The Insulated Gate Bipolar Transistors (IGBT) Market is poised for continuous growth during the forecast period, fueled by a surge in demand from both the industrial manufacturing and consumer electronics sectors. As industries embrace automation and seek energy-efficient solutions, IGBTs have emerged as a crucial component in various applications, such as motor drives, power inverters, and renewable energy systems.
The global insulated gate bipolar transistor market size is likely to be valued at US$ 6.7 billion in 2023. The increasing application of technologically improved insulated gate bipolar transistors across various industries is driving the market growth. The market is estimated to garner US$ 14.9 billion in 2033, recording a CAGR of 8.3% from 2023 to 2033
The global insulated gate bipolar transistor market is expected to continue growing during the forecast period driven by increasing demand from industrial manufacturing and consumer electronics.
One of the factors propelling the growth of the insulated gate bipolar transistor market includes increasing demand for metal oxide semiconductor field effect transistor (MOSFET) alternatives with higher compatibility with voltage and current.
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Insulated gate bipolar transistor(IGBT) gaining popularity in consumer electronics due to its ability to lower switching loss and decrease thermal stress on electric appliances. The insulated gate bipolar transistors are used in microwave, stereo systems, and variable-speed refrigerators, and are expected to drive the growth of the market during the forecast period
Growing investments in electrification in Europe and North America are likely to boost the demand for insulated gate bipolar transistors. The increasing technological advances in the automotive industry and increased sales of electronic vehicles in emerging economies such as India and China are expected to drive the insulated gate bipolar transistor market growth during the forecast period.
Increasing applications in the wind and solar power industry have created opportunities for market growth. The rising demand for renewable power sources is expected to drive the growth of the market during the forecast period.
Key Takeaways from the Market Study
- Based on the power rating, the high power segment accounts for a CAGR of 8.6 %
- By type, the IGBT module segment is expected to expand at a CAGR of 8.9% during the forecast period
- North America to emerge as a promising market, capturing a CAGR of 8.3%
- Asia Pacific to be an opportunistic market, expected to capture a CAGR of 8.0% during the forecast period.
‘Growing demand in the end-use industry and technological innovation in insulated gate bipolar transistors are expected to drive the market in the forecast period. The increasing demand for the automotive industry and rising sales of electric vehicles globally is projected to play a vital role in strengthening the market.’
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Competitive Landscape
Prominent players in the insulated gate bipolar transistor market are Infineon Technologies AG; NXP Semiconductors NV; Microchip Technology, Inc.; Microsemi Corporation; Fuji Electric Co., Ltd. among others. Some of the recent development in the market are listed below.
- In October 2020 – Microchip Technology Inc. announced the acquisition of Tekron International Limited, a global leader in providing high-precision GPS and atomic clock time-keeping technologies and solutions for the smart grid and other industrial applications.
- In June 2021 – NXP Semiconductors N.V. a world leader in automotive processing, and TSMC announced the release of NXP’s S32G2 vehicle network processors and the S32R294 radar processor into volume production on TSMC’s advanced 16 nanometers (nm) FinFET process technology.
Know More about What the Insulated Gate Bipolar Transistor (IGBT) Market Report Covers
Future Market Insights offers an unbiased analysis of the global Insulated Gate Bipolar Transistor (IGBT) market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Insulated Gate Bipolar Transistor (IGBT) market, the market is segmented based on the type, power rating, and application across five major regions.
Key Segments Covered in the Insulated Gate Bipolar Transistors (IGBT) Industry Analysis
By Type:
- Module
- Discrete
By Power Rating:
- High Power
- Low Power
- Medium Power
By Application:
- Industrial Manufacturing
- Consumer Electronics
- Automotive (EV / HEV)
- Inverter / UPS
- Railways
- Renewables
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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