GPU 및 AI 서버용 전원 공급 모듈(VRM) 시장 : 시장 점유율 분석, 산업 동향 및 통계 데이터, 성장 예측(2026-2031년)

According to Mordor Intelligence, the power delivery module (VRM) market size is expected to increase from USD 1.78 billion in 2024 to USD 2.23 billion in 2025 and reach USD 5.31 billion by 2031, growing at an 18.95% CAGR over 2026-2031.

This report is Segmented by VRM Type (Multiphase Digital, Analog, and More), Phase Count (<=6, 7-12, 13-20, and 20+), Current Capacity (Low <<100A, Mid 100-300A, and More), Component (Power Stages, PWM Controllers, and More), End Application (GPU Cards, AI/HPC Servers, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Insights and Trends of Power Delivery Module (VRM) Market For GPU And AI Servers

Growing Demand for GPU Accelerators in Hyperscale Data Centers

Hyperscale operators deployed more than 3 million GPU accelerators in 2025 as compute fabrics shifted toward large language models and recommendation engines. Each NVIDIA H200 or AMD MI300X card draws up to 1,000 watts, forcing VRMs to deliver 1,200 amperes at sub-volt rails with ripple below 10 millivolts. Direct liquid-cooled racks enable power densities above 100 kilowatts, encouraging the use of integrated power modules that compress board footprint. Hyperscalers now require real-time telemetry for phase current, temperature, and efficiency, a specification that favors digital multiphase controllers. These operators increasingly co-develop application-specific modules under 24- to 36-month supply agreements, bypassing traditional distribution channels.

Transition Toward 3D Stacked HBM Memory Raising Transient Load Requirements

HBM3E, in volume since late 2024, introduces transient steps of 200 amperes per microsecond; HBM4 prototypes will push per-stack power past 50 watts by 2027. VRM suppliers respond with coupled inductors and adaptive voltage positioning, lowering output impedance by 40%. A Texas Instruments six-phase reference design achieved a 15-millivolt transient response at 500 amperes in March 2025. The vertical distance between the GPU die and the memory is shrinking, tightening impedance budgets and forcing VRM placement within 20 millimeters of the substrate. Vertical power modules mounted perpendicular to the board reduce loop inductance by 50%, but they demand custom mechanical fixtures and thermal interfaces.

Supply Chain Tightness for High-Performance Power Stages

Lead times for DrMOS and smart power stages stretched to 26 weeks in early 2026 as substrate suppliers prioritized high-margin chiplets. Vishay reported 95% utilization and a backlog into late 2025. Onsemi's October 2025 acquisition of Vcore secured gallium nitride wafer capacity, illustrating vertical integration moves to stabilize supply. Infineon earmarked EUR 800 million (USD 904 million) for additional silicon-carbide wafers, though new fabs will not reach full output until late 2027. Shortages are most acute above 100 amperes per phase, where copper-clip bonding is needed for thermal headroom. VRM designers must qualify alternate vendors and revise firmware, extending development cycles by up to 9 months.

Other drivers and restraints analyzed in the detailed report include:

1. Energy-Efficiency Mandates from Cloud Service Providers
2. Adoption of Advanced FinFET Nodes Lowering Core Voltages
3. Thermal Management Challenges Above 800 A Rails

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Multiphase, digitally controlled units led the Power Delivery Module (VRM) market share, accounting for 61% of revenue in 2025. These units are preferred due to their advanced features, including firmware-updatable control loops and PMBus telemetry, which are well-suited for hyperscaler fleet monitoring systems. The ability to update firmware ensures adaptability to evolving requirements, while PMBus telemetry provides real-time monitoring and control, making these units highly efficient and reliable for large-scale operations. Integrated power modules, although representing a smaller market share in 2025, are projected to experience the fastest CAGR of 19.74% during the forecast period. This growth is driven by server builders' increasing preference for compact, drop-in solutions that simplify design and reduce development time.

The market share of integrated modules in the Power Delivery Module (VRM) sector is steadily increasing, supported by advancements such as 48-volt intermediate buses and liquid-cooled racks, which enable tighter, more efficient layouts. Vendors like Vicor are at the forefront of this trend, offering innovative solutions that integrate controllers, power stages, and coupled inductors into a single package. This integration reduces board area by approximately 40%, providing significant space-saving benefits for manufacturers. While analog controllers remain cost-effective for edge devices, the long-term trend is shifting toward digital or hybrid designs. These advanced designs offer a balanced approach, combining low latency with enhanced telemetry capabilities, which are critical for modern applications requiring precise power management and monitoring.

Thirteen- to 20-phase solutions accounted for 43% of the revenue in 2025, establishing themselves as the standard for accelerators requiring up to 700 watts of power. These solutions are widely adopted because they meet the power demands of high-performance computing systems. However, the 20-plus phase tier is projected to grow at a compound annual growth rate (CAGR) of 19.63%, driven by the increasing power requirements of GPUs, which are expected to surpass 1,200 watts in the coming years.

The growth of the Power Delivery Module (VRM) market in this tier is supported by advancements in coupled inductors, which enable 12-phase performance within a compact six-phase footprint. This innovation allows for more efficient power delivery while optimizing space on circuit boards. Additionally, smart power stages with integrated current sensing technology help reduce routing congestion and streamline the design of 24- and 32-phase layouts. Suppliers who can effectively integrate high-phase controllers with vertical packaging solutions are well positioned to capitalize on demand for next-generation GPU launches, as these technologies align with evolving market requirements.

Geography Analysis

Asia-Pacific generated 58% of 2025 revenue, driven by Taiwan Semiconductor Manufacturing Company's advancements in packaging technologies and China's development of exascale training clusters. Japan's Rapidus initiative secured JPY 920 billion (USD 6.2 billion) in funding to achieve 2-nanometer logic production by 2027, which is expected to create significant demand for sub-0.6-volt Voltage Regulator Modules (VRMs). South Korea's K-Chips Act is channeling KRW 26 trillion (USD 19.5 billion) into domestic power-management IC production lines, facilitating expansions by major players such as SK hynix and Samsung. Meanwhile, India's USD 15 billion subsidy program is attracting assembly investments; however, the majority of controller silicon is still sourced from Taiwan and the United States.

North America is anticipated to experience the fastest Compound Annual Growth Rate (CAGR) of 20.95% through 2031, primarily due to the CHIPS Act, which is incentivizing the localization of semiconductor manufacturing capacity. Intel's USD 20 billion Arizona fabrication facility is set to include a power-management production line by late 2026, while Wolfspeed's USD 6.5 billion silicon carbide (SiC) plant in North Carolina is expected to begin operations in 2026. Additionally, cloud service providers such as Microsoft Azure and Amazon Web Services are planning to deploy over 500,000 GPUs each by 2027, resulting in a projected VRM demand exceeding 500 megawatts.

Europe's market share remains limited due to the region's lack of GPU manufacturing capabilities. However, the EUR 43 billion (USD 48.6 billion) European Chips Act is actively funding the establishment of power-management design hubs in countries like Germany and the Netherlands. In contrast, the markets in the Middle East, Africa, and South America are still in their early stages of development, relying heavily on imported VRMs to support government-sponsored AI research clusters.

1. Texas Instruments Incorporated
2. Renesas Electronics Corporation
3. Infineon Technologies AG
4. onsemi
5. Analog Devices, Inc.
6. Monolithic Power Systems, Inc.
7. Rohm Co., Ltd.
8. STMicroelectronics N.V.
9. Vicor Corporation
10. Delta Electronics, Inc.
11. Bel Fuse Inc. (Bel Power Solutions)
12. Advanced Energy Industries, Inc.
13. Murata Manufacturing Co., Ltd.
14. Vishay Intertechnology, Inc.
15. Coilcraft, Inc.
16. TDK Corporation
17. Lite-On Technology Corporation
18. Foxconn Interconnect Technology Ltd.
19. FSP Technology Inc.
20. XP Power Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Growing Demand For GPU Accelerators In Hyperscale Data Centers
  • 4.2.2 Energy-Efficiency Mandates From Cloud Service Providers
  • 4.2.3 Transition Toward 3D Stacked HBM Memory Raising Transient Load Requirements
  • 4.2.4 Adoption Of Advanced FinFET Nodes Lowering Core Voltages
  • 4.2.5 AI Inference At The Edge Driving Compact High-Current VRMs
  • 4.2.6 Government Incentives For Domestic Semiconductor Supply Chains
• 4.3 Market Restraints
  • 4.3.1 Supply Chain Tightness For High-Performance Power Stages
  • 4.3.2 Board Space Constraints In Dense GPU Card Layouts
  • 4.3.3 Thermal Management Challenges Above 800 A Rails
  • 4.3.4 Limited Standardization Across Server OEM VRM Specifications
• 4.4 Impact of Macroeconomic Factors on the Market
• 4.5 Industry Value Chain Analysis
• 4.6 Regulatory Landscape
• 4.7 Technological Outlook
• 4.8 Porter's Five Forces Analysis
  • 4.8.1 Bargaining Power of Suppliers
  • 4.8.2 Bargaining Power of Buyers
  • 4.8.3 Threat of New Entrants
  • 4.8.4 Threat of Substitutes
  • 4.8.5 Intensity of Competitive Rivalry

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By VRM Type
  • 5.1.1 Multiphase VRMs (Digital-controlled)
  • 5.1.2 Analog VRMs
  • 5.1.3 Integrated Power Modules
  • 5.1.4 Hybrid VRMs
• 5.2 By Phase Count
  • 5.2.1 <=6 Phases
  • 5.2.2 7-12 Phases
  • 5.2.3 13-20 Phases
  • 5.2.4 20+ Phases
• 5.3 By Current Handling Capacity
  • 5.3.1 Low Power (<100 A)
  • 5.3.2 Mid Power (100-300 A)
  • 5.3.3 High Power (300-800 A)
  • 5.3.4 Ultra High Power (800 A+)
• 5.4 By Component Type
  • 5.4.1 Power Stages (DrMOS / SPS)
  • 5.4.2 PWM Controllers
  • 5.4.3 Inductors (Chokes)
  • 5.4.4 Capacitors
• 5.5 By End Application
  • 5.5.1 GPU Accelerator Cards
  • 5.5.2 AI / HPC Servers
  • 5.5.3 AI Training Systems
• 5.6 By Geography
  • 5.6.1 North America
    • 5.6.1.1 United States
    • 5.6.1.2 Canada
    • 5.6.1.3 Mexico
  • 5.6.2 Europe
    • 5.6.2.1 United Kingdom
    • 5.6.2.2 Germany
    • 5.6.2.3 Rest of Europe
  • 5.6.3 Asia-Pacific
    • 5.6.3.1 China
    • 5.6.3.2 Japan
    • 5.6.3.3 India
    • 5.6.3.4 South Korea
    • 5.6.3.5 Rest of Asia-Pacific
  • 5.6.4 Rest of the World

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
  • 6.4.1 Texas Instruments Incorporated
  • 6.4.2 Renesas Electronics Corporation
  • 6.4.3 Infineon Technologies AG
  • 6.4.4 onsemi
  • 6.4.5 Analog Devices, Inc.
  • 6.4.6 Monolithic Power Systems, Inc.
  • 6.4.7 Rohm Co., Ltd.
  • 6.4.8 STMicroelectronics N.V.
  • 6.4.9 Vicor Corporation
  • 6.4.10 Delta Electronics, Inc.
  • 6.4.11 Bel Fuse Inc. (Bel Power Solutions)
  • 6.4.12 Advanced Energy Industries, Inc.
  • 6.4.13 Murata Manufacturing Co., Ltd.
  • 6.4.14 Vishay Intertechnology, Inc.
  • 6.4.15 Coilcraft, Inc.
  • 6.4.16 TDK Corporation
  • 6.4.17 Lite-On Technology Corporation
  • 6.4.18 Foxconn Interconnect Technology Ltd.
  • 6.4.19 FSP Technology Inc.
  • 6.4.20 XP Power Ltd.

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-Space and Unmet-Need Assessment