IGBT Market Size, Share, Growth, and Industry Analysis, By Type (IGBT Module, Discrete IGBT), By Application (Consumer Electronics, Industrial Manufacturing, Automotive EV/HEV, Inverters/UPS, Renewables, Railways, and others) and Regional Forecast to 2032

Updated On: 02 September 2024

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IGBT Market Report Overview

The global IGBT Market size was USD 2.05 billion in 2023 and the market is projected to touch USD 8.36 billion by 2032, exhibiting a CAGR of 15.08% during the forecast period.

The market of IGBT is expected to have significant growth due to its wide application in industrial applications like motor drive, renewable energy systems and many more consumer electronics. Drivers that are currently driving change in the market include innovations in power electronics, specific energy efficiency standards, and integration of electric automotive manufacturing. The Asia Pacific has been influencing the IGBT market most because of the sound manufacturing operations as well as the rising automotive industry. Advanced features in IGBT technology are also seen as driving factors for the growth of the market including; IGBTs with higher voltage ratings and low turn-off switching losses. In general, the existing competition level in the IGBT market is high, and key vendors remain primary on the performance improvements and cost reduction.

COVID-19 Impact on Market Growth Restrained by Pandemic due to Lockdown

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had a significant negative impact at the Insulated Gate Bipolar Transistor (IGBT) market. Supply chain disruptions led to delays within the production and shipping of IGBT components, affecting manufacturers globally. The automotive and business sectors, main consumers of IGBTs, skilled experienced slowdowns demand because of lockdowns and monetary uncertainty. Many projects were postponed or canceled, ensuing in a lower in IGBT orders. Additionally, workforce restrictions and factory shutdowns in addition hindered manufacturing capacities. Despite these challenges, the marketplace started to get better as industries adapted to the new everyday and resumed operations, albeit at a slower tempo.

LATEST TRENDS

"Leveraging Edge Computing Integration to Propel Market Growth"

The state of the art fashion inside the IGBT marketplace is the combination of silicon carbide (SiC) era, which offers superior performance and performance as compared to traditional silicon-based IGBTs. This shift is driven with the aid of the growing demand for excessive-performance strength electronics in electric cars, renewable energy systems, and business packages. Companies are making an investment closely in research and improvement to innovate and commercialize SiC-based IGBT solutions. Additionally, the marketplace is seeing a push in the direction of miniaturization and better power density modules, aiming to beautify energy performance and decrease system charges. Collaborative partnerships and strategic acquisitions are also prominent as businesses try to strengthen their marketplace positions.

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IGBT MARKET SEGMENTATION

By Type

Based on type the market can be categorized into IGBT Module, Discrete IGBT.

• IGBT Module: The IGBT (Insulated Gate Bipolar Transistor) marketplace can be categorized into IGBT modules and discrete IGBTs. IGBT modules are pre-packaged solutions that combine multiple IGBT and diode chips, offering better power ability and reliability, regularly utilized in business applications, electric motors, and renewable strength systems.
• Discrete IGBT: Discrete IGBTs are individual transistor additives used for switching applications in various digital gadgets. They provide flexibility in circuit design, allowing engineers to configure custom strength control solutions. These IGBTs are normally applied in purchaser electronics, motor drives, and inverters, in which precise control and performance are crucial.

By Application

Based on application the market can be categorized into Consumer Electronics, Industrial Manufacturing, Automotive EV/HEV, Inverters/UPS, Renewables, Railways, and others.

• Consumer Electronics: In consumer electronics, IGBTs are used to enhance the efficiency and overall performance of gadgets inclusive of domestic home equipment, audio amplifiers, and electric equipment. They assist manage strength effectively, main to power savings and more desirable device durability.
• Industrial Manufacturing: In industrial manufacturing, IGBTs are crucial for high-power programs including motor drives, welding machines, and commercial inverters. They offer green strength management and control, permitting precise operation and electricity financial savings in heavy equipment and production methods.
• Automotive EV/HEV: In this sector, IGBTs are essential for managing energy in electric drivetrains, inverters, and battery charging systems. They beautify efficiency, reduce energy losses, and make a contribution to the overall performance and reliability of electrical and hybrid cars.
• Inverters/UPS: In these applications, IGBTs are critical for converting DC to AC power, ensuring efficient strength management and stable output. They are critical for maintaining non-stop power supply in important structures, including records centers, medical system, and commercial techniques, wherein reliability and performance are paramount.
• Renewables: In renewable energy application, together with sun inverters and wind mills, IGBTs play a important role in converting and handling DC energy generated from renewable sources into AC energy appropriate for grid integration. They enable green strength conversion, improve grid balance, and aid the boom of renewable electricity infrastructure global.
• Railways: In railway application, IGBTs are utilized in traction inverters and propulsion structures for electric and hybrid trains. They offer efficient energy conversion, excessive reliability, and robust overall performance, assisting to reduce electricity intake and emissions while improving the overall efficiency and performance of railway transportation structures.

DRIVING FACTORS

"Increasing Demand for Electric Vehicles to Drive the Market Growth"

The surge in electric car (EV) adoption is a extensive riding issue in the IGBT market growth. IGBTs are vital in EV powertrains, providing green electricity conversion and control. As governments global implement stringent emission regulations and incentivise EV production, the demand for excessive-overall performance IGBTs has soared. This trend is similarly fueled by using improvements in battery technology and the enlargement of EV charging infrastructure. The automobile industry's shift toward electrification necessitates reliable and efficient electricity electronics, positioning IGBTs as critical additives in accomplishing greatest overall performance and electricity performance in current electric cars.

"Growth in Renewable Energy Installations to Expand the Market Growth"

The enlargement of renewable energy installations, which includes solar and wind power, is every other key driver of the IGBT market. IGBTs play a important role in converting and dealing with energy generated from renewable resources, ensuring green electricity transmission and distribution. Governments and agencies globally are investing closely in renewable strength initiatives to combat climate trade and decrease reliance on fossil fuels. This shift towards sustainable energy resources boosts the demand for excessive-performance IGBT modules, which are critical for reinforcing the performance and reliability of renewable energy systems, in the end contributing to a greener and greater sustainable destiny.

RESTRAINING FACTOR

"High Production Cost and Complexity of manufacturing IGBT Modules"

One substantial restraining issue inside the IGBT market is the High Production Cost and Complexity of manufacturing IGBT Modules. The fabrication of these components involves superior technologies and unique tactics, leading to sizeable capital investments. Additionally, the continued worldwide semiconductor scarcity exacerbates the price difficulty, as raw cloth prices fluctuate and deliver chain disruptions persist. These factors make it hard for manufacturers to keep competitive pricing while making sure notable products. Consequently, the high expenses can limit the adoption of IGBT technology, particularly amongst small and medium-sized corporations, slowing standard marketplace increase in spite of growing demand in various sectors.

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IGBT MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Rapid Urbanization "

Asia Pacific performs a dominant role within the IGBT market share, pushed through rapid industrialization, urbanization, and the burgeoning electric powered vehicle (EV) enterprise in countries like China, Japan, and South Korea. China, in particular, leads with big investments in EV production and renewable energy projects, strengthened by using government incentives and policies. The location's strong production base, technological improvements, and increasing purchaser electronics marketplace similarly fuel demand for IGBTs. Additionally, Asia Pacific's awareness on upgrading energy infrastructure and adopting power-efficient answers cements its role as a critical participant in the global IGBT market, fostering continuous increase and innovation.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Market Landscape through Innovation and Global Strategy"

Key players within the IGBT marketplace play a essential function in using innovation, product improvement, and market enlargement. They invest in research and improvement to enhance performance, reliability, and integration of IGBT era throughout numerous programs like automotive, renewable power, commercial automation, and purchaser electronics, shaping enterprise standards and advancements.

List of Market Players Profiled

• Toshiba (Japan)
• Hitachi (Japan)
• Fuji Electric (Japan)

INDUSTRIAL DEVELOPMENT

May, 2023, Mitsubishi Electric augmented its IGBT module production capacity with the support of an absolutely new plant that was constructed in Fukuyama, Japan. This is in reaction to the growth in demand for power semiconductors within electrically driven vehicles and renewable electricity sectors, geared toward bettering the agency's deliver competencies and market presence.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global IGBT Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth. This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.