IGBT Market Trends

Global IGBT Market Overview

The  IGBT Market Size was valued at USD 8221.2 Million in 2023. The IGBT market industry is projected to grow from USD 9202.896 Million in 2024 to USD 21234 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 11.02% during the forecast period (2024 - 2032). The main elements that are responsible for the expansion of market size are government activities in the uplifting of the business sections across different nations. 

The substitution of the more matured frameworks of power and choosing electrical engines rather than mechanical ones is one of the most significant factors for IGBT Market growth. Lower voltage ranges are why most of the IGBT industry products cannot penetrate the market. These IGBTs are also quite limited to the warming obstacles, which are a few constraints in the market. However, after Covid, the IGBT market is expanding fiercely. This is because of the rising use of IGBT products in the electric vehicle markets. The IGBT products are also getting used in the car inverters in two-wheeler vehicles. This has undoubtedly increased the demand. The rising expenses of fuel are also a factor that boosts the growth of the IGBT market in several parts of the globe.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IGBT Market Trends

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  The growing range of applications to boost the market growth

  
  

Attributable to qualities like high voltage and flow abilities, the IGBT market request is expanding in electric vehicle inverters. Alongside this, the car area is additionally pushing forward in energy-saving mode. An IGBT market share will turn the current on and off so quickly that less voltage will be directed to the engine, assisting with making the PWM wave. This PWM wave is vital to a VFD activity since it is the variable voltage and recurrence made by the PWM wave that will permit a VFD to control the engine's speed.

Driven via fossil fuel by-product guidelines, the car market moves towards a jolt of powertrains in electric and half-and-half vehicles (EV/HEV), where conduction and exchanging misfortunes are altogether decreased, straightforwardly affecting general productivity.

Additionally, the IGBT industry is utilized in different applications, for example, Switch Mode Power Supplies (SMPS), AC and DC engine drives, Unregulated Power Supply (UPS), footing engine control and enlistment warming, inverters, used to consolidate a secluded entryway FET for the control input and a bipolar force semiconductor as a switch in a solitary gadget, and so forth.

IGBT Market Segment Insights

IGBT Voltage Insights

The  IGBT market segmentation, based on Voltage, includes low voltage, medium voltage, and high voltage. High voltage is expected to gain the maximum share during the forecast period. In industry, high voltage insulated gate bipolar transistors offer high-current-carrying ability, gate control using voltage, and others. High voltage is gaining increasing application in various sectors such as automotive, aircraft, UAVs, and industrial.

Medium Voltage is likely to gain rapid growth during the forecast period. The increasing demand for 1700 V–2500 V transistors across manufacturing industries for automation processes is expected to drive medium voltage demand. The low voltage is expected to gain steady growth with its significantly growing adoption in electric vehicles and renewable applications.

The low, medium and high voltages are further segmented into Up to 600 V & 601 - 1200 V, 1700 V & 2500 V, and 3300 V & 4500 V above, respectively.

IGBT Application Insights

Based on Application, the IGBT market segmentation includes consumer electronics, industrial manufacturing, automotive (EV/HEV), inverters/UPS, railways, renewables, and others. Industrial manufacturing is expected to dominate the segment in revenue share. The growing factory automation and industrial IoT adoption in manufacturing plants are likely to fuel the demand for insulated gate bipolar transistors.

Its demand in the automotive sector for electric vehicles is mainly growing as it offers smooth operations of electric cars in transferring power at a steady rate to the grid. For reliability, increasing power, and prolonging lifetime, insulated gate bipolar transistor and FWD chips are packaged to the module with multiple devices, isolation layers, and protection parts. These modules can work in harsh environments of high temperature, mechanical vibration, humidity, shock, and the possibility of chemical contamination.

Figure 2:  IGBT Market, by Voltage, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

IGBT Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is expected to gain top market share along with the highest CAGR during the forecast period. The highest growth is attributed to the presence of many electronic and semiconductor manufacturers in China, South Korea, and India. China is expected to gain maximum revenue share as it is the leading country in electric vehicle manufacturing. The rising application of electric vehicles is driving the market growth in the country. Japan and India are also witnessing the increasing demand for energy-saving resources along with the advancement of technology.

Figure 3:  IGBT MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

North America is expected to gain significant growth during the forecast period. The region’s market is expected to witness vast opportunities with rising awareness and implementation of renewable resources. As it is a low power-consuming component, it is highly recommended for energy saving in North America. Similarly, Europe is expected to gain the second-most revenue share after the Asia Pacific. Europe is the first region to implement insulated gate bipolar transistor-based traction systems in the railway sector. Further, Europe is the leading region in producing electric vehicles, and the region also leads in overall automotive industries across the globe. This is expected to drive the demand for the products in the region.

IGBT Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the IGBT market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the IGBT industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for IGBT. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their  presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the IGBT industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the  IGBT industry to benefit customers and expand the market sector. The IGBT market has recently given medicine some of the most important advantages. Major IGBT market players, including Infineon Technologies AG (Munich, Germany), ABB Ltd (Zürich, Switzerland), Mitsubishi Electric Corporation (Tokyo, Japan), Danfoss Group (Nordborg, Denmark), and others, are attempting to increase market demand by funding R&D initiatives.

Infineon Technologies is a company that designs, develops, manufactures, and markets semiconductor solutions. It offers power modules, sensors, wireless control systems, automotive and industrial transceivers, small signal transistors and diodes, power delivery controllers, etc. The company caters to the automotive, communication, security, industrial, and other market sectors.

Also, ABB India is a company that provides power automation technologies. Its products include drives, low voltage products and systems, measurement and analytics, medium voltage products, metallurgy products, motors and generators, PLC automation, power converters and inverters robotics, control systems, electric vehicle charging infrastructure, marine vessels, operations management software, and power electronics.

Key Companies in the IGBT market include

• Infineon Technologies AG (Munich, Germany)


• ABB Ltd (Zürich, Switzerland)


• Mitsubishi Electric Corporation (Tokyo, Japan)


• Danfoss Group (Nordborg, Denmark)


• Fuji Electric Co., Ltd. (Tokyo, Japan)


• Hitachi, Ltd. (Tokyo, Japan)


• Toshiba Corporation (Tokyo, Japan)


• ROHM CO., LTD (Kyoto, Japan)


• LITTELFUSE, INC. (Illinois, United States)


• StarPower Semiconductor Ltd. (Jiaxing, China)

IGBT Industry Developments

February 2021: Infineon Technologies AG launched the 650 V CoolSiC Hybrid IGBT range. The advanced transistor comprises a 650 V blocking voltage. The hybrid range of IGBT provides benefits of the technologies such as Schottky barrier CoolSiC diodes and 650 V TRENCHSTOP 5 IGBT.April 2022: Bhel to supply the six electric locomotives for the material handling operations. All these locomotives will be manufactured at the company’s facility in the Jhansi Area of Uttar Pradesh. All the traction motors for the locomotives will get supplied from the Bhopal plants, and all the IGBT-based transistors will get supplied from its Bangalore unit. The company has achieved a significant rise in its stock business. The 6000 HP electric locomotives became the first-ever in India. It would be the most significant thermal power project of all time in the nation. As the globe is coming up with new ways of reducing carbon, this can be helpful.

IGBT Market Segmentation

IGBT Voltage Outlook

• Low Voltage


• Medium Voltage


• High Voltage

IGBT Application Outlook

• Consumer Electronics


• Industrial Manufacturing


• Automotive (EV/HEV)


• Inverters/UPS


• Railways


• Renewables


• Others

IGBT Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America