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IGBT Market

Market Insights on IGBT covering sales outlook, demand forecast & up-to-date key trends

IGBT Market By Type (IGBT Module, Discrete IGBT), Power Rating (High-Power, Medium-Power, Low-Power), Application (Electric and Hybrid Electric Vehicle, Renewables, UPS, Motor Drives, Industrial, Series Compensation) & Region - Forecast 2022 - 2032

IGBT Market Overview

The global insulated gate bipolar transistor (IGBT) market is estimated to create an incremental opportunity of US$ 7.7 Bn by the end of 2022. The sales of IGBT are expected to exceed US$ 12.5 Bn by 2032, rising at a CAGR of 11.6% during the forecast period 2022-2032. Growing demand for Metal Oxide Semiconductor Field-Effect Transistor (MOSFET) alternatives with higher compatibility with voltage and current is augmenting the sales of IGBT in the market.

Report Attribute

Details

Expected Market Value (2022)

US$ 7.7 Billion

Anticipated Forecast Value (2032)

US$ 12.5 Billion

Projected Growth Rate (2022-2032)

11.6% CAGR

Historic Growth Rate (2015-2021)

9% CAGR

IGBTs are three-terminal power semiconductor devices primarily used for electrical applications in phase control, pulse modulation, and switches, owing to their fast switching and high-efficiency attributes. IGBT is gaining huge popularity across the consumer electronics sector, on the back of its ability to lower switching loss and decrease thermal stress on electrical appliances, resulting in increasing reliability and extending appliances' life.

Thus, they are increasingly being used in numerous modern appliances and machineries such as microwaves, stereo systems, variable speed refrigerators, trains, automotive vehicles, and others, which is in turn, propelling the demand for IGBT.

Electricity has emerged as a basic requirement of modern society and the absence of which can cause a halt in several day-to-day activities and huge loss in commercial and industrial sectors. IGBT provides excellent power efficiency in high blocking and low power voltage instance and assists in decreasing the congestion in the power supply resulting in a disturbance-free and smooth supply of electricity. Attributed to this, these transistors are finding a wide range of applications across several industrial verticals.

Which are Some Prominent Drivers Spearheading IGBT Market Growth?

As the trend of industrialization and electrification continues to surge, a significant rise in demand for electricity and efficient power transmission & distribution is being witnessed across the globe. Thus, governments in several countries are increasingly focusing on the replacement of old power infrastructure and development of smart girds to decrease electricity loss and reduce cost of distribution.

For instance, according to the India Smart Grid Forum, the Government of India announced allocating US$ 129.9 Mn under the National Smart Grid Mission (NSGM) with budgetary support of around US$ 44.8 Mn for transforming the country's power infrastructure by developing smart grids across smart cities in India.

As IGBT are extensively used in smart grid as grid-connected inverter systems for power conservation, increasing number of smart grid development projects such as Pacific Northwest Smart Grid Demonstration Project, ARRA Smart Grid Investment Grant Projects, and others across the U.S., Germany, the U.K., and others is expected to favor the growth in the market.

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What are the Challenges Faced by the IGBT Market?

Although there are several advantages of adopting IGBT, high turn-off time, inability to block high reverse voltage, issues in latching up, and high cost of this transistor are factors hindering the sales of IGBT. IGBT is unstable in cases of economic slowdown and high temperature and is lesser symmetric blocking capacity.

Also, rising instance of IGBT failure due to environmental factors such as humidity is encouraging end use industry players to adopt low-cost alternatives such as MOSFET, which is in turn, hampering the growth in the global market.

Why is Asia Pacific Excluding Japan Emerging as an Opportunistic IGBT Market?

Future Market Insights states that Asia Pacific excluding Japan is expected to register the fastest growth in the global IGBT market from 2022 to 2032.

With rising demand for electricity and growing concerns regarding carbon emission due to use of petroleum derivatives, governments in the region are increasingly undertaking numerous initiatives to increase their production of green energy using renewable sources of energy such as air, wind, and water.

According to the India Brand Equity Foundation, the India Government announced sanctioning US$ 616.76 Million to Indian Renewable Energy Development Agency Ltd. for the development of solar energy production units under the Production Linked Incentive (PLI) scheme.

Also, leading industry players are increasingly aiming at launching new renewable energy generation plants for capitalizing the surging demand for electricity, resulting in creating strong demand for electrical equipment, transistors, and devices. For instance, in October 2020, Huaneng Power International announced launching the world’s largest solar plant with 320 MW floating PV arrays in Shandong Province, China. Such developments in the region are expected to create lucrative growth opportunities in the IGBT market across Asia Pacific excluding Japan.

Nikhil Kaitwade
Principal Consultant
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How is Europe Contributing to the Growth of the IGBT Market?

As per FMI, Europe is estimated to account for a significant share in the global IGBT market over the forecast period 2022-2032.

A significant rise in sales of electric and hybrid vehicles is being witnessed, owing to the growing trend of electrification and increasing fuel prices across Germany and the U.K. For instance, according to the International Energy Agency, the sales of electric vehicles across Europe more than doubled to 1.4 million in 2020, out of which Germany and France accounted for around 395,000 and 185,000 of the unit sales, respectively.

As IGBT are extensively used as switching devices in the inverter circuit and power devices for the power control unit (PCU) in electric and hybrid vehicles, accelerating sales of these automobiles are projected to favor the growth in the Europe IGBT market.

Market Competition

Some of the leading players in the IGBT market are Fujitsu Ltd., Infineon Technologies AG, STMicroelectronics N.V., NXP Semiconductors N.V., Vishay Intertechnology, Fairchild Semiconductor International, Inc., Toshiba Corporation, Inc., ROHM Co. Ltd., Fuji Electric Co. Ltd., and Renesas Electronics Corporation.

The market for IGBT is highly competitive, due to large number of participants and increasing adoption product launch and capacity expansion strategies to strengthen the market share.

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Scope Of Report

Report Attribute

Details

Growth Rate

CAGR of 11.6% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Type
  • Power Rating
  • Application
  • Region

Countries Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Companies Profiled

  • Fujitsu Ltd.
  • Infineon Technologies AG
  • STMicroelectronics N.V.
  • NXP Semiconductors N.V.
  • Vishay Intertechnology
  • Fairchild Semiconductor International, Inc.
  • Toshiba Corporation, Inc.
  • ROHM Co. Ltd.
  • Fuji Electric Co. Ltd.
  • Renesas Electronics Corporation.

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Key Segments Profiled in the IGBT Market Survey

By Type:

  • IGBT Module
  • Discrete IGBT

By Power Rating:

  • High-Power
  • Medium-Power
  • Low-Power

By Application:

  • Electric and Hybrid Electric Vehicle (EV/HEV)
  • Renewables
  • UPS
  • Motor Drives
  • Industrial
  • Series Compensation

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Frequently Asked Questions

FMI projects the global IGBT market to expand at 11.6 % value CAGR by 2032

The market for IGBT is dominated by Asia Pacific excluding Japan, and this trend is projected to continue in the foreseeable future.

Fujitsu Ltd., Infineon Technologies AG, STMicroelectronics N.V., NXP Semiconductors N.V., Vishay Intertechnology, Fairchild Semiconductor International, Inc., Toshiba Corporation, Inc., ROHM Co. Ltd., Fuji Electric Co. Ltd., and Renesas Electronics Corporation are some prominent IGBT manufacturers

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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