The insulated gate bipolar transistor (IGBT) market is projected to create an additional opportunity of $7.7 billion by the conclusion of 2022, with IGBT sales expected to surpass US$ 12.5 billion by 2032. The market is expected to grow at a compound annual growth rate (CAGR) of 11.6% between 2022 and 2032, driven by increasing demand for IGBTs as a superior alternative to Metal Oxide Semiconductor Field-Effect Transistors (MOSFETs) in terms of voltage and current compatibility.
Insulated Gate Bipolar Transistor, also referred to as IGBT Market , is a semiconductor power electronic component. Due to its high efficiency and quick switching, this device is primarily used in switches, phase control, and pulse modulation. Modern society’s fundamental need for electricity will result in severe losses and harm to both human life and society as a whole.
IGBT helps to ease the load on the power grid, resulting in a steady flow of electricity. Because of its excellent power efficiency, low power consumption, and high blocking voltage, IGBTs are used in a wide range of industrial applications. IGBT is gaining popularity due to its potential to lower switching loss since it can reduce the thermal stress on electric devices, which leads to a longer device life and improved dependability.
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This market is anticipated to grow swiftly due to increased investments in IGBT chip research and development, module optimisation for reduced power consumption, changed chip density, and thermal resistivity. IGBT power electronic semiconductor devices have a market share that is influenced by all of these IGBT properties.
IGBT Market Dynamics
The international IGBT market is currently expanding and exhibits significant potential across numerous industrial sectors. The need for improved power cycling capacity and thermal capacity, as well as rising government incentives, are the main factors propelling the growth of the global IGBT market.
These regions also have a growing demand to replace aging power infrastructures. In addition to these, rising consumer demand for energy-efficient electronics, IGBTs’ capacity to boost a variety of electronics’ performance, as well as their ability to play a significant role in the technological advancement of power electronics, have all contributed to the market’s expansion.
Lack of awareness, high costs, a high initial investment, the absence of stable device characteristics in high temperatures, and the slowdown in the economy are some of the factors limiting the growth of the global IGBT market. On the whole, though, it is anticipated that these restrictions will have little effect on the market. Future deployment of the smart grid will present an opportunity for the global IGBT market, helping to expand it.
IGBT Market Segmentation
The global IGBT market is divided into segments based on regions, types, and applications. The electric and hybrid electric vehicles (EV/HEV), industrial motor drives, traction, transportation, HVAC, renewable energy, UPS, series compensation, and other applications are the sub-segments of the global IGBT market based on applications.
The demand for EV/HEV among these applications is anticipated to drive the growth of the global IGBT market during the anticipated period. The global IGBT market is also benefiting from the green energy sector’s quick growth. The market is divided into IGBT modules and discrete IGBT based on type.
Geographically, seven global regions make up the IGBT market: North America, Latin America, Asia-Pacific (Japan excluded), Japan as a separate region, Western Europe, Eastern Europe, and the Middle East and Africa Region.
In terms of market value, the Europe region currently dominates the global IGBT market, with Germany and the United Kingdom driving market expansion. With China’s and Japan’s technological advancements, Asia-Pacific is predicted to have the fastest growth during the anticipated period.
The IGBT market in both countries is also anticipated to expand. The markets for IGBT in North America and the other remaining regions are both expected to be very promising. The growth of the global IGBT market will be further fueled by demand in the Middle East region.
IGBT Market Key Players
Key players in the Global IGBT market include Fujitsu Ltd., Infineon Technologies AG, STMicroelectronics N.V., NXP Semiconductors N.V., Vishay Intertechnology, Fairchild Semiconductor International, Inc., Toshiba Corporation, Inc., ROHM Co. Ltd., Fuji Electric Co. Ltd, and Renesas Electronics Corporation, among others.
These key players are following the trend of large-scale collaborations and partnerships. These strategies will be beneficial for them in expanding their global footprints and increasing global market share.
Key Segments Profiled in the IGBT Market Survey
By Type:
- IGBT Module
- Discrete IGBT
By Power Rating:
- High-Power
- Medium-Power
- Low-Power
By Application:
- Electric and Hybrid Electric Vehicle (EV/HEV)
- Renewables
- UPS
- Motor Drives
- Industrial
- Series Compensation
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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