The IGBT Market is projected to grow by USD 10.8 Billion from 2024-2028, with AI driving market evolution and government support for EVs and HEVs boosting growth – Technavio

NEW YORK, Sept. 25, 2024 /PRNewswire/ — The Global IGBT Market size is estimated to grow by USD 10.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 15.31%  during the forecast period. Increasing government support for EV or HEVS is driving market growth, with a trend towards functional consolidation of semiconductor devices, However, rising competition from wide bandgap (wbg) semiconductor materials  poses a challenge – Key market players include 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., and Toshiba Corp..

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Market Driver

The Industrial Internet trend is driving the integration of digital control in power systems, making inverters, drive controls, and electrical equipment compatible. This consolidation of semiconductor devices, including sensors, ICs, microcontrollers, and IGBTs, can lead to performance improvements and semiconductor advances. The analysis of data generated from these devices can reveal key areas for application and semiconductor device enhancements. This will result in more efficient and reliable IGBTs, enhancing circuit performance and ensuring smooth operations. These benefits are anticipated to fuel the growth of the IGBT market during the forecast period. 

IGBT market trends include advancements in power device technologies, particularly inverter applications using power transistors. Heat dissipation and carbon dioxide emissions are key concerns, driving the need for high-efficiency semiconductors. The cost of electricity influences the adoption of IGBTs in various electronic products, from electric vehicles (EVs) and industrial equipment to renewable projects like solar and wind power. IGBTs are essential for DC-AC conversion in EVs and solar inverter applications. Semiconductor manufacturers like Microchip Technology focus on developing high-power semiconductor devices to meet increasing power consumption demands. Industrial systems, motor drives, and power MOSFETs also utilize IGBTs for frequency and voltage control. The electrification of industries and the growing 5G adoption further boost the market. Efficiency, emissions, and fuel efficiency are critical factors, with IGBTs offering high turn-off time and thermal resistivity as a low-cost alternative. 

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Market Challenges

• WBG semiconductor materials, such as silicon carbide (SiC) and gallium nitride (GaN), offer significant advantages for power semiconductor devices. These materials enable high voltage, high temperature, and higher switching frequencies with good thermal conductivity. SiC, in particular, has a superior ampere capacity, allowing a single 150mm SiC wafer to handle current equal to two 200mm silicon wafers. The energy efficiency and system cost reductions achievable with these materials surpass those of traditional IGBT devices. SiC-based devices, like SiC MOSFET and SiC diodes, are widely used in high-end power supplies. GaN-based devices, such as GaN FET and GaN devices at 600V, are also available, but their use in appliances is still experimental. Infineon Technologies AG, a market leader, has acquired Cree Inc.’s Wolfspeed and International Rectifier, making it a leading player in SiC-based power semiconductors. Infineon is currently developing next-generation transistors based on SiC and GaN. Transphorm Inc. Is another player focusing on GaN-based devices that can operate at higher voltages. These potential advancements could replace IGBTs during the forecast period. Despite IGBTs being less expensive and easier to manufacture, industries prioritizing precision over cost are moving towards SiC and GaN-based devices.
• IGBT market is experiencing significant growth due to increasing demand in various industries. Electric cars and renewable energy sectors are major drivers, with IGBTs used in motor drives and inverters for electric vehicles, and in power conditioners and converter circuits for solar and wind power. Semiconductors, including IGBTs, are essential in the electronics manufacturing industry for 5G adoption and consumer electronics. Industrial systems also rely on IGBTs for efficient power transmission and distribution in electrification and industrialization. However, challenges persist. IGBTs face high power consumption and thermal resistivity issues, especially in industrial equipment and motor drives. Humidity and aging power infrastructure can also impact performance. To address these challenges, companies like Microchip Technology are developing low-cost alternatives and improving efficiency. Fuel prices and emissions concerns are driving the shift towards electric vehicles and green energy, further boosting the IGBT market.

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Segment Overview 

This igbt market report extensively covers market segmentation by  

1. Product 

• 1.1 IGBT modules
• 1.2 Discrete IGBTs

Application 

• 2.1 EV or HEVs
• 2.2 Industrial
• 2.3 Motor drives
• 2.4 Consumer appliance
• 2.5 Others

Geography 

• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 IGBT modules-  The IGBT market is primarily driven by the demand for high-power devices, making IGBT modules a preferred choice over discrete IGBTs. With each IGBT module containing multiple discrete IGBTs, they offer greater compatibility for high-power applications. The global need for energy efficiency and the increasing adoption of electric vehicles (EVs) and wind energy systems are boosting the demand for IGBT modules. However, the emergence of wide bandgap (WBG) semiconductor devices as alternatives to IGBT modules may impact market growth during the forecast period. Despite this challenge, the IGBT market is projected to experience substantial year-on-year growth due to the expanding requirement for high-power density solutions and government initiatives promoting energy conservation.

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Research Analysis

The IGBT (Insulated Gate Bipolar Transistor) market is witnessing significant growth due to its application in various power device technologies, particularly inverter applications. IGBTs are high-power semiconductor devices that offer superior performance in terms of frequency and voltage handling, making them ideal for power conversion in electronic products. The increasing adoption of renewable energy sources like solar and wind power is driving the demand for IGBTs in solar inverter applications. IGBTs help in converting DC voltage from solar panels into AC voltage for grid connection. The EV market is another major application area for IGBTs, where they are used in electric vehicles (EVs) for motor control and power conversion. The cost of electricity and carbon dioxide emissions are key factors driving the shift towards electrification and the use of IGBTs in power transmission & distribution and smart grids. IGBTs also offer high turn-off time, making them suitable for industrialization applications. Inverter applications, electric cars, and renewable projects are some of the major areas where IGBTs are finding extensive use. The market is expected to grow further as the demand for fuel efficiency and sustainable energy solutions increases.

Market Research Overview

The IGBT (Insulated Gate Bipolar Transistor) market is experiencing significant growth due to the increasing demand for power device technologies in various applications. IGTBs are essential components in inverter applications, particularly in power transistors, which play a crucial role in converting DC voltage to AC voltage for various electronic products. The EV market, including electric vehicles (EVs), is a major driver for IGBTs due to their high power handling capabilities and efficiency. IGBTs are also used in renewable projects, such as solar inverter applications, to convert DC voltage from solar panels to AC voltage for grid connection. The cost of electricity and carbon dioxide emissions are key factors driving the adoption of IGBTs in renewable energy. In the electronics manufacturing industry, IGBTs are used in high-power semiconductor devices, industrial equipment, motor drives, and inverters. The 5G adoption is also expected to boost the demand for IGBTs due to their high-frequency and voltage handling capabilities. IGBTs offer several advantages, including high efficiency, low power consumption, and thermal resistivity. However, challenges such as high turn-off time, humidity, and the need for a low-cost alternative persist. IGBT modules are used as power conditioners and converter circuits in various applications, including electric cars, industrial systems, and green energy projects. The aging power infrastructure, fuel prices, and the need for electrification and electricity transmission & distribution are other factors driving the growth of the IGBT market. The solar energy industry, wind power, and industrialization are also significant end-users of IGBTs.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• 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

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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