Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
IN THE NEWSAugust 2019: Fuji Electric Co., Ltd. Announced the expansion of its 7th generation X series of IGBT*1 modules, targeting the large-scale wind power generation market and has initiated sample shipment of 1700V product.
January 2018: Mitsubishi Electric Corporation announced the development of 6.5kV full SiC power semiconductor module. This power module offers the highest power density among various power semiconductor modules.
Market Overview
The growth of the global power modules market is thriving on the back of the rising focus on IoT, growing demand for communication infrastructure, new innovations in power packaging, increasing product launches by several key players globally, rising demand for power modules in consumer electronics sector along with the increasing demand for electric vehicles and hybrid-electric vehicles among others. Additionally, factors such as the growth of silicon-carbide (SiC) and gallium nitride (GaN), is also expected to create new application opportunities for the power modules market.
The global power module market reached USD 4999.6 million in the year 2019 and is expected to garner USD 10431.2 million by the end of 2028 by registering a CAGR of 8.74% across the globe over the forecast period 2020-2028. Additionally, the global power module market is anticipated to gain an incremental $ opportunity of USD 336.5 million in the year 2020 as compared to the previous year. Moreover, the market is also anticipated to gain an absolute $ opportunity of USD 5095.1 million through0ut the forecast period.
Growth Highlights based on Region during 2018-2027
The global power module market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of Asia Pacific power module market registered the largest market share of 40.08% in the year 2019. Moreover, the market in the region is anticipated to gain an incremental $ opportunity of USD 148.1 million in the year 2020 as compared to the previous year. On the other hand, the market in the region is anticipated to register the highest CAGR of 9.39% throughout the forecast period.
Further, the market in Europe is anticipated to grow with a significant CAGR of 8.57% throughout the forecast period. The market in the region is further anticipated to gain an incremental $ opportunity of USD 82.4 million in the year 2020 as compared to the previous year. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Voltage
The global power module market has been segmented on the basis of voltage into 200V to 600V, 601V to 1200V, 1201V to 3kV and more than 3kV. The 200V to 600V segment registered the largest market share of 52.12% in the year 2019 and is anticipated to register the highest CAGR of 9.06% throughout the forecast period. Additionally, the segment is anticipated to gain an incremental $ opportunity of USD 183.8 million in the year 2020 as compared to the previous year. Moreover, the segment is also anticipated to attain a market value of USD 5582.2 million by the end of 2028.
Market Drivers and Challenges
Growth Indicators
Miniaturization of Electronic Products Over the Years To Promote The Growth of the Power Modules Market
Advancement in electronic products and the ongoing drive towards the miniaturization of electronic products creates a huge demand for integrated power modules across major industry verticals such as automotive, manufacturing, industrial and others. Moreover, the ever-increasing functionality and performance of electronic products is placing significant challenges on power management platforms to deliver high efficiency with the increasing level of miniaturization, which in turn is raising the need to develop power modules with greater efficiency that can operate without a heat sink and provide more output.
Increasing Adoption of Power Modules in End User Industries
Power modules are widely used in several end user industries, such as automotive and healthcare among others. In the automotive industry, power modules play a key role in the power modulation of EV and HEVs. These modules are known to provide inverters and converters with good thermal and electrical efficiency by maintaining a low volume and mass. On the other hand, in the healthcare industry, power modules are widely used to power medical devices, such as heart rate monitors, ultrasound devices, clinical tablets and other portable medical devices. Advancement in healthcare industry has raised the necessity for the development of compact medical devices with greater functionality, which has raised the need for advanced power modules in the industry. Such factors are anticipated to drive the growth of the global power modules market over the forecast period.
Barriers
High Cost of Power Modules and Constrained Supply Chain to Limit Growth of Power Modules Market
Although there is an increasing demand for highly efficient power modules, yet the increasing cost of power modules is known to be the major factor hampering the growth of the market. Additionally, factors such as requirement of broad skill set for the development processes in the manufacturing of power modules, coupled with constrained supply chain for products such as rectifiers and MOSFETs that are faced by manufacturers globally are some of the factors anticipated to restrict the growth of the global power modules market.
Competitive Landscape
Some of the affluent industry leaders in the global power modules market are Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, Semikron Group, Infineon Technologies AG, Texas Instruments Incorporated, Dynex Semiconductor Ltd., Semiconductor Components Industries, LLC (ON Semiconductor Corporation), ABB and NXP Semiconductors.
Increasing miniaturization of electronic products over the years for electronic products around the globe is one of the major factors that is driving the growth of the market.
The market is anticipated to attain a CAGR of 8.74% over the forecast period, i.e. 2020-2028.
The market in Asia Pacific (APAC) held the dominating share of 40.08% in the year 2019.
The market in Europe is anticipated to provide more business opportunities in the future.
The major players in the global power modules market are Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, Semikron Group, Infineon Technologies AG, Texas Instruments Incorporated, Dynex Semiconductor Ltd., Semiconductor Components Industries, LLC
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is majorly segmented by voltage, technology, vertical and by region.
The 200V to 600V segment, which is a sub-segment of the voltage segment, held the largest market share of around 52.12% in the year 2019 is anticipated to show significant growth opportunity.
Concerns for the constrained supply chain for products such as rectifiers and MOSFETs that are faced by manufacturers globally is one of the major factors anticipated to act as a barrier towards the growth of the market.
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