IGBT Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The IGBT market is expected to grow significantly, with an expected value of $ 9,202,896,000 in 2024, and $21,234,000,000. in 2032, with a CAGR of 11.02%. In particular, the market for IGBTs will be driven by the growing demand for them in the areas of electric vehicles, the wind industry, and automation. The growth of this market will be facilitated by a number of factors, including the rising number of electric vehicles and the development of power electronics. IGBTs are also used in the construction of power plants, in the generation of electricity from wind and solar energy, and in the automation of the industry. The trend towards the development of sustainable energy and the need for efficient power management will also contribute to the growth of this market. Infineon, Mitsubishi, and ON Semiconductor are investing in the development of IGBTs. Strategic alliances, which aim to improve the product range and expand the market, will also contribute to the growth of the IGBT market.

Regional Market Size

Regional Deep Dive

IGBT market is experiencing significant growth in various regions, driven by the increasing demand for energy-efficient solutions and the technological development of power electronics. In North America, the market is characterized by a strong presence of major players and a high degree of innovation, especially in the automotive and renewable energy industries. Europe is experiencing a boom in green technology supported by regulatory support, while Asia-Pacific is emerging as a major manufacturing hub with rapid urbanization and industrialization. The Middle East and Africa are slowly adopting IGBT technology, driven by the development of the region's energy system. Latin America is also pursuing IGBTs in the renewable energy industry, but the market is still relatively nascent compared to other regions.

Europe

• The European Union's Green Deal is driving investments in IGBT technology for renewable energy applications, particularly in wind and solar power systems.
• Companies such as STMicroelectronics are collaborating with automotive manufacturers to integrate IGBT modules in electric vehicles, aligning with the region's push for sustainable transportation.

Asia Pacific

• China is leading the charge in IGBT production, with companies like BYD and Semikron ramping up manufacturing capabilities to meet domestic and international demand.
• The region is witnessing a rise in electric vehicle adoption, with governments in countries like Japan and South Korea implementing policies that favor the use of IGBT technology in EVs.

Latin America

• Brazil is exploring IGBT technology for its growing renewable energy sector, particularly in solar power projects, supported by favorable government policies.
• The region is seeing increased interest from international companies looking to establish partnerships for IGBT technology development, driven by the need for energy-efficient solutions.

North America

• The U.S. Department of Energy has launched initiatives to promote the adoption of IGBT technology in electric vehicles, enhancing energy efficiency and reducing emissions.
• Major companies like Infineon Technologies and ON Semiconductor are investing heavily in R&D to develop next-generation IGBT solutions, focusing on higher efficiency and lower thermal losses.

Middle East And Africa

• The UAE is investing in smart grid technologies, which are expected to incorporate IGBT solutions to enhance energy efficiency and reliability in power distribution.
• South Africa's renewable energy initiatives are creating opportunities for IGBT applications in solar and wind energy projects, supported by government incentives.

Did You Know?

“IGBTs are crucial components in modern electric vehicles, enabling efficient power conversion and management, which can improve the overall range and performance of EVs.” — International Energy Agency (IEA)

Segmental Market Size

The IGBT market is a key component in the field of power electronics, especially in the field of energy conversion and control. This segment is currently growing, driven by the increasing demand for energy-efficient solutions in areas such as wind power, electric vehicles (EVs), and automation. The main driving forces behind this growth are the worldwide trend towards sustainable development, the progress of semiconductor technology, and the promotion of low-emissions technology by governments. Infineon and Mitsubishi are currently the market leaders in IGBT technology. The main application areas are in the field of alternative energy, such as inverters for wind power stations and inverters for photovoltaic systems, as well as in the traction system of electric and hybrid vehicles. The main trends that will accelerate growth are the development of EVs under government policy and the trend towards sustainable development. Also influencing the development of the IGBT market is the introduction of new wide-bandwidth semiconductors, which will improve the efficiency and performance of IGBTs in various applications.

Future Outlook

From 2024 to 2032, the IGBT market is expected to grow from about 9 billion to 21 billion dollars, with a strong compound annual growth rate (CAGR) of 11.02%. The main reason for this is the increasing demand for energy-saving power devices in various industries, such as solar power, electric vehicles, and industrial automation. IGBT technology will be deeply penetrated into these industries, and the penetration rate of IGBTs in power conversion equipment will exceed 30% by 2030. The development of high-voltage IGBTs and the improvement of thermal management solutions will also promote the development of the IGBT market. IGBTs will also be used in the next generation of electric vehicles, and the new energy automobiles will account for more than 50% of new car sales in the world by 2030. , IGBTs will also be integrated into the market. The trend of smart grids and the Internet of Things will also bring new opportunities for IGBTs, as both require efficient power management. The IGBT market will experience a high-speed development trend, and the innovation and development of IGBTs will be driven by the trend of sustainable development.