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IGBT Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, Japan, South Korea, US, India - Size and Forecast 2024-2028

IGBT Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, Japan, South Korea, US, India - Size and Forecast 2024-2028

Published: Aug 2024 187 Pages SKU: IRTNTR43907

Market Overview at a Glance

$10.80 B
Market Opportunity
15.31%
CAGR
12.94
YoY growth 2023-2024(%)

IGBT Market Size 2024-2028

The igbt market size is forecast to increase by USD 10.8 billion at a CAGR of 15.31% between 2023 and 2028.

  • The market is experiencing significant growth due to several key trends. One of the primary drivers is the increasing support from governments for the adoption of Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs), leading to a surge in demand for IGBTs In the automotive sector. Another trend is the functional consolidation of semiconductor devices, which is resulting In the integration of IGBTs into various applications, including renewable energy, power transmission, and industrial automation. However, the market is also facing challenges from rising competition posed by Wide Bandgap (WBG) semiconductor materials, such as Gallium Nitride (GaN) and Silicon Carbide (SiC), which offer better efficiency and power density compared to IGBTs.
  • Overall, these trends and challenges are shaping the future of the market and are expected to influence its growth trajectory In the coming years.

    • What will be the Size of the IGBT Market During the Forecast Period?

    IGBT Market Size

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  • The market encompasses high-power semiconductor devices, particularly Insulated Gate Bipolar Transistors (IGBTs), which play a pivotal role in power conversion applications. IGBTS are increasingly adopted in various sectors, including inverter applications for electronic products and renewable projects such as solar and wind power. The growing trend towards electrification and industrialization drives the demand for IGBTs, with electric vehicles (EVs) and smart grids being significant markets. IGBTS enable efficient conversion of DC voltage to AC voltage, ensuring compatibility with the electrical grid. Inverter applications in EVs improve fuel efficiency and reduce carbon dioxide emissions. Additionally, IGBTs' high turn-off time and ability to handle high frequency and voltage make them suitable for power transmission & distribution systems.
  • The cost of electricity and the need for effective heat dissipation are key factors influencing market dynamics. Overall, the market is poised for growth, driven by the increasing adoption of renewable energy sources and the electrification of transportation.

    • How is this IGBT Industry segmented and which is the largest segment?

    The igbt industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • Product
      • IGBT modules
      • Discrete IGBTs
    • Application
      • EV or HEVs
      • Industrial
      • Motor drives
      • Consumer appliance
      • Others
    • Geography
      • APAC
        • China
        • India
        • Japan
        • South Korea
      • Europe
        • North America
          • US
        • South America
          • Middle East and Africa

          By Product Insights

          • The igbt modules segment is estimated to witness significant growth during the forecast period.

          The market is driven by the increasing demand for high-power semiconductor devices, particularly in applications such as electric vehicles (EVs), renewable projects, and industrial systems. IGBT modules, which consist of multiple integrated IGBTs, are preferred over discrete IGBTs due to their higher power handling capacity and compatibility with high-power applications. Inverter applications, including solar inverter applications, require IGBT devices to convert DC voltage to AC voltage while managing frequency and voltage. As the world transitions to electrification and renewable energy, the demand for IGBT modules is expected to rise, driven by the need for efficient power conditioning and conversion in various industries.

          The high cost of electricity and carbon dioxide emissions are also factors contributing to the growth of the market. In the electronics manufacturing industry, 5G adoption and the production of electronic products, including consumer electronics, medical devices, and industrial equipment, are further boosting the demand for high-performance power transistors like IGBTs. Despite their high cost, IGBT modules offer advantages such as high efficiency, low thermal resistivity, and high turn-off time, making them a preferred choice for power transmission & distribution and smart grid applications. The market is expected to grow significantly during the forecast period due to these factors.

          IGBT Market Size

          Get a glance at the  IGBT Industry report of share of various segments Request Free Sample

          The IGBT modules segment was valued at USD 5.51 billion in 2018 and showed a gradual increase during the forecast period.

          Regional Analysis

          • APAC is estimated to contribute 52% to the growth of the global market during the forecast period.

          Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

          IGBT Market Share by Geography

          For more insights on the market share of various regions, Request Free Sample

          The market is experiencing significant growth, particularly In the APAC region, driven by industrialization, renewable energy adoption, and the rising demand for energy-efficient solutions in China, Japan, and India. The major contributors to this market are China and Japan, with companies relying heavily on their supply of IGBT products. However, Chinese companies face challenges in competing with European and Japanese companies due to their advanced R&D and fabrication capabilities. IGBTs are high-power semiconductor devices used in various applications, including inverter applications for electric vehicles (EVs), renewable projects, and industrial systems. Power transistors, such as IGBTs, offer advantages like high efficiency, low thermal resistivity, and high turn-off time.

          Inverter applications require DC voltage conversion to AC voltage, which is essential for electric cars, solar inverter applications, and industrial motor drives. The increasing adoption of 5G and the electrification of industries further boosts the demand for IGBTs. Despite their high cost compared to Power MOSFETs, IGBTs offer better frequency and voltage handling capabilities and are a preferred choice for high-power applications. The market also caters to the needs of the electronics manufacturing industry, medical devices, and industrial equipment sectors. The increasing focus on reducing carbon dioxide emissions, improving fuel efficiency, and the adoption of green energy sources like solar and wind power further contribute to the market growth.

          Market Dynamics

          Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

          What are the key market drivers leading to the rise In the adoption of IGBT Industry?

          Increasing government support for EV or HEVs is the key driver of the market.

        • The market is experiencing significant growth due to the increasing demand for power device technologies in various applications, particularly In the areas of renewable energy and electric vehicles (EVs). IGBT modules, a type of high-power semiconductor device, are increasingly being used in power conditioners, converter circuits, and inverter applications for solar and wind power systems. In the EV market, IGBTs are used in motor drives and inverter circuits to convert DC voltage to AC voltage for efficient power transmission and distribution in electric cars. Power consumption and thermal management are critical factors In the market, as these devices generate heat during operation.
        • Heat dissipation is essential to maintaIn the efficiency and longevity of IGBTs. In the electronics manufacturing industry, IGBTs are used in industrial equipment, consumer electronics, medical devices, and industrial systems. The shift towards renewable energy sources and the electrification of industries and transportation systems are driving the demand for IGBTs. The cost of electricity from renewable projects is becoming increasingly competitive with traditional sources, making them a cost-effective alternative. The adoption of 5G technology and the aging power infrastructure are also expected to boost the demand for IGBTs in power transmission and distribution systems and smart grids. Carbon dioxide emissions and fuel efficiency are significant concerns In the transportation sector, making EVs an attractive alternative to traditional vehicles.
        • The increasing adoption of EVs and the need for high turn-off time, frequency, and voltage control in inverters are driving the demand for IGBTs In the automotive industry. In conclusion, the market is expected to grow significantly due to the increasing demand for power device technologies in renewable energy and electric vehicle applications. Efficiency, thermal management, and cost-effectiveness are critical factors In the market. The shift towards renewable energy and the electrification of industries and transportation systems are expected to drive the demand for IGBTs In the coming years.

          • What are the market trends shaping the IGBT Industry?

          Functional consolidation of semiconductor devices is the upcoming market trend.

        • The power device technologies market, specifically Insulated Gate Bipolar Transistors (IGBTs), is experiencing significant growth due to their increasing application in various sectors. IGBTs are essential components in power electronics, particularly inverter applications for electric vehicles (EVs) and renewable projects such as solar and wind power. These high-power semiconductor devices enable efficient conversion of DC voltage to AC voltage, which is crucial for power transmission and distribution systems. IGBTs' ability to handle high power, frequency, and voltage makes them ideal for industrial equipment, motor drives, and converter circuits. Moreover, their high efficiency and low thermal resistivity contribute to reducing carbon dioxide emissions and the cost of electricity.
        • In the EV market, IGBTs play a pivotal role In the inverter circuit, power conditioner, and converter circuits, enhancing fuel efficiency and electrification. The electronics manufacturing industry's digitalization trend is driving the integration of IGBTs with other semiconductor devices, such as sensors, ICs, and microcontrollers. This consolidation provides valuable insights through data analysis, enabling potential improvements in applications and semiconductor devices. The market's growth is further influenced by the adoption of 5G technology, industrial systems, and the solar energy industry's expansion. Despite the challenges of heat dissipation and humidity, IGBT modules remain a cost-effective and efficient alternative to Power MOSFETs.
        • The market's future prospects are promising, with potential applications in smart grids, industrialization, and electrification.

          • What challenges does the IGBT Industry face during its growth?

          Rising competition from Wide bandgap (WBG) semiconductor materials is a key challenge affecting the industry growth.

        • Wide Bandgap (WBG) semiconductor materials, including silicon carbide (SiC) and gallium nitride (GaN), are revolutionizing power device technologies due to their ability to operate at high voltage, temperature, and switching frequencies. These materials offer improved thermal conductivity, enabling more efficient power semiconductor devices. Inverter applications, such as those In the electric vehicle (EV) market and renewable projects, significantly benefit from the higher efficiency and reduced switching loss of WBG devices. Power transistors made from WBG materials are crucial for various applications, including electric cars, industrial equipment, and motor drives. The superior ampere capacity of SiC compared to silicon allows for more current to be handled with a single 150mm SiC wafer, equivalent to two 200mm silicon wafers.
        • IGBT modules, power conditioners, and converter circuits are essential components In these applications, which require precise control of DC voltage, AC voltage, frequency, and voltage. The high turn-off time and low thermal resistivity of WBG devices contribute to increased efficiency and reduced carbon dioxide emissions, making them a cost-effective alternative for the electronics manufacturing industry, especially In the context of 5G adoption and the increasing demand for green energy. Inverter applications in industries like transportation, renewable energy, and industrial systems are crucial for power transmission and distribution, smart grids, and the electrification of various sectors. The cost of electricity and the need for reducing emissions are significant drivers for the adoption of WBG semiconductors In these applications.
        • Additionally, the aging power infrastructure and rising fuel prices further emphasize the importance of these technologies in ensuring the reliability and sustainability of power systems.

          • Exclusive Customer Landscape

          The igbt market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the igbt market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

          IGBT Market Share by Geography

           Customer Landscape

          Key Companies & Market Insights

          Companies are implementing various strategies, such as strategic alliances, igbt market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

          ABB Ltd. - IGBTs, based on SPT technology, are offered In the market for manufacturing modules, press-packs, and hybrids, with voltage ranges extending from 1200 to 6500 volts. This advanced technology, established In the industry, caters to various power conversion applications.

          The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

          • ABB Ltd.
          • Danfoss AS
          • Fuji Electric Co. Ltd.
          • Hitachi Ltd.
          • Infineon Technologies AG
          • IXYS Corp
          • Jilin Hua Microelectronics Co. Ltd.
          • Littelfuse Inc.
          • MagnaChip Semiconductor Corp.
          • Microchip Technology Inc.
          • Mitsubishi Electric Corp.
          • NXP Semiconductors NV
          • ON Semiconductor Corp.
          • Renesas Electronics Corp.
          • ROHM Co. Ltd.
          • Sanken Electric Co. Ltd.
          • SEMIKRON Elektronik GmbH and Co. KG
          • STARPOWER SEMICONDUCTOR Ltd.
          • STMicroelectronics International N.V.
          • Toshiba Corp.

          Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

          Research Analyst Overview

          The IGBT (Insulated Gate Bipolar Transistor) market encompasses a range of power device technologies that are increasingly being adopted in various applications due to their unique advantages. IGBTs are high-power semiconductor devices that offer superior efficiency and thermal management capabilities, making them ideal for use in inverter applications. IGBTs find extensive usage in electronic products, including electric vehicles (EVs) and renewable energy projects. In the EV market, IGBTs are used In the inverter circuit to convert DC voltage to AC voltage, enabling the efficient operation of electric motors. In the renewable energy sector, IGBTs are employed in solar inverter applications to convert DC voltage generated from solar panels into AC voltage suitable for grid connection.

          The power electronics industry's growing emphasis on reducing carbon dioxide emissions and improving fuel efficiency has led to the widespread adoption of IGBTs. The cost of electricity and the need for reliable power transmission and distribution have further boosted the demand for these devices. IGBTs are also finding increasing applications in industrial equipment, consumer electronics, medical devices, and industrial systems. The 5G adoption and the resulting increase in data center power consumption have also contributed to the growth of the market. The efficiency of IGBTs is a significant factor driving their adoption. IGBTs offer high efficiency levels, which is essential in applications where power consumption is a critical concern.

          Additionally, their thermal resistivity is lower than that of traditional power transistors, enabling better heat dissipation. The market is expected to grow significantly due to the ongoing trend towards electrification and industrialization. The aging power infrastructure and the need for green energy solutions are also expected to drive the market's growth. Despite their advantages, IGBTs face challenges such as high turn-off time and the need for specialized manufacturing processes. However, ongoing research and development efforts are aimed at addressing these challenges and improving the overall performance and affordability of IGBTs. In conclusion, the market is poised for significant growth due to its applications in various industries and the increasing demand for efficient and reliable power solutions.

          The market's growth is driven by factors such as the need for renewable energy, the electrification trend, and the increasing demand for high-performance electronic devices. The challenges facing the market include the need for specialized manufacturing processes and the high turn-off time of IGBTs. Despite these challenges, the future of the market looks promising, with ongoing research and development efforts aimed at improving the performance and affordability of these devices.

          Market Scope

          Report Coverage

          Details

          Page number

          187

          Base year

          2023

          Historic period

          		 2018-2022

          Forecast period

          2024-2028

          Growth momentum & CAGR

          Accelerate at a CAGR of 15.31%

          Market growth 2024-2028

          USD 10796.1 million

          Market structure

          Fragmented

          YoY growth 2023-2024(%)

          12.94

          Key countries

          China, Japan, South Korea, US, and India

          Competitive landscape

          Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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          What are the Key Data Covered in this IGBT Market Research and Growth Report?

          • CAGR of the IGBT industry during the forecast period
          • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
          • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
          • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
          • Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
          • Thorough analysis of the market’s competitive landscape and detailed information about companies
          • Comprehensive analysis of factors that will challenge the igbt market growth of industry companies

          We can help! Our analysts can customize this igbt market research report to meet your requirements.

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          Table of Contents not available.

          Research Methodology

          Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

          INFORMATION SOURCES

          Primary sources

          • Manufacturers and suppliers
          • Channel partners
          • Industry experts
          • Strategic decision makers

          Secondary sources

          • Industry journals and periodicals
          • Government data
          • Financial reports of key industry players
          • Historical data
          • Press releases

          DATA ANALYSIS

          Data Synthesis

          • Collation of data
          • Estimation of key figures
          • Analysis of derived insights

          Data Validation

          • Triangulation with data models
          • Reference against proprietary databases
          • Corroboration with industry experts

          REPORT WRITING

          Qualitative

          • Market drivers
          • Market challenges
          • Market trends
          • Five forces analysis

          Quantitative

          • Market size and forecast
          • Market segmentation
          • Geographical insights
          • Competitive landscape

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          Frequently Asked Questions

          IGBT market growth will increase by $ 10796.1 mn during 2024-2028.

          The IGBT market is expected to grow at a CAGR of 15.31% during 2024-2028.

          IGBT market is segmented by Product( IGBT modules, Discrete IGBTs) Application( EV or HEVs, Industrial, Motor drives, Consumer appliance, Others)

          ABB Ltd., Danfoss AS, Fuji Electric Co. Ltd., Hitachi Ltd., Infineon Technologies AG, IXYS Corp, Jilin Hua Microelectronics Co. Ltd., Littelfuse Inc., MagnaChip Semiconductor Corp., Microchip Technology Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, ON Semiconductor Corp., Renesas Electronics Corp., ROHM Co. Ltd., Sanken Electric Co. Ltd., SEMIKRON Elektronik GmbH and Co. KG, STARPOWER SEMICONDUCTOR Ltd., STMicroelectronics International N.V., Toshiba Corp. are a few of the key vendors in the IGBT market.

          APAC will register the highest growth rate of 52% among the other regions. Therefore, the IGBT market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.

          China, Japan, South Korea, US, India

          • Increasing government support for EV or HEVsA rise in environmental concerns and an increase in greenhouse gas (GHG) emissions globally have compelled countries to rethink the use of fossil fuels in the transportation sector. The only possible replacement for fossil fuel-powered vehicles is EVs. Numerous countries are introducing targets and directives to promote the shift from diesel and petrol vehicles to EVs in the automotive industry. France is the driving factor this market.
          • the UK is the driving factor this market.
          • and the Netherlands are planning to ban the sale of diesel vehicles and replace them with EVs by 2040 is the driving factor this market.
          • 2040 is the driving factor this market.
          • and 2030 is the driving factor this market.
          • respectively. China has also undertaken several initiatives to boost the sales of EVs in the country.Globally is the driving factor this market.
          • governments have announced numerous incentives for vehicle owners to promote the adoption of EVs. Hence is the driving factor this market.
          • the sales of EVs have been increasing steadily since 2012. The governments of several countries is the driving factor this market.
          • such as China and the US is the driving factor this market.
          • are framing objectives and offering monetary and non-monetary benefits to promote the sales of EVs. The US provides a tax credit of $2 is the driving factor this market.
          • 500-$7 is the driving factor this market.
          • 500 for plug-in hybrid EVs purchased after December 31 is the driving factor this market.
          • 2009. China has been promoting EV sales by exempting sales tax. Tax exemptions introduced during 2014-2017 and the recent extension of this waiver to 2023 are driving the sales of EVs in China. Countries in Europe are following similar policies. They are offering subsidies to meet the strict emission standards set by the European Commission. Other than subsidies is the driving factor this market.
          • various benefits is the driving factor this market.
          • such as free public parking or private parking spaces is the driving factor this market.
          • exemption from toll taxes is the driving factor this market.
          • and free charging from public charging points is the driving factor this market.
          • are being offered to EV owners. These factors are boosting the demand for EV/HEVs globally is the driving factor this market.
          • which is the driving factor this market.
          • in turn is the driving factor this market.
          • is driving the adoption of IGBTs for EV/HEV applications during the forecast period. is the driving factor this market.

          The IGBT market vendors should focus on grabbing business opportunities from the IGBT modules segment as it accounted for the largest market share in the base year.