Power Module Market Report: Trends, Forecast and Competitive Analysis to 2030

Power Module Market Trends and Forecast

The future of the global power module market looks promising with opportunities in the igbt , fet, sic , others markets. The global power module market is expected to reach an estimated $15 billion by 2030 with a CAGR of 13% from 2024 to 2030. The major drivers for this market are the major drivers for the growth of this market are high growth of electric vehicles, increasing focus of consumers for minimizing power losses, and the automotive industry's shift towards electric and hybrid vehicles boosts the demand for power modules..
A power module typically consists of several key components: a semiconductor device like MOSFETs or IGBTs for switching and controlling power, a heat sink for thermal management to dissipate heat generated during operation, capacitors for smoothing voltage fluctuations and stabilizing power supply, inductors or transformers for managing current flow and voltage levels, and a circuit board or substrate to mount and connect these components. Together, these elements work to efficiently convert and regulate electrical power for various applications. The price of a power module varies widely based on factors such as the type of module, power rating, and manufacturer. Basic modules can cost between $20 to $100, while high-power or specialized modules might range from $200 to over $1,000. Additional costs may arise from custom specifications or advanced features.
• Lucintel forecasts that igbt will remain the largest segment over the forecast period.
• Within this market, transportation will remain the largest segment.

Country Wise Outlook for the Power Module Market In New Zealand








 

Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major power module producers in key regions: the USA, Germany, China, and India.

Emerging Trends in the Power Module Market

• Advancements in Wide Bandgap Semiconductors: The development and adoption of wide bandgap semiconductors, such as Silicon Carbide (SiC) and Gallium Nitride (GaN), are emerging trends in the power module market. These materials offer superior performance in terms of high voltage, high temperature, and high-frequency operations, leading to improved efficiency and reduced size in power modules.
• Integration of Power Modules with Digital Control Systems: There is a growing trend towards integrating power modules with advanced digital control systems. Digital controls enable more precise regulation of power delivery, improved performance monitoring, and enhanced reliability of power modules in various applications, from industrial machinery to consumer electronics.
• Miniaturization and Compact Design: The trend towards miniaturization and compact design in power modules is driven by the demand for smaller, more efficient, and lightweight electronic devices. Smaller power modules facilitate the development of portable and space-constrained applications, including wearable technology and compact consumer electronics.
• Increased Focus on Energy Efficiency: The push for energy efficiency across various industries is driving the development of power modules with higher efficiency ratings. Improved energy efficiency helps reduce power losses, lower operational costs, and meet regulatory standards, making it a key trend in the power module market.
• Development of Integrated Power Modules: Integrated power modules, which combine multiple power components into a single package, are gaining traction. These modules offer simplified designs, reduced component count, and enhanced reliability, making them ideal for complex applications such as electric vehicles and renewable energy systems.
• Growth of Electric Vehicles (EVs) and Renewable Energy Systems: The rise of electric vehicles and renewable energy systems is driving demand for advanced power modules. Power modules play a critical role in managing power conversion and distribution in EVs and renewable energy systems, such as solar inverters and wind turbine controllers.
• Advancements in Thermal Management Solutions: Effective thermal management is becoming increasingly important for power modules due to their high power densities and operating temperatures. Innovations in cooling technologies, such as advanced heat sinks and liquid cooling systems, are emerging to address thermal challenges and enhance the performance and lifespan of power modules.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.

Recent Development in the Power Module Market

• Launch of SiC Power Modules by Infineon Technologies: Infineon Technologies has recently launched a new series of Silicon Carbide (SiC) power modules designed for high-performance applications. These modules offer improved efficiency and thermal performance, targeting sectors such as automotive and industrial automation.
• ABB's Acquisition of GE Industrial Solutions: ABB's acquisition of GE Industrial Solutions includes the integration of advanced power module technologies into ABB's product portfolio. This strategic move enhances ABB's capabilities in providing comprehensive power solutions for various industrial and commercial applications.
• Nexperia's Introduction of GaN Power Modules: Nexperia has introduced a new line of Gallium Nitride (GaN) power modules aimed at high-frequency and high-efficiency applications. These modules are designed to meet the growing demand for compact and efficient power solutions in consumer electronics and telecommunications.
• STMicroelectronics' Development of Integrated Power Modules: STMicroelectronics has unveiled a range of integrated power modules that combine multiple power components into a single package. These modules are designed to simplify designs and enhance performance in automotive and industrial applications.
• Texas Instruments' Launch of Digital Power Modules: Texas Instruments has launched new digital power modules that offer advanced control and monitoring capabilities. These modules integrate digital control systems with power components to improve efficiency and performance in various electronic devices.
• Rohm Semiconductor's Introduction of High-Efficiency Power Modules: Rohm Semiconductor has released a series of high-efficiency power modules designed for use in renewable energy systems and electric vehicles. These modules offer enhanced power density and reliability, addressing the needs of emerging markets.
• ON Semiconductor's Development of Next-Generation Power Modules: ON Semiconductor has announced the development of next-generation power modules that incorporate advanced thermal management and efficiency features. These modules are aimed at high-power applications, including data centers and industrial machinery.

Strategic Growth Opportunities for Power Module Market

• Expanding Applications in Electric Vehicles: The growing adoption of electric vehicles (EVs) presents significant growth opportunities for power modules. Power modules are essential for managing power conversion and distribution in EVs, and the increasing demand for EVs drives the need for advanced power solutions.
• Investment in Renewable Energy Projects: Investment in renewable energy projects, such as solar and wind power, offers growth opportunities for power module manufacturers. Power modules are critical for managing energy conversion and integration into the grid, and the expansion of renewable energy infrastructure drives demand.
• Focus on Energy-Efficient Technologies: The emphasis on energy-efficient technologies provides opportunities for growth in the power module market. Developing power modules with higher efficiency ratings and lower energy losses aligns with global efforts to reduce energy consumption and meet regulatory standards.
• Adoption of Advanced Materials and Technologies: Investing in advanced materials and technologies, such as SiC and GaN, presents growth opportunities for power module manufacturers. These materials offer superior performance and efficiency, driving innovation and expanding applications in various industries.
• Growth in Consumer Electronics Market: The expansion of the consumer electronics market creates opportunities for power module growth. As electronic devices become more compact and power-efficient, the demand for advanced power modules that support high performance and reliability increases.
• Development of Integrated Power Solutions: Developing integrated power solutions that combine multiple components into a single module provides growth opportunities. Integrated power modules simplify designs, reduce component counts, and enhance reliability, addressing the needs of complex applications.
• Strategic Partnerships and Collaborations: Forming strategic partnerships and collaborations with technology providers, automotive manufacturers, and renewable energy companies can create synergies and expand market reach. Collaborations enable access to new markets and drive innovation in power module technologies.

Power Module Market Driver and Challenges

Drivers:
• Increasing Demand for Energy Efficiency: The growing emphasis on energy efficiency across various sectors drives demand for advanced power modules. Higher efficiency in power conversion and management reduces energy consumption and operational costs, aligning with global sustainability goals.
• Expansion of Electric Vehicle Market: The rise of electric vehicles (EVs) creates a significant driver for power module growth. Power modules are essential for managing power conversion and battery management in EVs, and the expanding EV market drives demand for innovative power solutions.
• Growth in Renewable Energy Sector: The expansion of renewable energy sources, such as solar and wind power, boosts the need for power modules. These modules play a critical role in energy conversion and integration, supporting the growth of renewable energy infrastructure.
Challenges
• High Manufacturing Costs: The high manufacturing costs associated with advanced power modules, such as those using SiC and GaN technologies, pose a challenge. Cost-effective production methods and materials are needed to make these technologies more accessible and competitive.
• Thermal Management Issues: Managing heat dissipation in high-power applications can be challenging. Effective thermal management solutions are required to ensure the reliability and performance of power modules, especially in high-power and high-density applications.
• Rapid Technological Changes: The fast-paced evolution of technology in the power module market requires continuous adaptation. Keeping up with technological advancements and integrating new materials and designs can be resource-intensive and challenging for manufacturers.
• Supply Chain Disruptions: Supply chain disruptions, including shortages of critical materials and components, can impact the production and availability of power modules. Ensuring a stable supply chain and managing procurement risks are essential for maintaining market stability and meeting demand.

Power Module Suppliers and Their Market Shares

In this globally competitive market, several key players such as Infineon Technologies AG, STMicroelectronics, ON Semiconductor., Mitsubishi Electric Corporation, Toshiba, etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players contact us."
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies power module companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the power module companies profiled in this report include-
• Infineon Technologies AG
• STMicroelectronics
• ON Semiconductor.
• Mitsubishi Electric Corporation
• Toshiba
• Vincotech
• Hitachi
• Fuji Electric.
• Semikron
• Danfoss

"These companies have established themselves as leaders in the power module industry, with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the power module market are evolving, with the entry of new players and the emergence of innovative power module technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.

Power Module Market by Segment

Among the major segments of the power module market, SiC (Silicon Carbide) and IGBT (Insulated Gate Bipolar Transistor) are experiencing significant growth. SiC power modules are gaining traction due to their superior performance in high-voltage, high-temperature, and high-frequency applications, which makes them ideal for electric vehicles and renewable energy systems. IGBT modules continue to grow due to their versatility and efficiency in medium to high-power applications, such as industrial drives and power inverters. While FETs (Field-Effect Transistors) remain important, especially in lower-power and high-speed applications, the rapid advancements and increasing adoption of SiC and IGBT technologies are driving the overall market expansion.
The study includes a forecast for the global power module market by product type, end use industry, voltage range, and region.

Power Module Market by Product Type [Value from 2018 to 2030]:

• Igbt 
• Fet 
• Sic 
• Others

Power Module Market by End Use Industry [Value from 2018 to 2030]:

• Transportation 
• Industrial 
• Wind Energy 
• Solar Pv 
• Others

Power Module Market by Voltage Range [Value from 2018 to 2030]:

• <600V 
• 600-1200V
• >1200V 

Power Module Market by Region [Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Features of the Global Power Module Market

Market Size Estimates: Power module market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Power module market size by product type, end use industry, voltage range, and region in terms of value ($B).
Regional Analysis: Power module market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product type, end use industry, voltage range, and regions for the power module market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the power module market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

FAQ

Q1. What is the power module market size?
Answer: The global power module market is expected to reach an estimated $15 billion by 2030.
Q2. What is the growth forecast for power module market?
Answer: The global power module market is expected to grow with a CAGR of 13% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the power module market?
Answer: The major drivers for this market are the major drivers for the growth of this market are high growth of electric vehicles, increasing focus of consumers for minimizing power losses, and the automotive industry's shift towards electric and hybrid vehicles boosts the demand for power modules.
Q4. What are the major segments for power module market?
Answer: The future of the power module market looks promising with opportunities in the igbt , fet, sic , others markets.
Q5. Who are the key power module market companies?
Answer: Some of the key power module companies are as follows:
• Infineon Technologies AG
• STMicroelectronics
• ON Semiconductor. 
• Mitsubishi Electric Corporation
• Toshiba
• Vincotech
• Hitachi
• Fuji Electric.
• Semikron
• Danfoss
Q6. Which power module market segment will be the largest in future?
Answer: Lucintel forecasts that igbt will remain the largest segment over the forecast period.
Q7. In power module market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the power module market by product type (igbt , fet , sic , and others), end use industry (transportation , industrial , wind energy , solar pv , and others), voltage range (<600v , 600-1200v, and >1200v ), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

For any questions related to Power Module Market Market, Power Module Market Market Size, Power Module Market Market Growth, Power Module Market Market Analysis, Power Module Market Market Report, Power Module Market Market Share, Power Module Market Market Trends, Power Module Market Market Forecast, Power Module Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.