Latest News- IGBT Market: IGBT modules is expected to lead the Product segment during 2024-2028

The IGBT Market is being driven by Increasing government support for EV or HEVs

The IGBT Market is expected to grow at a CAGR of 15.31% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10796.1 million. In the industrial sector, there is a growing emphasis on digitalization, with a focus on digitally controlling power for inverters, drive controls, and other electrical equipment to align with the Industrial Internet. This trend necessitates the integration of various semiconductor components, including sensors, ICs, microcontrollers, and IGBT devices, to ensure seamless and efficient control. The consolidation of these devices can lead to significant performance improvements and technological advancements in semiconductor technology, particularly in IGBTs. Moreover, the integration of these components generates valuable data, which can be analyzed to identify potential areas for optimization in applications and semiconductor devices alike. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• 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

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing government support for EV or HEVs
• High demand for energy-efficient electronic products
• Growth in HVDC lines

However, the market also witnesses some limitations, which are as follows:

• Rising competition from Wide bandgap (WBG) semiconductor materials
• Increased power dissipation due to reduced size of IGBT modules
• Selecting suitable IGBTs for electric circuits

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Market Scope in IGBT Market Research Report

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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 global semiconductor market encompasses semiconductor manufacturers, producing integrated circuits (ICs) such as memory, logic, analog, and micro components, optoelectronics, sensors, and discrete semiconductors. According to Technavio, the market size is determined by the revenue generated from the shipment of semiconductor ICs to original equipment manufacturers (OEMs) and original design manufacturers (ODMs). This includes ICs from both fab and fabless companies, as well as integrated device manufacturers (IDMs). The market's expansion will be fueled by significant investments in constructing new fabrication plants (fabs) and expanding existing ones.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/