Intelligent Power Module Market Size

Intelligent Power Module Market Size

Intelligent Power Module Market size exceeded USD 1.5 billion in 2019 and is estimated to grow at a CAGR of over 9% between 2020 and 2026. Rising trends toward renewable energy in power generation have propelled the market demand for intelligent power modules. These power modules help to reduce the cost per watt and optimize power extraction from the solar panels. They have applications in grid tied renewable energy systems and photovoltaic system (PV) for intelligent power control. Market players are continuously engaged in innovating new power modules for solar energy applications to cater to the high demand in the industry. For instance, in June 2020, Trina Solar Co., Ltd. launched an intelligent power module with power output exceeding 500W for solar energy applications.

Rising government initiatives regarding the emission control of greenhouse gases, majorly CO2, have further boosted the adoption of renewable energy for electricity generation and energy conversion. According to the Center for Climate and Energy Association, solar generation in the U.S. is expected to climb the renewable generation to 48% by 2050, in comparison with 11% in 2017. This will accelerate the establishment of power conservation plants.

The COVID-19 pandemic has restrained the capability of intelligent power module market participants to develop new products led by supply chain bottleneck and various trade restrictions across the globe. The pandemic outbreak has also resulted in the shutdown of various manufacturing plants that develop automotive & consumer electronics products. The companies in end-user industries have planned to reduce their manufacturing capabilities owing to the declining demand from consumers which will restrain the market growth opportunities. However, post COVID-19 scenario will propel the investments in the automotive sector and renewable energy.