IGBT Market Soars to New Heights with 10.54% CAGR from 2023, Propelled by Rising Adoption of Electric Vehicles and Renewables - ResearchAndMarkets.com

DUBLIN--()--The "Global Insulated Gate Bipolar Transistor (IGBT) Market (by IGBT Type, Application, & Region): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)" report has been added to ResearchAndMarkets.com's offering.

The global Insulated Gate Bipolar Transistor (IGBT) market is poised for substantial growth, with estimations indicating an increase from USD 8.38 billion in 2023 to a significant figure, progressing at a Compound Annual Growth Rate (CAGR) of 10.54% during the forecast period.

An Insulated Gate Bipolar Transistor (IGBT) is a bipolar transistor with an insulated gate terminal. These devices excel in high-voltage, high-current applications and operate with a low gate voltage requirement. Combining the advantages of Bipolar Junction Transistors (BJTs) and Metal Oxide Semiconductor Field Effect Transistors (MOSFETs), IGBTs offer benefits such as fast switching speed, zero gate drive current, ease of drive, high pulse current tolerance, high input impedance, and high voltage capabilities, setting them apart from other transistor devices.

The IGBT market is expected to witness significant expansion due to several key factors, including the increasing adoption of Electric Vehicles (EVs), renewable energy generation, rising usage of household appliances, and more.

Segment Analysis:

  • By IGBT Type: The market is divided into IGBT Module, Discrete IGBT, and Intelligent Power Module (IPM). IGBT Modules hold the largest market share, widely used in industrial control and power, new energy, and inverter white home appliances. The Discrete IGBT segment is expected to grow at the highest CAGR due to its simple structure and cost-effectiveness.
  • By Application: The market segments into Automotive, Home Appliances, Industrial, Power Grid and Railway, and Renewable Energy. Automotive applications dominate the market, driven by the increasing adoption of electric vehicles.

Geographic Coverage:

The global IGBT market spans Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific enjoys the largest market share, with significant contributions from China, which leads the IGBT market. North America presents lucrative opportunities, driven by industrial sector development and government initiatives to boost semiconductor chip production capacity.

Top Impacting Factors:

Growth Drivers:

  • Rising Wind Power generation.
  • Increasing Solar Power generation.
  • Escalating Industrial Activities.
  • Increasing Adoption Of Electric Vehicles.

Challenges:

  • Latch Up Issue in IGBT.
  • Availability of Alternatives.

Trends:

  • Rising Adoption of SiC (Silicon Carbide).
  • New Generation IGBTs.

Driver:

Escalating Industrial Activities: Industrial production is a crucial economic indicator, and IGBTs play a pivotal role in high-power industrial applications like motor drive inverters, switch mode power supplies, and uninterruptible power supplies. As industrial production increases, the demand for these electrical components rises, contributing to the growth of the IGBT market.

Challenge:

Latch Up Issue in IGBT: Latch-up, a functional chip failure due to excessive current, poses a serious challenge in IGBTs. It can result from various factors like static electricity or noise. Improving the design of IGBTs can mitigate this issue, which could potentially hinder market growth.

Trend:

Rising Adoption of SiC: Silicon Carbide (SiC) devices offer higher efficiency, faster switching frequencies, and overall superior performance compared to Si-based devices. SiC allows the creation of devices like Schottky barrier diodes and MOSFETs with high voltages, low turn-on resistance, and fast operation. The use of SiC in IGBT power devices is expected to bolster market growth.

Key Players:

The global IGBT market is dominated by a few major players, with the top three players accounting for over 50% of the market share. Key players in the global IGBT market include Hitachi, Ltd., Mitsubishi Electric, Toshiba Corporation, Infineon Technology, ABB Ltd., NXP Semiconductor N.V., Renesas Electronic Corporation, STMicroelectronics N.V., Fuji Electric, Semikron, Danfoss Group, StarPower Semiconductor, Vincotech, and ROHM Semiconductor.

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900