IGBT Market Analysis
The global IGBT market 2023 can advance at a robust pace of 12.5% over the forecast period (2022 to 2030), projects Market Research Future (MRFR).
Growth Boosters and Main Challenges
The insulated gate bipolar transistor or IGBT market is witnessing a surge in demand, given its rising applications in different industries like rail, automotive, consumer electronics and energy and power, among others. The demand for IGBT components is quite huge in high voltage applications including motor drive inverters, switch-mode power supplies (SMPS), and uninterruptible power supplies (UPS), welding and solar inverters, and such.
Most of the automotive manufacturers are making decent-sized investments in electric vehicles, in the face of increasing number of stringent government regulations that pertain to the energy consumption. Lead free electric vehicles are manufactured using IGBT components, which also boosts the latter’s demand in the automotive industry. Surge in fuel prices has also boosted the sale of electric vehicles, which has created vast profit streams for market vendors.
Advanced technologies like Internet of Things (IoT) and Artificial Intelligence (AI) are viewed as the latest trends emerging in the IGBT market. The IoT architecture remotely monitors IGBTs leftover life depending on the data history of their component failure. AI, on the other hand, elevates health monitoring as well as dependable predictions of IGBT components within power management converters. This helps cut down the power losses, while managing the power demands in the IGBT modules.
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IGBT Market Regional Insight
The region-based segments in the IGBT market are Europe, North America, Asia Pacific (APAC), and, the Rest of the World (RoW).
MRFR anticipates that IGBT market share in APAC can increase at the fastest CAGR, as a result of the surging focus on renewable energy, power transmission, and the increasing use of IGBT in electric vehicles. Also, the growing IT expenditures in emerging countries like India, Japan, South Korea and China to fulfill storage needs of the end-users can promote the market growth in the region.
North America retains the biggest share in the IGBT market, with the region’s dominance being the outcome of the high awareness and increased implementation of renewable energy resources. Europe comes in second in the global market and can showcase moderate growth during the projection timeline. The presence of leading companies and the heavy investments in research and development are some of the top factors inducing the market growth in Europe.
The IGBT market growth in MEA is poised to be steady during the assessment period, thanks to the increasing efforts by manufacturers to develop superior quality products and the surge in the number of government initiatives pertaining to low energy consumption devices.
Market Segmentation
The IGBT market forecast by MRFR identifies the top segments as type, power rating and application.
The types of IGBTs available in the worldwide market are discrete IGBT, as well as IGBT module. IGBT modules are the top revenue generator in the overall market, exhibiting the potential to expand significantly throughout the evaluation timeframe. The considerable segmental growth and the product demand is the result of its features including efficient utilization, ease-of-control at high voltage, etc. Rising demand in lower-current applications can stimulate the growth of the discrete IGBT segment in the following years.
Depending on the power rating, the IGBT market has been considered for medium power, high power as well as low power. The high power segment has seized a substantial portion of the market and can retain its leading position during the review period as well.
IGBT is used in a variety of applications in energy and power, inverter & UPS and consumer electronics. All these application-based segments hold lucrative growth potential as the demand for IGBT is increasing exponentially and is projected to soar at a higher speed in the ensuing period.
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Leading Contenders
The leading contenders helping the IGBT market size expand across the globe are ON Semiconductor (U.S.), Hitachi Ltd. (Japan), ABB Ltd. (Switzerland), Renesas Electronics Corporation (Japan), Infineon Technologies AG (Germany), Mitsubishi Electric Corporation (Japan), Fuji Electric Co. Ltd (Japan), ROHM Co. Ltd. (Japan), NXP Semiconductors N.V (the Netherland), SEMIKRON International GmbH (Germany), STMicroelectronics N.V. (Switzerland), Toshiba Corporation (Japan), to name a few.
