The global insulated gate bipolar transistors (IGBT) market is anticipated at USD 6.1 billion in 2022. The sector is gaining pace as companies provide new products with improved features for specific applications in various end-use industries and garnering USD 14.9 billion in 2033, recording a CAGR of 8.3 % from 2023 to 2033. The market is likely to secure USD 6.7 billion in 2023.
Data Points | Ky Statistics |
---|---|
Insulated Gate Bipolar Transistors (IGBT) Market Size Value in 2023 | USD 6.7 billion |
Insulated Gate Bipolar Transistors (IGBT) Market Forecast Value in 2033 | USD 14.9 billion |
Global Growth Rate | 8.3% |
Forecast Period | 2023 to 2033 |
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Historical CAGR (2018 to 2022) | 10.4% |
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Forecasted CAGR (2023 to 2033) | 8.3% |
From 2018 to 2022, the insulated gate bipolar transistor market expanded at a CAGR of 10.4%. The increasing utilization of IGBTs in numerous applications, such as consumer electronics, medical devices, UPS, industrial systems, inverters, and motor drives are likely to drive the growth of the insulated gate bipolar transistor market during the forecast period.
The market is witnessing rapid adoption across industries due to its capability to offer reduced switching losses and higher reliability than power MOSFETs. This is expected to support the demand for the Insulated gate bipolar transistor (IGBT) market.
The increasing focus and increasing investment in research & development on insulated gate bipolar transistor chips and module optimization to control power consumption, thermal resistivity, and efficiency are expected to boost the growth of the insulated gate bipolar transistor market.
The increasing demand for electronic vehicles is gaining significant traction is expected to provide an opportunity for growth of the insulated gate bipolar transistor market during the forecast period. The insulated gate bipolar transistor market is projected to show a noteworthy growth of USD 14.9 billion by the end of the forecast period of 2033.
Increasing Adoption of Electric Vehicles Is Expected to Drive the Market Growth During the Forecast Period.
The main factor driving the growth of the insulated gate bipolar transistor market is the increasing demand for electric vehicles due to increased awareness about their lower emissions, better fuel efficiency, and other advantages. IGBTs are an essential component of electronic vehicles and their adoption is driving the growth of the insulated gate bipolar transistor (IGBT) market.
Insulated gate bipolar transistors are a highly efficient component of electronic vehicles due to their fast switching characteristics leading to less power usage and increased mileage. Thus the demand for insulated gate bipolar transistors is high owing to the increased production of electronic vehicles.
Increasing Awareness About Renewable Energy Sources to Boost the Growth of the Market
Renewable energy is becoming increasingly popular due to its lower cost and lower emissions compared to conventional energy sources. Insulated gate bipolar transistors (IGBT) are used in renewable energy applications such as solar and wind power, and their increasing adoption is expected to drive the growth of the market.
With increasing industrialization and electrification, there is a significant rise in demand for electricity and efficient power transmission & distribution witnesses across the globe. Thus the government in many countries is focusing on renewable energy sources and developing smart grids.
Although there are several advantages of adopting an insulated gate bipolar transistor (IGBT), high turn-off time, inability to block high reverse voltage issue in latching up, and high cost of this transistor is the factor hindering the sales of the insulated gate bipolar transistor market.
The increasing incidences of IGBT failure due to environmental factors such as humidity are encouraging end-use industry players to adopt a low-cost alternative such as MOSFET which in turn hampers the growth of the global market
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Technological Advancement to Boost the Growth of the Insulated Gate Bipolar Transistor Market in the United States
The global insulated gate bipolar transistors (IGBT) market is expected to be dominated by North America. The market is anticipated to expand at a CAGR of 8.3% and is expected to accumulate a market value of USD 2.7 billion over the forecast period.
The growth of the market in the region is due to the rapid development of the economy and advanced production technology. The unites states are anticipated to surge the adoption of insulated gate bipolar transistors and witness substantial growth due to its flourishing solar energy industry.
The replacement of aging power infrastructure and increasing demand for smart grids would further boost the demand for insulated gate bipolar transistors in the United States.
Increasing Sales of Electric Vehicles to Boost the Growth of the Market in the United Kingdom
The insulated gate bipolar transistors (IGBT) sales in the United Kingdom is expected to keep rising with a CAGR of 8.1% and are expected to gain a market value of USD 522.2 million by the end of the forecast period.
The growth of the market in the region is attributed to increasing sales of electric and hybrid vehicles and the growing trend of electrification and increasing fuel prices in the United Kingdom.
IGBT are extensively used as switching devices in the inverter circuit and power devices for power control units (PCU) in electric and hybrid vehicles, accelerating sales of automobiles and are projected to favor the growth in the United Kingdom.
Rapid Development of the Green Energy Sector to Drive the Growth of the Market in China
China’s insulated gate bipolar transistor (IGBT) market is expected to rise at 8.0% CAGR between 2023 to 2033. The growth forecast for China market remains positive on account of the increasing demand for electricity and growing concern regarding carbon emissions. The market is expected to gain a market value of USD 3.1 billion by the end of the forecast period.
Governments in the region are increasingly undertaking numerous initiatives to increase their production of green energy. The leading market players are launching renewable energy generation plants for capitalizing on the surging demand for electricity, resulting in demand for transistors, electric equipment, and devices.
IGBT Module Segment Generated High Revenue
Based on type, the insulated gate bipolar transistor (IGBT) market is segmented into IGBT modules and discrete IGBT segments. The IGBT module segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a CAGR of 8.9% during the forecast period.
The growth of the segment is attributed to ease of control at high voltage and enhanced efficiency. On the other hand, discrete IGBT segments account for a significant market share during the forecast period. The discretely insulated gate bipolar transistor is used in power factor correction circuits and ups, power conditioner, and converter circuits
High Power Segment to Gain Significant Traction During the Forecast Period
Based on the power rating, the market is segmented into high power, low power, and medium power segment. Among all these high-power segments remains the top application category is expected to expand with a CAGR of 8.6% throughout the forecast period.High-power insulated gate bipolar transistors are used in automobiles(EV/HEV), industrial manufacturing, and renewables.
New players in the market SiC Processing, GaN Systems, Navitas semiconductor,and Vincotech among others, are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base. For instance:
Prominent players in the insulated gate bipolar transistor market are Infineon Technologies AG; NXP Semiconductors NV; Microchip Technology, Inc.; Microsemi Corporation; Fuji Electric Co., Ltd. among others.
The key players in the insulated gate bipolar transistor market are focusing on improved productivity and quality of their products in order to gain more customer base. Key players are working on research & development activities to the effective composition of the material that is to be used for manufacturing.
Other expansion strategies of key players include extensive research & development activities, collaborations, and mergers & acquisitions. Some notable developments are as follows:
Report Attribute | Details |
---|---|
Growth Rate | CAGR of 8.3% from 2023 to 2033 |
Market Value in 2022 | USD 6.7 billion |
Market Value in 2032 | USD 14.9 billion |
Base Year for Estimation | 2022 |
Historical Data | 2018 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered | Type, Power Rating, Application, Region |
Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC, South Africa, Israel |
Key Companies Profiled | Infineon Technologies AG; NXP Semiconductors NV; Microchip Technology, Inc.; Microsemi Corporation; Fuji Electric Co., Ltd.; Others |
Customization & Pricing | Available upon Request |
In 2023, the market is expected to be worth USD 6.7 billion.
From 2018 to 2022, the global market thrived at a 10.4% CAGR.
The market is expected to continue growth at an 8.3% CAGR until 2033.
The CAGR for the United States market's growth is forecast to be 8.3%.
The market is expected to be around USD 14.9 billion by 2033.
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