Insulated Gate Bipolar Transistors (IGBT) Market Snapshot (2023 to 2033)

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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Key Factors Shaping the Demand Outlook of the Insulated Gate Bipolar Transistor Industry

  • Increasing application of insulated gate bipolar transistors in the automotive industry
  • Increasing demand for replacement of old power infrastructure in developed nations like North America
  • Increasing demand for energy-efficient electronic devices.
  • The rapidly growing global consumer electronics market
  • Advancements in manufacturing technology and increased demand for technically advanced insulated gate bipolar transistors (IGBT).

Insulated Gate Bipolar Transistors (IGBT) Market Revenue Analysis from 2018 to 2022 Vs Market Outlook for 2023 to 2033

Historical CAGR (2018 to 2022) 10.4%
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.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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Which Drivers Underpin Insulated Gate Bipolar Transistors (IGBT) Industry Expansion?

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.

What Are the Key Challenges Faced Insulated Gate Bipolar Transistors (IGBT) Market?

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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Insulated Gate Bipolar Transistors (IGBT) Market Country-wise Insights

Why is the Demand Rising in the United States Insulated Gate Bipolar Transistors (IGBT) Market?

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.

How Will the Insulated Gate Bipolar Transistors (IGBT)Market Expand Across United Kingdom?

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.

What is the Demand Scenario for Insulated Gate Bipolar Transistors (IGBT) in China?

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.

Category-wise Insights

Based on Type, Which Is the Most Prominent Segment in the Insulated Gate Bipolar Transistors (IGBT)Market?

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

Based on Power Rating, Which Segment Accounts for the Highest Revenue in the Insulated Gate Bipolar Transistors (IGBT) Market?

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.

The Start-up Ecosystem: How Key Players Are Opening Frontiers for Future Growth?

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:

  • Founded in 2016 - Magnetic company specializes in manufacturing permanent magnet axial flux motor generator units, IGBT (Insulated-Gate Bipolar Transistor)/SiC MOSFET-based motor control units, and geared transmissions.
  • SiC Processing is a startup that is developing silicon carbide (SiC) power devices, including IGBTs. The company aims to offer high-performance power devices that are more efficient and reliable than traditional silicon-based devices.
  • GaN Systems is a startup that is developing gallium nitride (GaN) power devices, including IGBTs. The company's devices are designed to offer higher power density, faster switching speeds, and improved efficiency compared to traditional silicon-based devices.
  • Navitas Semiconductor developing gallium nitride (GaN) power devices for various applications, including IGBTs. The company's devices are designed to offer high-performance and high-efficiency power conversion.
  • Sarda Technologies introduces a new class of power devices based on a proprietary material called gallium oxide (Ga2O3). The company's devices are designed to offer higher power density, faster switching speeds, and improved efficiency compared to traditional silicon-based devices.
  • Vincotech is a startup that is developing power modules based on silicon carbide (SiC) and gallium nitride (GaN) technologies, including IGBT modules. The company's modules are designed to offer higher power density, improved efficiency, and reduced system cost.

Who are the Leading Players in the Insulated Gate Bipolar Transistors (IGBT) Market?

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:

  • In October 2020 - Microchip Technology Inc. announced the acquisition of Tekron International Limited, a global leader in providing high-precision GPS and atomic clock time-keeping technologies and solutions for the smart grid and other industrial applications.
  • In September 2020 - Infineon Technologies launched its latest IGBT module technology, the TRENCHSTOP™ IGBT7. This technology is designed to offer higher efficiency and power density, and it is suitable for a wide range of applications including renewable energy, industrial drives, and traction, power factor correction, and photovoltaic and uninterruptible power supplies.
  • In November 2022- NXP Semiconductor announced a new S32K39 series of automotive microcontrollers (MCUs) optimized for electric vehicle (EV) control applications. The modern S32K39 MCUs take electrification into the future with high-speed and high-resolution control for increased power efficiency to extend the driving range and provide a smoother EV driving experience.

Report Scope

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

Key Segments Covered in the Insulated Gate Bipolar Transistors (IGBT) Industry Analysis

By Type:

  • Module
  • Discrete

By Power Rating:

  • High Power
  • Low Power
  • Medium Power

By Application:

  • Industrial Manufacturing
  • Consumer Electronics
  • Automotive (EV / HEV)
  • Inverter / UPS
  • Railways
  • Renewables
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

Frequently Asked Questions

What is the Current Insulated Gate Bipolar Transistors Market Size?

In 2023, the market is expected to be worth USD 6.7 billion.

How Did the Market Progress in The Past?

From 2018 to 2022, the global market thrived at a 10.4% CAGR.

What is the Estimated Market Growth From 2023 to 2033?

The market is expected to continue growth at an 8.3% CAGR until 2033.

What is the Market's Growth Perspective in The United States?

The CAGR for the United States market's growth is forecast to be 8.3%.

What Will the Market Size Be In 2033?

The market is expected to be around USD 14.9 billion by 2033.

Table of Content
  • 1. Executive Summary
  • 2. Market Overview
  • 3. Market Background
  • 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
    • 5.1. Module
    • 5.2. Discrete
  • 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Power Rating
    • 6.1. High Power
    • 6.2. Medium Power
    • 6.3. Low Power
  • 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
    • 7.1. Industrial Manufacturing
    • 7.2. Consumer Electronics
    • 7.3. Automotive (EV / HEV)
    • 7.4. Inverter / UPS
    • 7.5. Railways
    • 7.6. Renewables
    • 7.7. Others
  • 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
    • 8.1. North America
    • 8.2. Latin America
    • 8.3. Europe
    • 8.4. Asia Pacific
    • 8.5. MEA (Middle East & Africa)
  • 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
  • 14. Key Countries Market Analysis
  • 15. Market Structure Analysis
  • 16. Competition Analysis
    • 16.1. Infineon Technologies AG
    • 16.2. NXP Semiconductors NV
    • 16.3. Microchip Technology, Inc.
    • 16.4. Microsemi Corporation
    • 16.5. Fuji Electric Co., Ltd.
    • 16.6. Littelfuse, Inc.
    • 16.7. CPS Technologies Corporation
    • 16.8. Dynex Semiconductor Ltd.
    • 16.9. KEC Corporation
    • 16.10. Danfoss A/S
  • 17. Assumptions & Acronyms Used
  • 18. Research Methodology
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