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Global Power Module (PSiP and PwrSoC) Market Analysis – 2018-2027
Power module provides the containment unit for several power components, usually semiconductor devices, which are used to regulate the current flow in electronic devices and is used in multiple industries. Power modules are used in automotive, medical devices, communication infrastructure, and industrial applications among several others. The market for power module is projected to grow with a CAGR of 9.4% over the forecast period, i.e., 2018-2027. This can be attributed to the increasing focus on applications involving higher input voltage range and growing usage in communications infrastructure.
The market is segmented by product, by end use applications and by region. Based on product, the market is segmented into PSiP, PwrSoC and others, out of which, the segment for PSiP is predicted to hold a significantly larger market share as compared to PwrSoC with a 15.3% share by 2027. This can be attributed to the shorter design process of these power modules. On the basis of end use applications, the market is segmented into automotive, industrial, medical devices, communication infrastructure and others. The others segment is estimated to hold the largest market share by the end of the forecast period, while the industrial segment is predicted to observe the highest growth over the forecast period. The rising demand for compact, lightweight and efficient power supplies for enhancing the implementation of Industrial Internet of Things (IIoT) is a significant factor resulting in the growth of this segment.
Based on region, global power module market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific is anticipated to observe the highest growth rate on account of presence of large end use manufacturing industries in the region. Moreover, the market in North America is estimated to follow with the second highest growth rate and witness a market value of about USD 2,715.0 million by 2027 as a result of presence of major power modules Original Equipment Manufacturers (OEMs) in the region.
Some of the key industry leaders in the global power module (PSiP and PwrSoC) market are Intel, Infineon Technologies, Renesas Electronics Corporation, STMicroelectronics, Renesas Electronics Corporation, Monolithic Power Systems, Analog Devices, ROHM, Vicor Corporation, Mitsubishi Electric Corporation, TRACO Electronic AG, Schneider Electric and Microsemi.