North America Intelligent Power Module (IPM) Market — By Application Forecast

Market Overview

The North America Intelligent Power Module (IPM) Market is witnessing steady expansion driven by the increasing demand for efficient power conversion systems across electric vehicles, renewable energy, and industrial automation applications. The market was valued at USD 737.5 million in 2023 and is projected to reach approximately USD 1.48 billion by 2030, growing at a CAGR of around 10.5% during the forecast period (2024–2030).

This growth is attributed to the region’s accelerating adoption of electric mobility, investments in renewable power infrastructure, and the modernization of industrial facilities with energy-efficient motor control systems.