Intelligent Power Switches Market Trends

Growth Drivers

• Surging Global Electric Vehicle Market- A period of unparalleled changes is now gripping the world's automotive industry. In order to improve the impact of this sector on the environment, there is a need for urgent progress. The electrification of vehicle powertrains, from the deployment of start and stop technologies to fully battery electric vehicles is often seen as a means by which the global automotive industry can reach its objective of true sustainability. The core of the low-pollution automotive sector is electric vehicles, which are able to reduce CO2 emissions significantly and compensate for the greenhouse effect in a certain way. Several standards of vehicle electrification have been defined by SAE International, the world's largest trade association in this area, and can help to develop vehicles safely and efficiently. In 2022, electric car sales exceeded 10 million, which proves that the market is growing by leaps and bounds across the globe. In three years, from around 4% in 2020 to 14% in 2022, there has been an increase of over 300% in the shares of EVs in total sales.

• Worldwide Surge in Urbanization- The rapidly rising trend of urbanization is leading to a significant increase in the number of cities worldwide. As people drive towards cities to have a good quality of life with plenty of facilities, the number of cities is growing. As a consequence, due to rapid urbanization and the emergence of cutting-edge modular electric appliances, the market for electricity switches is rapidly expanding intelligent power switches market.

• Growing Adoption of GaN and SiC Materials in Automobile and Power Semiconductor Applications- These new semiconductor materials offer better thermal conductivity and higher switching speeds and are smaller than traditional silicon ones. The use of SiC and GaN has resulted in improvements in existing semiconductor technologies, such as MOSFETs and isolated gate bipolar transistors. The fastest-growing applications of SiC include electric vehicles (EVs) and EV charging, where SiC plays a vital role in fast chargers and charging stations. While driving an EV, the electronics system is designed to support the complete load of the vehicle’s power capability, which is achievable with SiC-based designs. They are also used in EV inverters, increasing the system’s efficiency by up to 80%.

Challenges

• Slow Adoption of Novel Technologies and Complex Design- For the intelligent power switches market to expand quickly, new trends and technologies must be incorporated. Although new technology and its advantages appeal to engineers, designing a control structure is difficult. As a result, the market adopts new technologies at a relatively moderate rate, which would impede the technology's development. The companies in the intelligent power module market also put a lot of effort into combining many functions onto a single chip, which leads to complicated designs. Complex device design and integration call for specialised knowledge, a sound approach, and a variety of technologies.

• The market may be more compact when they operate at higher frequency switches. We need to address these technological challenges for the future.

• High initial investment cost may restrain the market growth to some extent during the forecast period.