The South Korea IGBT Market Size was estimated at 328.8 (USD Million) in 2023. The South Korea IGBT Market Industry is expected to grow from 368 (USD Million) in 2024 to 1,476 (USD Million) by 2035. The South Korea IGBT Market CAGR (growth rate) is expected to be around 13.459% during the forecast period (2025 - 2035).
In South Korea, the IGBT (Insulated Gate Bipolar Transistor) Market is experiencing significant trends driven primarily by the rise in demand for energy-efficient power electronics and electric vehicles (EVs). The government of South Korea is committed to reducing carbon emissions and promoting renewable energy, which plays a crucial role in driving market growth. Initiatives like the Green New Deal aim to transform the country’s energy landscape, thereby increasing the usage of IGBTs in various applications, such as renewable energy systems and EV powertrains.
Furthermore, the trend of industrial automation and the expansion of the semiconductor industry in South Korea contribute to the increasing adoption of IGBT technology.The country is noted for its sophisticated semiconductor manufacturing development, positioning it advantageous to capitalize on the use of IGBTs in high-efficiency converters and inverters used in automation and smart factories. Opportunities in the South Korean IGBT market are enormous, most importantly as sectors advance to strive to improve power efficiency and quality.
The focus on the improvement of IGBT supply devices at the levels of integration and performance is expected due to the anticipated need for high-power electronic devices. The growing pace of the EV industry will also advance the creation of new IGBT application technologies and enhance opportunities for innovations to be developed by manufacturers.
Recently, there has been a noticeable shift towards the integration of smart technologies in power systems, which is fostering the use of intelligent power modules that utilize IGBT technology. Such advancements indicate an ongoing trend towards smarter, more efficient energy management solutions in South Korea that align with global sustainability objectives.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The push towards renewable energy sources in South Korea is a significant driver for the South Korea Insulated Gate Bipolar Transistor (IGBT) Market Industry. The South Korean government has made substantial commitments to reduce carbon emissions, aiming for a 40% reduction in greenhouse gases by 2030 in line with its Green New Deal initiative. This has led to an increase in investments in solar and wind energy, which utilize IGBTs in power electronics for efficient energy conversion and management.In fact, the Ministry of Trade, Industry and Energy of South Korea reported a boost in renewable energy installations, with solar panel capacity growing by 22% in 2022, underscoring the demand for IGBT technology that supports these systems. This surge in renewable energy not only drives the IGBT market but also aligns with global trends towards sustainability and energy efficiency.
The rise of electric vehicles is significantly shaping the IGBT market landscape in South Korea. With major automotive manufacturers like Hyundai and Kia expanding their electric vehicle lineups, IGBTs play a critical role in the management of electrical power within these vehicles. The South Korean government aims to have 1.13 million electric vehicles on the roads by 2025 as part of its broader plan to reduce reliance on fossil fuels. This represents a potential annual growth rate of 33% in electric vehicle sales, as reported by the Ministry of Environment.The increased production and use of electric vehicles directly correlate with rising demand for IGBT technology that is essential for efficient power conversion, thus driving growth in the South Korea IGBT Market Industry.
The development of smart grid technologies in South Korea serves as a vital driver for the South Korea IGBT Market Industry. The government has initiated a comprehensive smart grid project, investing approximately 7.8 trillion KRW (around 6.5 billion USD) by 2030 to modernize the national grid system, enhancing efficiency and reliability. Smart grids rely heavily on advanced power electronics for monitoring and managing energy flows, which includes the integration of IGBTs for high-efficiency switching capabilities.This ambitious project not only transforms the energy sector but also significantly increases the demand for sophisticated IGBT solutions, thereby creating ample opportunities for market growth in the coming years, as outlined by the Korea Smart Grid Institute.
The South Korea IGBT Market features a diverse Voltage segment that plays a crucial role in various industrial applications, significantly contributing to the overall market landscape. The Low Voltage segment's importance cannot be overstated, as it primarily facilitates residential and small-scale commercial applications, ensuring efficient energy usage and control in electric drives and household appliances. Moreover, this segment is characterized by innovation in technologies that offer reliable performance at lower energy consumption levels, which aligns with South Korea's commitment to sustainability and reduced carbon emissions. Meanwhile, the Medium Voltage segment represents a vital aspect of power distribution and industrial machinery, underscoring its significance in the manufacturing and infrastructure sectors.
This segment benefits from the growing demand for renewable energy sources, driving innovations and deployments in wind and solar energy technologies, making it essential for the seamless integration of these resources into the grid. In comparison, the High Voltage segment is pivotal for large industrial applications, electric utilities, and high-capacity power systems. It supports significant power transmission over long distances with minimal losses, which is essential for meeting the growing energy demands of South Korea's rapidly expanding urban areas.
The rising infrastructure development and industrialization in the country further amplify the significance of the High Voltage segment, fostering advancements in service reliability and overall grid performance. Overall, the Voltage segment is marked by its distinct characteristics, reflecting key trends in the energy landscape of South Korea, with each sub-segment holding its own importance in optimizing energy efficiency, supporting renewable energy integration, and addressing the increasing demand for reliable power solutions across various sectors.As the South Korean government actively supports technological advancements in power electronics, the entire IGBT market is poised for substantial growth driven by these Voltage dynamics, with the ongoing transition to a more sustainable and efficient energy framework.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Application segment of the South Korea IGBT Market plays a crucial role in the overall industry landscape, reflecting the diverse range of sectors that utilize Insulated Gate Bipolar Transistors. Notably, Consumer Electronics garners considerable attention, as the growing demand for smart devices and energy-efficient appliances fuels the need for advanced power management solutions. In the realm of Industrial Manufacturing, IGBTs are integral in optimizing energy use and enhancing automation processes, driving productivity and efficiency. The Automotive sector also shows significant promise, especially with the rise of electric vehicles, where the technology oversees efficient power control and thermal management.
Moreover, the Inverters and Uninterruptible Power Supply (UPS) segments underline the importance of reliable power systems in maintaining operational continuity across various industries. Railways benefit from IGBT technology through improved traction systems, enhancing the efficiency and safety of transport systems. The Renewables market further illustrates the growth potential, with IGBTs supporting solar inverters and wind turbines to facilitate energy conversion. Overall, this diverse application landscape highlights the significant contributions of the South Korea IGBT Market, showcasing its adaptability and relevance across various key industries.
The South Korea IGBT (Insulated Gate Bipolar Transistor) market exhibits a dynamic competitive landscape driven by the increasing demand for power electronics in various sectors, including consumer electronics, automotive, and renewable energy applications. As the country progresses towards smart technologies and sustainable energy solutions, companies are actively enhancing their product portfolios, focusing on efficiency and reduced power consumption.
The market environment is characterized by a mix of established players and emerging firms, leading to innovation and advancements in IGBT technologies. Competitive strategies include collaborations, mergers, and acquisitions, allowing companies to expand their market reach and improve their technological capabilities, leveraging cutting-edge research facilities in South Korea and globally.STMicroelectronics holds a significant position in the South Korean IGBT market, capitalizing on its robust technology and innovation in power devices. The company's strong focus on research and development has enabled it to produce high-performance IGBT products tailored for various applications, from industrial drives to automotive power circuits.
STMicroelectronics benefits from an established reputation for reliability and quality in semiconductor manufacturing, which resonates well with South Korean customers seeking advanced power solutions. Its emphasis on energy efficiency and compact designs aligns with the country’s commitment to environmentally friendly energy consumption, further solidifying its market presence. Furthermore, local partnerships for product development and customer service enhance STMicroelectronics' ability to cater effectively to the specific requirements of South Korean industries.On Semiconductor is another key player in the South Korean IGBT market, recognized for its comprehensive range of power management solutions.
The company focuses on developing high-efficiency IGBT products that cater to the automotive, industrial, and consumer electronics sectors, utilizing cutting-edge technologies and advanced manufacturing techniques. On Semiconductor has established a formidable presence in South Korea through strategic mergers and acquisitions that bolster its technical capabilities and market reach. Their offerings are characterized by a strong portfolio of products designed for high performance and reliability, which resonates well with local manufacturers. The company is also dedicated to sustainability, aligning its operations with South Korea's green energy goals and optimizing energy consumption in its IGBT solutions. Overall, On Semiconductor's strengths lie in its innovative approach, commitment to quality, and dynamic position within the competitive landscape of the South Korean IGBT market.
The South Korea IGBT Market has experienced notable developments, particularly due to the rising demand for energy-efficient power conversion technologies. STMicroelectronics and Infineon Technologies have highlighted advancements in their IGBT offerings, catering to growing sectors like electric vehicles and renewable energy. LG Electronics has made strides in optimizing IGBT for use in next-generation smart appliances, enhancing efficiency. Recently, a significant acquisition was noted in June 2023, involving Renesas Electronics purchasing the IGBT division of a smaller semiconductor firm, aiming to bolster its product portfolio and strengthen its market position.
The ongoing semiconductor shortage remains a critical concern, affecting production timelines and pushing companies like SK Hynix and Samsung Electronics to enhance their manufacturing capabilities to meet demand. Over the past few years, the market has seen a steady increase in valuation, with projections indicating substantial growth driven by the proliferation of electric vehicles and green technologies. In addition, major IGBT manufacturers like Mitsubishi Electric and Toshiba are investing in advanced fabrication techniques to improve performance and reduce costs, further driving innovation in the South Korean market.
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 328.8 (USD Million) |
| MARKET SIZE 2024 | 368.0 (USD Million) |
| MARKET SIZE 2035 | 1476.0 (USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 13.459% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | STMicroelectronics, On Semiconductor, Renesas Electronics, LG Electronics, SK Hynix, NXP Semiconductors, Power Integrations, Broadcom, Texas Instruments, Toshiba, Nidec Corporation, Samsung Electronics, Infineon Technologies, Mitsubishi Electric, ABB |
| SEGMENTS COVERED | Voltage, Application |
| KEY MARKET OPPORTUNITIES | Growing renewable energy sector, Increasing electric vehicle demand, Expansion of industrial automation, Advancements in power electronics, Rising energy efficiency standards |
| KEY MARKET DYNAMICS | increasing demand for electric vehicles, growth in renewable energy technologies, advancements in power electronics, government incentives for clean energy, expansion of industrial automation |
| COUNTRIES COVERED | South Korea |
Frequently Asked Questions (FAQ) :
The South Korea IGBT Market is expected to be valued at 368.0 USD million in 2024.
By 2035, the South Korea IGBT Market is projected to reach a value of 1476.0 USD million.
The expected CAGR for the South Korea IGBT Market from 2025 to 2035 is 13.459%.
In 2035, the Medium Voltage segment is projected to have a value of 592.0 USD million.
The Low Voltage segment of the South Korea IGBT Market is expected to be valued at 110.0 USD million in 2024.
Key competitors in the South Korea IGBT Market include players such as STMicroelectronics, On Semiconductor, and Infineon Technologies.
The High Voltage segment is projected to be valued at 444.0 USD million in 2035.
The South Korea IGBT Market is expected to grow significantly, increasing from 368.0 USD million in 2024 to 1476.0 USD million by 2035.
The market presents opportunities driven by increasing demand for energy-efficient technologies and advancements in power electronics.
The competitive landscape encourages innovation and drives down prices, benefiting consumers in the South Korea IGBT Market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2025 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
