Increasing Investments in HVDC Power Systems to Provide Growth Opportunities for Power Discrete and Modules Market During 2021–2028
According to our latest market study on “Power Discrete and Modules Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, Material, and Wafer Size,” the market was valued at US$ 23,572.48 million in 2021 and is projected to reach US$ 36,716.68 million by 2028; it is expected to grow at a CAGR of 6.5% from 2021 to 2028.
A high voltage direct current (HVDC) electric power transmission system utilizes direct current for transmitting electrical power in contrast with the other common alternating current systems. The system is also known as an electrical superhighway or power superhighway. The high power insulated gate bipolar transistor (IGBT) module is one of the crucial components required for the flexible power transfer through an HVDC transmission system. The overhead HVDC power transmission system infrastructure can transmit more power than a high voltage alternating current (HVAC) system. The 3300 V 1500 A power IGBT modules are used in flexible HVDC projects in China and are expected to serve up to almost 30 to 40 years.
In 2021, Bharat Heavy Electricals Limited (BHEL) played a significant role in the implementation of the +800 kV, 6,000 MW Ultra High Voltage Direct Current (UHVDC) link between the Southern Region Grid (Pugalur, Tamil Nadu) and the Western Region Grid (Raigarh, Chhattisgarh). In 2020, the state government of Maharashtra in India unveiled its plans to build a 1GW underground high-voltage direct current (HVDC) power transmission network by investing almost US$ 1.08 billion. Thus, the increasing investments in the HVDC system are anticipated to create lucrative opportunities for respective power discrete and modules market growth in the future.
An intelligent power module (IPM) is a high-performance module that mounts a dedicated drive circuit to draw superior performance from an IGBT chip. The IPM offers a custom IC to execute self-protection functions, such as short circuits and supply under-voltage. These modules are commonly associated with motor control, but they are also utilized in inverters, uninterruptible power supplies, and renewable energy systems. IPM also finds use in compressors, pumps, HVAC, and elevators in the industrial sector. These modules can be used for air purifiers, fans, air conditioners, washing machines, vacuum cleaners, and refrigerators in home appliances. IPM finds application in oil pumps, AC compressors, and onboard charging in electric vehicles in the automotive sector. The rapidly growing electric vehicles and home appliances market is driving the demand for the latest intelligent power modules worldwide. In addition, rising government initiatives for preserving the environment and increasing demand for MOSFETs in the automotive industry are driving the adoption of intelligent power modules. Therefore, the intelligent power modules would become a key trend in the power discrete and modules market in the coming years.
Impact of COVID-19 Pandemic on Power discrete and modules Market
During the COVID-19 pandemic, the North American countries have faced many challenges during their day-to-day operations due to the restrictions imposed by respective governments. The demand for electronic components increased as several companies started operating remotely. Therefore, to operate under an automated environment, increased deployment of electronic systems and power electronics has been witnessed during FY 2020. This has driven the demand for power discrete & modules across the countries such as the US, Canada, and Mexico.
Moreover, the demand for consumer electronics was also impacted somehow during FY 2020 across the US. For instance, in 2020, the consumer electronics revenue from the retail segment was estimated to be around US$ 407 billion that was much lesser than its pre-COVID forecast (around US$ 422 billion). Moreover, the automotive industry has also been affected by the COVID-19 pandemic across the US in this region, owing to demand & supply challenges and manufacturing supplies scarcity issues. This has negatively impacted the market. However, according to the power discrete and modules market research study, the market has witnessed a sluggish growth of nearly 2% y-o-y during FY 2020.
Infineon Technologies AG, Mitsubishi Electric Corporation, Toshiba Corporation, ON Semiconductor, STMicroelectronics, NXP Semiconductors, Renesas Electronics Corporation, Texas Instruments, ROHM Semiconductors, and Semtech Corporation are among the key market players profiled during this market study. In addition to these players, several other important power discrete and modules market players were studied and analyzed during this market research study to get a holistic view of the global power discrete and modules market and its ecosystem.
Power Discrete and Modules Market Share | Report by 2028
Download Free SamplePower Discrete and Modules Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Power Discrete and Power Module), Application (Industrial, Consumer Electronics, IT & Telecom, Automotive, and Others), Material (Si, SiC, and GaN), and Wafer Size (Up to 200 mm and 300 mm)
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com