Power Module Packaging Market Size, Share, Opportunities And Trends By Type (GaN Module, SiC Module, IGBT Module, FET Module, Thyristor), By Application (Automotive, Electronics, Medical, Others), And By Geography - Forecasts From 2023 To 2028

Power Module Packaging is the procedure of enclosing power electronic components such as transistors, diodes, capacitors, and inductors in a protective casing or package. The package gives the electronic components mechanical support, electrical insulation, thermal control, and environmental safety. Power electronic system's efficiency, dependability, and durability are significantly influenced by the power module packaging. The use of effective distributed cooling techniques, a decrease in waste, and a resulting rise in power density are driving the market growth.

Demand for electronic devices and the automotive sector will boost the power module packaging market

The power module packaging market is expected to be driven by the expanding demand for power modules in the industrial and consumer electronics sectors. Electronic devices which need to handle high power and voltage must have proper power module packaging and to safeguard the device from environmental factors like humidity, temperature, and physical damage the power module packaging is essential. They are employed in systems like lighting systems, power supplies, converters, and motor control. According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), the consumer electronics and home appliances industry in India is expected to grow at a rate of 10% over the period of 2020-2025.  Annual growth in electronics sales has increased the demand for power module packaging. It is anticipated that the use of power modules in renewable energy sources will grow as they are used in wind turbine inverters, photovoltaic inverters, and micro-inverters. The U.S. Energy Information Administration (EIA) predicts that utility-scale solar capacity in the U.S. will increase by 2022. The US Solar Energy Industries Association (SEIA) claims that in order to promote solar panel technology for generating power, the government has put legislation like net metering and generally solar into place. PV power modules make it possible for the control systems to receive power straight from the solar panels and guarantee steady operation and the demand for power module packing is being driven by the increasing use of solar energy. The automotive industry has experienced rapid growth due to efforts to promote electric vehicles (EV), which is driving the automotive power module packaging market. According to the International Energy Agency (IEA), about 1.8 million electric vehicles (EVs) were registered in the United States in 2020, more than three times as many as in 2016. According to IEA data, Europe experienced the largest rise in EV sales from 2016 to 2020, with a compound annual growth rate of 60%, compared to gains of 36% in China and 17% in the United States. These factors all add to the market growth of power module packaging.

During the forecast period, the Asia Pacific region is expected to hold a significant market share.

The Asia Pacific has the fastest-growing economies worldwide and has made significant investments in the advancement of power module packaging. Key participants in the Asia Pacific power module packaging market include China, Japan, South Korea, and Taiwan are focusing to improve their EV infrastructure which is further expected to propel the market growth. In 2022 from January to November, China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA) announced that 2.33 million charging points were added which is double the number from last year and will parallelly increase demand for power module packaging in EV applications. The Taiwanese government presented a plan for incorporating 20% renewable energy in the nation's energy mix by 2025, which will increase demand for power module packaging in solar and wind energy applications. These factors all add to the market growth of power module packaging in the Asia Pacific region.

Key Developments

• August 2021: Infineon Technologies AG introduced a power module package called the EconoPACK+ D 1200V to reduce inductance design and strong thermal cycling in industries.
• April 2021: Mitsubishi Electric Corporation has introduced the N-series power module package for electric and hybrid cars which has a low thermal impedance, higher reliability, and a high-power density design.

Power Module Packaging Market Scope:

Segmentation:

• By Type
  • GaN Module
  • SiC Module
  • IGBT Module
  • FET Module
  • Thyristor
• By Application
  • Automotive
  • Electronics
  • Medical
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Other