USD 8.88 billion
Report ID:
SQMIG45N2058 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
62
|Figures:
75
Global Insulated Gate Bipolar Transistors (IGBTs) Market size was valued at USD 8.88 billion in 2022 and is poised to grow from USD 9.76 billion in 2023 to USD 20.77 billion by 2031, growing at a CAGR of 9.90% during the forecast period (2024-2031).
The global insulated gate bipolar transistors (IGBTs) market is a rapidly growing market, fueled by the increasing demand for power electronics applications across various industries. The purpose of the market is to produce and distribute IGBTs that are capable of handling high voltages and currents while minimizing power loss, thus providing greater efficiency and reliability to power electronics systems. This enables the development of new and advanced technologies that are capable of delivering higher performance while consuming less energy. The market is driven by several factors, including the growing need for energy-efficient solutions, the development of advanced semiconductor technologies, and the increasing demand for power electronics in various industries. However, the market also faces challenges such as intense competition, fluctuating raw material prices, and increasing regulatory requirements. To succeed in this market, companies need to focus on developing innovative products, expanding their distribution network, and building strong partnerships with customers and suppliers.
Key trends in the market include the increasing adoption of IGBTs in electric vehicles, the development of smart grid technologies, and the growth of renewable energy sources. These trends are expected to drive the demand for IGBTs in the coming years, as the world continues to move towards a more sustainable and energy-efficient future. There are also several opportunities in the market, including the development of new and innovative products, expansion into new markets, and strategic partnerships with other companies in the industry. The increasing demand for IGBTs in emerging markets such as China, India, and Brazil presents a significant growth opportunity for companies operating in this market.
US Insulated Gate Bipolar Transistors (IGBTs) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.88 billion
Largest Segment
IGBT modules
Fastest Growth
IGBT modules
Growth Rate
9.90% CAGR
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Global Insulated Gate Bipolar Transistors (IGBTs) Market is segmented on the basis of type, end use, and region. By type, the market is segmented into IGBT modules and discrete IGBTs. By end use, the market is segmented into industrial, renewable energy, transportation, and consumer electronics. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Insulated Gate Bipolar Transistors (IGBTs) Market Analysis By Type
IGBT modules dominated the global market, accounting for a significant share of the overall revenue generated. The IGBT modules are widely used in high-power applications, such as motor drives, renewable energy systems, and power transmission systems. These modules offer various advantages over discrete IGBTs, including higher current ratings, better thermal conductivity, and improved efficiency. As a result, they are in high demand across multiple industries, driving the growth of the IGBT module segment.
The discrete IGBTs segment is the fastest-growing segment in the market. These discrete components are single IGBT units that are used in low- to medium-power applications. While the overall revenue generated by this segment may be lower than that of IGBT modules, the discrete IGBTs market is expected to witness significant growth over the coming years. This growth can be attributed to the rising demand for efficient power management solutions in various industries, including consumer electronics, automotive, and industrial manufacturing.
Insulated Gate Bipolar Transistors (IGBTs) Market Analysis By End Use
The industrial sector holds the largest share of the global IGBTs market. Industries such as manufacturing, automotive, aerospace, and energy heavily rely on IGBTs for their efficient power control and management needs. IGBTs enable precise control of high voltages and currents, making them ideal for industrial applications that demand reliable and high-performance electronic components. With the increasing automation and digitization of industrial processes, the demand for IGBTs in this sector is expected to continue growing significantly.
The renewable energy sector is the fastest-growing segment in the global IGBTs market. As the world shifts towards clean and sustainable energy sources, technologies like solar and wind power generation have gained tremendous momentum. IGBTs play a vital role in renewable energy systems by efficiently converting and controlling the electrical energy generated from these sources. With the ongoing global push for green energy adoption and the implementation of supportive government policies and incentives, the demand for IGBTs in renewable energy applications is expected to skyrocket. This segment is projected to experience exponential growth in the coming years, driven by the increasing deployment of solar farms, wind farms, and other renewable energy installations worldwide.
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Asia-Pacific dominated the market, with China and Japan being the major contributors to the regional growth. The increasing adoption of renewable energy sources, such as wind and solar power, in China and India, is expected to drive the demand for IGBTs in these regions, as IGBTs are a critical component of power electronics systems used in renewable energy infrastructure. Furthermore, the growing demand for electric vehicles in Asia-Pacific is also expected to contribute significantly to the growth of the IGBT market. Electric vehicles require efficient power electronics systems, and IGBTs play a crucial role in enabling the high-efficiency power conversion required for electric vehicle operation. This is expected to create a significant demand for IGBTs in the region, driving the growth of the market.
In terms of the fastest growing region, North America is expected to experience rapid growth over the next few years. The increasing adoption of electric vehicles and renewable energy sources in the region, coupled with the development of smart grids and energy storage systems, is expected to drive the demand for IGBTs in North America. In addition, the presence of major automotive and semiconductor manufacturers in the region is expected to drive the growth of the market.
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Insulated Gate Bipolar Transistors (IGBTs) Market Drivers
Increasing demand for energy-efficient solutions
Technological advancements in IGBTs
Insulated Gate Bipolar Transistors (IGBTs) Market Restraints
High cost of IGBTs
Intense competition from other power electronics components
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Global IGBT market is highly competitive, with several prominent players vying for market share. Some of the major players in the market are investing in research and development to develop new and innovative products, expand their product portfolios, and improve their market positions. They are also engaging in strategic collaborations and partnerships with other companies to expand their customer base and enter new markets. Additionally, the IGBT market is witnessing increasing consolidation, with several mergers and acquisitions taking place to consolidate market share and gain a competitive edge. For instance, in September 2021, Infineon Technologies announced its acquisition of Cypress Semiconductor Corporation to expand its portfolio of high-performance solutions for the automotive, industrial, and consumer markets.
Insulated Gate Bipolar Transistors (IGBTs) Market Top Player’s Company Profiles
Insulated Gate Bipolar Transistors (IGBTs) Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Insulated Gate Bipolar Transistors (IGBTs) Market analysis, the market growth can be attributed to the increasing demand for IGBTs in various industries such as automotive, renewable energy, and consumer electronics. Additionally, the rising need for energy-efficient devices, coupled with the development of smart grids, is also expected to drive market growth. Furthermore, advancements in technologies such as power electronics, and the growing trend of electric vehicles and hybrid electric vehicles are also anticipated to fuel the demand for IGBTs in the coming years. However, factors such as high costs associated with IGBTs and the availability of substitutes such as MOSFETs could potentially hinder market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 8.88 billion |
Market size value in 2031 | USD 20.77 billion |
Growth Rate | 9.90% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Insulated Gate Bipolar Transistors (IGBTs) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Insulated Gate Bipolar Transistors (IGBTs) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIG45N2058