FMI forecasts indicate that the global insulated gate bipolar transistors (IGBT) market size is set to reach a valuation of USD 6.7 billion in 2023. This growth trajectory is primarily attributed to the escalating adoption of technologically advanced insulated gate bipolar transistors across diverse industries, serving as a key driver for market expansion. Projections anticipate the market to amass USD 14.9 billion by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 8.3% from 2023 to 2033.
The Insulated Gate Bipolar Transistors (IGBT) Market is positioned for sustained expansion throughout the projected duration, spurred by a notable upswing in demand from both the industrial manufacturing and consumer electronics sectors. As industries increasingly adopt automation and seek energy-efficient solutions, IGBTs have emerged as an indispensable component across various applications, encompassing motor drives, power inverters, and renewable energy systems.
The upward trajectory of the global insulated gate bipolar transistor market is expected to persist throughout the forecast period, propelled by the escalating demand from the realms of industrial manufacturing and consumer electronics.
A key contributing factor to the growth of the insulated gate bipolar transistor market is the heightened demand for alternatives to Metal Oxide Semiconductor Field Effect Transistors (MOSFETs) that offer enhanced compatibility with varying voltage and current specifications.
Insulated gate bipolar transistor(IGBT) gaining popularity in consumer electronics due to its ability to lower switching loss and decrease thermal stress on electric appliances. The insulated gate bipolar transistors are used in microwave, stereo systems, and variable-speed refrigerators, and are expected to drive the growth of the market during the forecast period
Growing investments in electrification in Europe and North America are likely to boost the demand for insulated gate bipolar transistors. The increasing technological advances in the automotive industry and increased sales of electronic vehicles in emerging economies such as India and China are expected to drive the insulated gate bipolar transistor market growth during the forecast period.
Increasing applications in the wind and solar power industry have created opportunities for market growth. The rising demand for renewable power sources is expected to drive the growth of the market during the forecast period.
Key Takeaways from the Market Study:
- Based on the power rating, the high power segment accounts for a CAGR of 8.6%.
- By type, the IGBT module segment is expected to expand at a CAGR of 8.9% during the forecast period.
- North America to emerge as a promising market, capturing a CAGR of 8.3%.
- Asia Pacific to be an opportunistic market, expected to capture a CAGR of 8.0% during the forecast period.
‘Growing demand in the end-use industry and technological innovation in insulated gate bipolar transistors are expected to drive the market in the forecast period. The increasing demand for the automotive industry and rising sales of electric vehicles globally is projected to play a vital role in strengthening the market.’
Insulated Gate Bipolar Transistor (IGBT) Industry Competitive Landscape:
Prominent players in the insulated gate bipolar transistor market are Infineon Technologies AG; NXP Semiconductors NV; Microchip Technology, Inc.; Microsemi Corporation; Fuji Electric Co., Ltd. among others. Some of the recent development in the market are listed below.
- In October 2020 – Microchip Technology Inc. announced the acquisition of Tekron International Limited, a global leader in providing high-precision GPS and atomic clock time-keeping technologies and solutions for the smart grid and other industrial applications.
- In June 2021 – NXP Semiconductors N.V. a world leader in automotive processing, and TSMC announced the release of NXP’s S32G2 vehicle network processors and the S32R294 radar processor into volume production on TSMC’s advanced 16 nanometers (nm) FinFET process technology.
Key Segments Covered in the Insulated Gate Bipolar Transistors (IGBT) Industry Analysis:
By Type:
- Module
- Discrete
By Power Rating:
- High Power
- Low Power
- Medium Power
By Application:
- Industrial Manufacturing
- Consumer Electronics
- Automotive (EV / HEV)
- Inverter / UPS
- Railways
- Renewables
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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