The global sales of Power integrated modules is projected to be worth USD 2,025.9 million in 2024 and expected to reach a value of USD 4,884.7 million by 2034. Sales are estimated to rise at a CAGR of 9.2% over the forecast period between 2024 and 2034. The income created by Power integrated modules in 2023 was USD 1,855.2 million. The application is projected to register a Y-o-Y growth of 8.8% in 2024.
Power integrated modules are compact components comprising several high-performance power semiconductor devices, such as transistors, diodes, and sometimes passive elements like capacitors and resistors, all in one module. PIMs are mostly used in converting, controlling, or conditioning electric power in applications in fields like industrial automation, automotive systems, consumer electronics, and renewable energy systems. Typically, a PIM consists of IGBTs, MOSFETs, and diodes structured to maximize efficiency in power conversion and reliability.
The major advantages associated with PIMs are high efficiency, small system size, and good thermal management. As numerous components are integrated in one module, PIMs reduce the printed circuit boards substantially. This helps manufacturers design compact and lightweight systems, driving the growth of power integrated modules market.
This benefit is extremely helpful in electric vehicles, renewable energy applications, and other portable electronics where there are issues with critical space and weight constraints. Moreover, PIMs save power since they curb losses during the course of their conversion procedure, which is an essential element in industrial application like the motor drives or the solar inverters.
Another significant advantage of PIMs is their exceptional thermal performance. They use a broad range of advanced packaging technology techniques, such as integrated heat sinks or substrates having a high thermal conductivity for effective heat dissipation.
Due to this, there is typically less chance of overheating, and hence, power systems can function over a long period. Design and production processes are also streamlined since the components to be mounted are in less numbers. This eliminates high cost of manufacturing and enhances reliability because fewer interconnections which signify less chance of bad contact.
Global Power Integrated Modules Application Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2023 | USD 1,855.2 million |
| Estimated Size, 2024 | USD 2,025.9 million |
| Projected Size, 2034 | USD 4,884.7 million |
| Value-based CAGR (2024 to 2034) | 9.2% |
Rising popularity of embedded computing and proliferation of different processors influence the growth of power integrated modules market notably. Embedded computing deals with specifically customized computing systems that are mostly embedded in larger devices with an intent to control certain functions and operates in practically all areas, such as industrial automation, automotive electronics, telecommunications, medical devices, and consumer electronics.
As efficient power solutions are needed for the development of more complex and effective embedded systems, PIM-based system designs demand in increasing.
Embedded computing relies on various processors, including microcontrollers, digital signal processors (DSPs), and field-programmable gate arrays (FPGAs). These have large power requirements owing to high complexity. Hence, efficient power conversion with the need for regulation, accelerates demand for PIMs. These modules provide compact size, high power density, and efficient thermal management for the power requirements of modern embedded systems. Thus, they enable optimization of performance along with energy saving.
The emerging Internet-of-Things (IoT) devices, artificial intelligence (AI) applications, and advanced driver-assistance systems (ADAS) in the automotive industry require new generations of processors. IoT devices and AI-based applications require constant efficient power management due to continuous data processing. Addition to this, ADAS requires reliable and compact power modules in vehicles ensures safety and operational efficiency.
Even higher requirements for PIMs have been imposed by further increases in the demand of this technology. IoT devices and AI-based applications require constant efficient power management as continuous data processing is a critical necessity and the requirement for reliability and compact power modules for ADAS systems in vehicles ensures safety and operational efficiency.
With the advancement in computing systems as well as with high-performance processors added, demand for PIM will be high in forecast period. PIM remove a lot of design complexity and decrease the component count, which altogether increases the reliability of the entire system and is a must for manufacturers who are looking at creating highly advanced products.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
The below table presents the anticipated CAGR for the global Power integrated modules market over several semi-annual periods spanning from 2024 to 2034. This assessment outlines changes in the Power integrated modules application and identify revenue trends, offering key decision makers an understanding about market performance throughout the year.
H1 symbolizes first half of the year from January to June, H2 spans from July to December, which is the second half. In the first half (H1) of the year from 2023 to 2033, the business is expected to grow at a CAGR of 8.9%, followed by an increased growth rate of 9.4% in the second half (H2) of the same year.
| Particular | Value CAGR |
|---|---|
| H1, 2023 | 8.9% (2023 to 2033) |
| H2, 2023 | 9.4% (2023 to 2033) |
| H1, 2024 | 8.7% (2024 to 2034) |
| H2, 2024 | 9.7% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to increase slightly to 8.7% in the first half and remain higher at 9.7% in the second half. In the first half (H1) the market witnessed a decrease of 20 BPS while in the second half (H2), the market witnessed an increase of 30 BPS.
Miniaturization of Electronic Devices and Electrification in Automotive is an Escalating Trend in Power Integrated Modules Market
Miniaturization of electronic devices means downsizing gadgets and components to smaller sizes without adjusting with their performance. This is largely because consumers seeks easily-portable compact, lightweight consumer electronics- smartphones, wearables, laptops, and smart home devices. The more feature-rich these devices get, their power management systems must be reduced in size without losing efficiency or performance.
Power integrated modules are important in this miniaturization trend because they combine multiple power semiconductor components-including transistors and diodes-into one compact module package. This saves space on PCBs and allows manufacturers to provide slimmer, more efficient solutions.
Miniaturized PIMs also offer increased power density so that devices can manage energy more effectively. This is crucial to the enhancement of battery life and, more broadly, overall device performance. This is driving the growth of the power integrated modules market.
Electrification in the automotive industry involves a shift from traditional internal combustion engine (ICE) vehicle usage to EVs and hybrid electric vehicles (HEVs). In EVs and HEVs, PIM control power conversion and energy distribution. They ensure efficient operation of systems such as the electric motor, battery, and charging infrastructure.
PIMs are particularly useful in electric drivetrains and battery management systems, in which they convert DC power from the battery into AC power to move the electric motors. Their compact design and high power density help optimize the weight and space of electric vehicles and contribute to better energy efficiency and range, driving the PIM industry expansion.
Growing Demand in Consumer Electronics and Increasing Energy Efficiency Requirements fueling the Power Integrated Modules Market Growth
The growing demand for consumer electronics, mostly smart devices like smartphones, tablets, wearables, and smart home gadgets are driving demand for efficient power management solutions like PIMs.
Advanced technologies are perceived to be ever more complex and powerful within consumer electronics which requires working without overheating or excessive power consumption. That is where power integrated modules come in which play the role of compact energy-efficient solutions for power conversion and regulation in devices.
Besides, the drift towards very thin, light and compact devices necessitates a power solution to afford more performance in less space. PIMs integrate several power components into a module; this reduces the space and improves the power density with better thermal performance at the same time.
A further key driver in the power integrated module market is the push for energy efficiency. With the stringent global measures to decrease levels of carbon emissions, industries are being forced to develop their technologies in areas that save extra consumption of energy. One of the most new technologies has been achieved through efficiencies of PIMs in power conversion processes, becoming very relevant in applications such as industrial automation, renewable energy systems, and EVs.
Integration with IoT and Smart Grids is Creating Ample Opportunities for Power Integrated Modules Market
PIMs play a critical role in the integration and management of smart grids, which would represent the modernized electrical grids for ensuring the effectiveness, reliability, and sustainability of electricity distribution. Advanced technologies such as real-time monitoring, automated controls, and two-way communication between utilities and consumers characterize the smart grids. PIMs contribute to this infrastructure through efficient power conversion, precise control, and enhanced reliability in energy management systems.
The most significant integration of PIMs with smart grids comes about from renewable energy resources, such as solar and wind power. With the increasing share of renewable energy in smart grids, PIMs oversee the conversion of variable input power from renewable sources to stable, usable electricity. For example, a solar inverter and a wind turbine have PIMs that allow for easy effective conversion of energy thereby leading to improved overall system performance, low power losses, and enhanced grid stability.
In IoT applications, the devices usually operate in low power or energy-efficient modes to attain the maximum use of the battery life and reduce the operational cost. PIMs facilitate the accurate control of the power usage and management, which is a pre-condition for the efficient operation of the IoT device that might be deployed in remote areas with lesser access to power infrastructure. The integration of PIM into IoT devices ensures the conserving of energy with reliable performance, thus enhancing the efficiency of the entire IoT network.
Additionally, the higher the number of IoT networks results in high complexity in managing power across a vast array of connected devices. PIMs help simplify the power architectures through the integration of power components that decrease the discrete parts count and improve the thermal management issues, making the design of IoT systems more efficient, cost-effective, and reliable, as well as raising their lifespan.
High Initial Costs and Challenges in Thermal Management may affect Power Integrated Modules Market Growth in the Projected Timeframe
High initial costs is expected to challenge the PIM demand in projected timeframe. PIMs are usually made of wide-bandgap semiconductors such as silicon carbide (SiC), and gallium nitride (GaN).
These materials provide better efficiency and thermal performance while being more costly to produce compared with traditional silicon-based components. Furthermore, the manufacturing process of the PIM is complex due to the process that integrates a high number of power devices with passive components and uses several thermal management aspects.
Furthermore, the heat generated in PIMs during operation is very high due to the high-density integration of power semiconductor devices like IGBTs and diodes. Thus, thermal management is needed for preserving the reliability, performance, and lifespan of PIMs; it remains very challenging in designing a PIM. In high-power applications such as in electric vehicles and industrial motor drives, degrading heat dissipation might bring about overheating, affecting market growth.
Principal Consultant
The global Power integrated modules market registered a CAGR of 8.1% during the historic period between 2019 and 2023. The growth of Power integrated modules application was progressive as it reached a value of USD 1,855.2 million in 2023 from USD 1,304.7 million in 2019.
The market for power integrated modules witnessed high growth rate from 2019 to 2023. The key drivers in the market are advancement in power electronics, increasing demand in automotive, notable industrial automation, and increasing adoption in renewable energy. This growth is also driven by the trend across the world regarding shifting focus towards saving energy as well as power electrification. The emergence of wide-bandgap semiconductor also contributed in industry expansion.
In early 2020, the COVID-19 pandemic in 2020 impacted the PIM industry expansion. The disrupted supply chains and reduced production capacity, which in turn led to a temporary slowdown pf PIM demand.
Further, the momentum in the market picked up after there was ease in the lockdown with increasing demand for EVs and smart consumer devices. There was also an upward trend in the adoption of SiC and GaN-based PIM, which gives more efficiency and power density to applications like solar inverters and data centers.
Post-pandemic, the market was highly growing due to demand in renewable energy systems and industrial automation. Installation in solar and wind energies increased significantly and, consequently, PIMs were required for proper power management and integration into a grid. The rise in IoT devices, 5G networks, and AI-based systems has boosted the consumption of PIMs in consumer electronics.
Tier 1 companies are the market leaders that capture the major market share of 35% to 40% of the global power integrated modules market. They possess vast R&D capabilities, strong infrastructures for manufacturing, and significant global distribution networks.
They supply high-quality, cutting-edge PIM solutions that drive industry standards. Notable companies in this tier are Infineon Technologies AG, Texas Instruments Inc., STMicroelectronics N.V., NXP Semiconductors, Schneider Electric, and Renesas Electronics Corporation.
Tier 2 Companies holds respectable market share. Strong regional influence or a strong niche in the PIMs market is held by these established vendors. Application-specific focuses like industrial automation, automotive, or renewable energy systems remain reliable and cost-effective for these companies. Key players include Microchip Technology Inc., Toshiba Corporation, SEMIKRON Elektronik GmbH & Co. KG., ON Semiconductor Corporation, and Mitsubishi Electric Corp.
Emerging firms in the power integrated modules market are often small business ventures or startups and may be referred to as Tier 3 companies. These firms could offer cost-effective or specialty solutions for niche, lower-volume applications. They face aggressive competition in comparison with the Tier 1 & Tier 2 companies and have limited ability to expand volume.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The section below covers the application analysis for the Power integrated modules market for different countries. Market demand analysis on key countries in several regions of the globe, including the USA, Germany, China, India, Brazil, and UK is provided. The United States is anticipated to remain at the forefront in North America, with a value share of 70.8% through 2034. In East Asia, South Korea is projected to witness a CAGR of 8.5% by 2034.
| Countries | Value CAGR (2024 to 2034) |
|---|---|
| USA | 9.5% |
| Germany | 8.4% |
| China | 10.6% |
| India | 10.1% |
| UK | 7.2% |
North America, spearheaded by the USA which currently holds around 76.3% share of the North America power integrated modules application in 2023. USA Power integrated modules market is anticipated to grow at a CAGR of 9.5% throughout the forecast period.
As per USA Department of Energy (DOE), the country has more than 9,200 electric generating units that can produce more than 1 million megawatts of energy. It is also noted that the country is discovering and experiencing the rising implementation of smart grids as more emphasis is being put on increasing energy efficiency and sourcing renewable energy inputs.
Smart grids make use of advanced communication and automation technologies to optimize the electricity distribution; therefore, sophisticated power management solutions to manage fluctuating energy loads improve grid stability are required. In such applications, PIMs are ideal as they offer compact design and high power density in energy storage systems, smart meters, and electric vehicle charging infrastructure.
China’s Power integrated modules market is poised to exhibit a CAGR of 10.6% between 2024 and 2034. Currently, it holds the significant market share in the East Asia market, and the dominance is expected to continue through the forecast period.
China accounts for close to 25% of the world's total production, as per Centre for Economic Policy Research (CEPR). The manufactures in the country are heavily investing in the expansion of manufacturing capabilities so they can increase profitability and maintain brand image. China is expanding its manufacturing capabilities across industries such as automotive, electronics, and renewable energy. This calls for a rising need for advanced power solution, driving the industry growth.
India’s Power integrated modules market is expected to witness a CAGR of 10.1% in the forecast period and hold considerable market share in South Asia & Pacific region through 2034.
As per Invest India, as of September 2024, India’s renewable energy sources that are installed has capacity of 201.45 GW. The government’s push for renewable energy, aiming for a substantial increase in solar and wind energy capacity, is propelling the adoption of PIMs.
They are crucial for efficient power conversion and management in these applications. Moreover, country’s rapid industrialization, driven by initiatives like "Make in India," is increasing the demand for energy-efficient power solutions across various sectors, including automotive, telecommunications, and manufacturing.
The section contains information about the leading segments in the application. By device, MOSFET segment is estimated to grow at a CAGR of 9.7% throughout 2034. Additionally, the by application, embedded computing segment is projected to expand at 9.9% till 2034.
| Device | IGBT |
|---|---|
| Value Share (2024) | 65.1% |
IGBT segment is expected to acquire share of 65.1% in the market in terms of device in 2024. These devices have increasingly become the foundation for more integrated power modules due to their superior performance characteristics and versatility in various applications. Their ability to handle high voltage and current levels efficiently makes them a popular choice in sectors such as renewable energy, electric vehicles, and industrial automation, where power efficiency is paramount.
| Application | Appliance |
|---|---|
| Value Share (2024) | 21.2% |
The Appliance segment is expected to capture share of 21.2% in 2024. PIM are remarkably utilized in appliances due to their ability to enhance energy efficiency, compactness, and overall performance. The compact design of IPMs allows manufacturers to save space and minimize the size of appliances, making them more attractive to consumers seeking sleek and efficient designs. Additionally, IPMs typically integrate multiple functions, including power switching, control, and protection features, into a single module.
Key players operating in the Power integrated modules market are investing in advanced technologies and also entering into partnerships. Key Power integrated modules providers have also been acquiring smaller players to grow their presence to further penetrate the market across multiple regions.
Recent Application Developments in Power Integrated Modules Market
In terms of device, the application is divided into IGBT and MOSFET.
In terms of voltage rating, the application is divided into low-voltage PIMs (up to 100V), medium-voltage PIMs (100V-1000V), and high-voltage PIMs (above 1000V).
The application is classified by application as embedded computing, controllers, processors, SAN/NAS accelerator, appliance, network processors, and noise sensitive applications.
Key countries of North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, and Middle East & Africa (MEA) have been covered in the report.
The global Power integrated modules application is projected to witness CAGR of 9.2% between 2024 and 2034.
The global Power integrated modules application stood at USD 1,855.2 million in 2023.
The global Power integrated modules application is anticipated to reach USD 4,884.7 million by 2034 end.
East Asia is set to record the highest CAGR of 10.2% in the assessment period.
The key players operating in the global Power integrated modules application include Infineon Technologies AG, Texas Instruments Inc., STMicroelectronics N.V., NXP Semiconductors, Schneider Electric, and Renesas Electronics Corporation.
Explore Technology Insights
View Reports
Power Integrated Modules Market
