IGBT Market Size to grow by USD 7292.66 million between 2023-2027
According to a research report “ IGBT Market” by Product (IGBT modules, Discrete IGBTs) Application (EV or HEVs, Industrial, Motor drives, Consumer appliance, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 7292.66 million, at a CAGR of over 12.3% during the forecast period. In response to escalating environmental concerns and rising greenhouse gas (GHG) emissions worldwide, governments are encouraging the transition from traditional fossil fuel-powered vehicles to electric vehicles (EVs) in the automotive sector. Notable examples include France, the UK, and the Netherlands, which have set targets to ban the sale of diesel vehicles and implement EV adoption by 2040, 2040, and 2030, respectively. China is also taking proactive steps to boost EV sales domestically. This shift towards EVs presents a significant growth opportunity for the IGBT market, as these power semiconductors are essential components in the design and production of efficient and high-performance EV powertrains.
Browse market data tables, figures, and in-depth TOC on “IGBT Market” by Product (IGBT modules, Discrete IGBTs) Application (EV or HEVs, Industrial, Motor drives, Consumer appliance, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample
By Product, the IGBT modules segment is projected to dominate the market size in 2024
The Insulated-Gate Bipolar Transistor (IGBT) market is poised for significant growth due to its increasing adoption in Power Control Units (PCUs) for Electric Vehicles (EVs) and Hybrid Electric Vehicles (HEVs). IGBTs, which incorporate both an inverter and a boost converter, are preferred for PCUs due to their ability to switch at both high and low frequencies at high current input. The expanding EV/HEV sector, driven by the global push towards energy efficiency and reducing carbon emissions, will account for a substantial market share during the forecast period. Major automakers, including Tesla Inc., have identified EVs as a key revenue contributor and are investing heavily in IGBT technology to meet the rising demand for more efficient and powerful electric powertrains.
By Application, EV or HEVs segment is expected to hold the largest market size for the year 2024
The IGBT market is predominantly driven by the demand for IGBT modules due to their compatibility with high power applications. IGBT modules, which consist of multiple discrete IGBTs, offer advantages such as improved reliability and efficiency in power management. With the growing need for high-power devices, particularly in sectors like electric vehicles (EVs)/hybrid electric vehicles (HEVs) and renewable energy, the demand for IGBT modules is anticipated to surge. This trend is further fueled by the challenges associated with managing high power capabilities in discrete IGBTs. Consequently, the IGBT modules market is projected to exhibit significant year-on-year growth throughout the forecast period.
APAC is forecasted to hold the largest market size by region in 2024
The Industrial, Commercial, and Transportation IGBT (Insulated Gate Bipolar Transistor) markets are experiencing significant growth due to the technology's efficiency and power density advantages. IGBTs are crucial components in various applications, including renewable energy systems, electric vehicles, and industrial motor drives. Their ability to handle high power levels and operate at high temperatures makes them indispensable in these sectors. Businesses investing in IGBT technology can expect improved energy efficiency, reduced emissions, and increased productivity.
The IGBT Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Insulated Gate Bipolar Transistor (IGBT) market is experiencing significant growth due to the increasing demand for renewable energy sources and electrification in various industries. IGBTs, as high-power semiconductor devices, play a crucial role in power transmission & distribution for electricity from renewable projects, such as wind power and solar power, to the grid. Their high turn-off time makes them ideal for smart grids, which require precise control of electricity frequency and voltage. IGBTs are also essential in electric vehicles (EVs) and the EV market, where they are used in inverter applications to convert AC voltage to DC voltage for battery charging. The increasing popularity of electric cars and the need for fuel efficiency have boosted the demand for IGBTs in the automotive industry. Moreover, IGBTs find applications in various electronic products, including solar inverters, power transistors, and other industrial applications, where high power handling and efficiency are required. The cost of electricity and carbon dioxide emissions concerns have further fueled the adoption of IGBTs in power electronics. However, the challenge of heat dissipation in high-power applications remains a significant concern, necessitating advancements in cooling technologies.
Market Research Overview
The IGBT (Insulated Gate Bipolar Transistor) market is experiencing significant growth due to the increasing demand for converter circuits and power conditioners in various industries. IGBT modules are becoming a popular choice for power conditioning in green energy applications such as solar and wind power, as they offer superior efficiency and power handling capabilities compared to traditional MOSFETs. Fuel prices and aging power infrastructure are driving the need for more efficient and low-cost alternatives to traditional power transmission and distribution systems. IGBTs are ideal for use in inverter circuits, smart grids, and industrial systems, including motor drives, industrial equipment, medical devices, and consumer electronics. The solar energy industry is a major contributor to the IGBT market, with solar inverter applications being a significant segment. Renewable energy projects require high-power semiconductor devices that can handle the varying frequency and voltage requirements of solar and wind power. IGBTs offer advantages such as high thermal resistivity, low power consumption, and fast switching times, making them ideal for these applications. The EV market is also driving demand for IGBTs, as they are used in the power electronics of electric vehicles (EVs) to convert AC voltage to DC voltage for the electric motor. The increasing adoption of 5G technology and the electronics manufacturing industry are also expected to boost the IGBT market, as these applications require high-performance power devices. Despite their advantages, IGBTs face challenges such as high turn-off time and humidity sensitivity. However, ongoing research and development efforts are addressing these issues, making IGBTs an increasingly attractive option for power conditioning and conversion applications. The future of the IGBT market looks bright, with continued growth expected in the areas of renewable energy, industrial systems, and electric vehicles.
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