IGBT Market Projected To Reach USD 12.24 Billion at a CAGR

New York, US, March 22, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “IGBT Market Research Report: By Voltage, Application, and Region- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 12.24 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 5% during the assessment timeframe.

IGBT Market Overview:

Government initiatives to advance various company sectors across different countries are the primary factors behind the expansion of the market size. One of the most important reasons influencing the growth of the IGBT market is the replacement of less developed power frameworks with more developed ones and the preference for electrical engines over mechanical ones. The majority of IGBT industry products are unable to enter the market because of lower voltage ranges.

These IGBTs are also somewhat constrained by the warming barriers, which are a few market restraints. Nonetheless, the IGBT market is rapidly growing following Covid. This is a result of IGBT devices being used more frequently in the markets for electric vehicles. The IGBT components are also gaining used in the automobile inverters in two-wheeler cars. The demand has unquestionably grown as a result. In some regions of the world, the IGBT market is expanding as a result of growing fuel costs.

Due to characteristics like high voltage and flow capabilities, the need for IGBTs in electric car inverters is rising. Also, the auto industry is moving forward in energy-saving mode.

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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 Market Report Scope:

Report MetricDetails
Revenue forecast in 2030USD 12.24 Billion
Growth RateCAGR of 5.00% from 2022 to 2030
Base Year2021
Study Period2022-2030
Key Market OpportunitiesThe growing range of applications to boost the market growth
Key Market DriversSurging Demand for Electric Vehicles is Driving the Market Growth

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IGBT market share helps create the PWM wave by rapidly switching the current on and off so that less voltage is sent to the engine. This PWM wave is essential to a VFD activity since it allows a VFD to adjust the engine's speed thanks to its changeable voltage and recurrence.

The automotive industry is moving towards a shock of powertrains in electric and hybrid cars (EV/HEV), where conduction and exchanging disasters are drastically reduced, directly influencing overall productivity.

The IGBT industry is also used in numerous other applications, including Switch Mode Power Supplies (SMPS), AC and DC engine drives, Unregulated Power Supplies (UPS), footing engine control and enlistment heating, inverters, which combine a single device with a solitary entryway FET for the control input and a bipolar force semiconductor as a switch.

Market Segment Insights for IGBT

Low voltage, medium voltage, and high voltage are included in the voltage-based IGBT market segmentation. Throughout the forecast period, high voltage is anticipated to obtain the most share. High voltage insulated gate bipolar transistors are used in industry because they include features like voltage-controlled gates and great current carrying capacity. High voltage is being used more and more in a variety of industries, including automotive, aviation, unmanned aerial vehicles, and industrial.

The predicted period is expected to see strong growth for medium voltage. Demand for medium voltage is anticipated to be driven by the growing need for 1700 V–2500 V transistors across manufacturing industries for automation operations. With its rapidly increasing acceptance in electric vehicles and renewable applications, low voltage is anticipated to increase steadily.

The low, medium, and high voltages are further divided into three categories: 600 V and above and 601–1200 V, 1700 V and above, and 3300 V and above, respectively.

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Consumer electronics, industrial manufacturing, automotive (EV/HEV), inverters/UPS, railways, renewables, and other industries are included in the IGBT market segmentation based on application. The segment's revenue share is anticipated to be dominated by industrial manufacturing.

The need for insulated gate bipolar transistors is projected to increase as manufacturing facilities implement industrial IoT and expanding factory automation.

Electric vehicles are increasingly in demand in the automotive industry because they operate smoothly and send power to the grid at a constant rate. Insulated gate bipolar transistor and FWD chips are packaged to the module with several devices, isolation layers, and protection elements for reliability, increasing power, and extending lifetime. These modules can operate in challenging conditions that may include high temperatures, mechanical vibration, humidity, shock, and chemical contamination.

The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is anticipated to grow its market share.

The largest rise is attributable to the fact that China, South Korea, and India are home to numerous electrical and semiconductor manufacturers. Given that it is the country that produces the most electric vehicles, China is predicted to receive the largest revenue share. The country's market is expanding due to the increasing use of electric vehicles. Together with the development of technology, the demand for energy-saving resources is also rising in India and Japan.

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During the projection period, North America is anticipated to experience significant expansion. With increasing knowledge and use of renewable resources, the industry in the region is anticipated to experience numerous prospects. It is highly recommended for energy savings in North America because it uses less power. In a similar vein, Europe is anticipated to increase its revenue share to second place behind Asia Pacific. In the railway industry, Europe is the first continent to use insulated gate bipolar transistor-based traction systems. Also, Europe leads the global automotive sectors overall and is the region that produces the most electric automobiles. The demand for the products in the area is anticipated to increase as a result.

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IGBT Market Projected To Reach USD 12.24 Billion at a CAGR
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