce reliance on restricted materials.

The intelligent power module market research report is one of a series of new reports that provides intelligent power module market statistics, including intelligent power module industry, global intelligent power module market size, regional shares, competitors with a intelligent power module market share, detailed intelligent power module market segments, market trends and opportunities, and any further data you may need to thrive in the intelligent power module industry. This intelligent power module market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Major companies in the intelligent power module market are focusing on innovation, exemplified by the launch of new modules such as the SPG025N035P1B GaN half-bridge module by Sensitron Semiconductor. This GaN (gallium nitride) module, introduced in May 2022, boasts high-power density architecture for controlling power outputs up to 3kW. Additionally, strategic partnerships continue to shape the market landscape, as seen in the collaboration between Onsemi and BorgWarner Inc. This partnership, aiming to expand their relationship for silicon carbide (SiC) technologies, aligns with the increasing demand for SiC-based products in the automotive sector, particularly for electric vehicles.

In July 2023, Onsemi, a semiconductor manufacturing company based in the US, formed a partnership with BorgWarner Inc. This collaboration aims to enhance their strategic relationship regarding silicon carbide (SiC) technologies. SiC technology plays a crucial role in the advancement of electric vehicles (EVs) and other high-power applications due to its significant benefits in power efficiency, size, and weight. The partnership between Onsemi and BorgWarner is focused on addressing the growing demand for SiC-based products within the automotive industry.

Major companies operating in the intelligent power module market include Mitsubishi Electric Corp., ON Semiconductor Corporation, Infineon Technologies AG, Fuji Electric Co. Ltd., Semikron Elektronik GmbH & Co. KG, ROHM Co. Ltd., Microchip Technology Inc., Toshiba Electronic Devices & Storage Corporation, Vincotech GmbH, Powerex Inc., Renesas Electronics Corporation, Silan Semiconductor Manufacturing Group, Power Integrations Inc., Sanken Electric Co. Ltd., Vishay Intertechnology Inc., Fairchild Semiconductor International Inc., International Rectifier Corporation, IXYS Corporation, Future Electronics Inc., Hitachi Power Semiconductor Device Ltd., SanRex Corporation, ABB Ltd., Texas Instruments Inc., STMicroelectronics N.V., Microsemi Corporation, Ideal Power Inc., TECX Inc., Design Criteria Inc., Vicor Corporation, Quail Electronics Inc., TAMURA Corporation.

Asia-Pacific was the largest region in the intelligent power module market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in intelligent power module market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the intelligent power module market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The intelligent power module market consists of sales of intelligent power module components such as integrated circuits, temperature sensors, current sensors, protection circuits, and gate drive circuits. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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