NEW YORK, Sept. 19, 2023 /PRNewswire/ — The IGBT Market is projected to have remarkable growth, with a Compound Annual Growth Rate (CAGR) of 12.3% between 2022 and 2027. This expansion is expected to result in a substantial increase in market size, amounting to an impressive USD 7.29 billion. A comprehensive analysis of the market reveals that the increasing government support for EVs or HEVs, high demand for energy-efficient electronic products, and growth in HVDC lines are the primary driving forces behind this robust growth. Download a free sample report here
The IGBT Market Report, covering the period from 2022 to 2027, encompasses an extensive examination of market segmentation, including product (IGBT modules and discrete IGBTs), application (EV or HEVs, industrial, motor drives, consumer appliance, and others), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). Additionally, the report provides a detailed analysis of key drivers, trends, challenges, and historical market data spanning from 2017 to 2021.
The growing demand for energy-efficient electronic products is a key driver of IGBT market growth. Governments worldwide are implementing policies like energy performance standards to promote environmental safety and reduce energy consumption. This has prompted manufacturers to develop energy-efficient products. Efficient energy use is crucial for sustainability, reducing carbon emissions, and cutting electrical consumption across various sectors. This has led to an increased demand for power electronic products like IGBTs, which provide stable power to applications, leading to higher efficiency and device longevity. This trend is expected to boost the market forward. For more information on the market driver, get the free sample report now
A significant trend in the semiconductor market is the consolidation of semiconductor devices, driven by the push towards digitalization in various industries. This involves integrating components like sensors, ICs, and microcontrollers with IGBT devices to improve control and efficiency. This consolidation is expected to enhance performance and provide valuable data insights for further improvements. As a result, IGBTs and other semiconductor devices are becoming more reliable and efficient, ultimately contributing to the market’s growth during the forecast period.
One of the challenges affecting the IGBT market growth is the increasing competition from wide bandgap (WBG) semiconductor materials like silicon carbide (SiC) and gallium nitride (GaN). These WBG materials offer higher performance capabilities, operating at high voltage, high temperature, and faster switching frequencies. SiC and GaN are more energy-efficient and reduce system costs compared to silicon-based IGBT devices.
The Asia-Pacific (APAC) region is expected to play a significant role, contributing 50% to the IGBT market’s growth during the forecast period. This prominence in the market is driven by the rapid industrialization in developing APAC countries, coupled with the increasing adoption of renewable energy and electric vehicles (EVs). Furthermore, the demand for energy-efficient solutions, both in industrial and consumer contexts, is a key factor behind the region’s substantial share in the global IGBT market. Notably, China and Japan are major contributors to this market, as they serve as key suppliers of IGBT products to companies worldwide.
Companies in the IGBT Market are deploying various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to strengthen their market presence. Notable market players include:
- ABB Ltd.
- Danfoss AS
- Infineon Technologies AG
- Jilin Sino Microelectronics Co. Ltd.
- Littelfuse Inc.
- MagnaChip Semiconductor Corp.
- Mitsubishi Electric Corp.
- Sanken Electric Co Ltd
- SEMIKRON Elektronik GmbH & Co. KG
- STAR POWER SEMICONDUCTOR Ltd
- STMicroelectronics NV
- Toshiba Corp.
- Fuji Electric Co. Ltd.
- IXYS Corp
- Microchip Technology Inc.
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- How do the major trends impact the market?
- How big is the APAC market?
- How do the key drivers and challenges impact the market?
UK – High Voltage Direct Current (HVDC) Transmission Systems Market: The UK – High Voltage Direct Current (HVDC) Transmission Systems Market size is estimated to grow at a CAGR of 8.03% between 2022 and 2027. The market size is forecast to increase by USD 363.9 million.
Variable Frequency Drive (VFD) Market: The Global Variable Frequency Drives (VFD) Market size is estimated to grow by USD 7,124.1 million between 2022 and 2027 accelerating at a compound annual growth rate (CAGR) of 5.5%.
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