The North America Intelligent Power Module Market would witness market growth of 7.6% CAGR during the forecast period (2022-2028).
In the fields of electronics, electricity, and technology, an intelligent power module is a crucial component. Various equipment in various industries use energy, and intelligent power modules are used to manage this current flow to guarantee that the equipment functions effectively. Also, the usage of technology is growing in a variety of businesses. For example, throughout the projected period, the automotive industry is anticipated to present significant prospects for the intelligent power module market. This results from the automotive industry's adoption of new technologies, particularly in electric vehicles.
The high demand for intelligent power modules in electrical equipment, electronic machinery, and the technology sector is one of the key variables affecting the intelligent power module market. Power management is the primary function of these components. IPMs are also utilized for power management and conservation, particularly in light of current worries about global warming and CO2 emissions. The increased use of technology in the industrial applications is also a significant driver of the market.
Major foreign automakers are centered in the North American region, particularly the United States, making it one of the greatest automotive industry in the world. Such developments are assisting the market's expansion because IPMs are widely employed in the automotive sector in applications including powertrains, AC compressors, oil pumps etc. As the number of electric & hybrid cars sold in North America increases, so too will the demand for intelligent power modules. Another major user for IPMs is consumer electronics, where demand is anticipated to increase as the need for smart consumer devices remains to be strong in the North American region.
The US market dominated the North America Intelligent Power Module Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $458.1 million by 2028. The Canada market is poised to grow at a CAGR of 10.1% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 9.1% during (2022 - 2028).
Based on Voltage, the market is segmented into Up To 600V, 601V - 1,200V and Above 1,200V. Based on Circuit Configuration, the market is segmented into 6-Pack, Bridge, 7-Pack and Others. Based on Vertical, the market is segmented into Industrial, Consumer Electronics, Transportation, IT & Telecommunications and Others. Based on Current Rating, the market is segmented into Up to 100A, 101A to 600A and Above 600A. Based on Power Device, the market is segmented into Insulated-Gate Bipolar Transistor (IGBT), Metal-Oxide-Semiconductor Field-Effect Transistor (MOSFET) and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Intelligent Power Module Market is Projected to reach USD 2.5 Billion by 2028, at a CAGR of 8.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Infineon Technologies AG, Rohm Co., Ltd., STMicroelectronics N.V., Microchip Technology Incorporated, Texas Instruments, Inc., Toshiba Electronic Devices & Storage Corporation (Toshiba Corporation), Renesas Electronics Corporation and ON Semiconductor Corporation.
By Voltage
By Circuit Configuration
By Vertical
By Current Rating
By Power Device
By Country
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