IGBT Market Analysis | 2023-2028

Market Insights

The IGBT market was estimated at USD 8.08 billion in 2022 and is likely to grow at a CAGR of 11.33% during 2023-2028 to reach USD 15.48 billion in 2028.

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Market Dynamics

Introduction

IGBT is a type of power semiconductor that combines the best characteristics of both, Power MOSFET and BJT to provide optimal solutions to a variety of applications. An insulated-gate bipolar transistor is used for a wide range of applications such as high output 3-phase motor control inverters in HEVs/EVs, resonance circuits for home appliances, general-purpose motors in industrial, commercial and residential devices, and uninterrupted power supplies.

Market Drivers

The major factors driving the growth of the IGBT market are:

• Increasing demand for factory automation
• Power efficiency improvements
• Organic growth of the solar and wind energy sectors
• Electrification of railways
• Incessant shift to EVs to curb emissions
• High growth in consumer appliances along with the growing demand for inverters.

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Key Players

Some of the major IGBT manufacturers are:

• Fuji Electric Co., Ltd.
• Infineon Technologies AG
• Robert Bosch GmbH
• The Danfoss Group
• Mitsubishi Electric Corporation
• ON Semiconductor Corporation
• Semikron International GmbH
• Toshiba Corporation
• Hitachi, Ltd.
• Renesas Electronics Corporation
• STMicroelectronics N.V.
• MagnaChip Semiconductor Corporation

Note: The above list does not necessarily include all the top players in the market.

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Segments Analysis

By Packaging Type

The market is segmented as discrete and module. IGBT module held the larger share of the market in 2022, owing to its wider applications as the application of discrete solutions is limited mostly up to 50kVA power range, whereas modules are used for medium to high power levels.

By Power Rating Type

The market is segmented as low, medium, and high. The medium power rating segment is expected to capture the largest share of the market during the assessment period, owing to the high preference for IGBT (insulated-gate bipolar transistors) for the medium power segment.

By Application Type

The market is segmented as power transmission systems, renewable energy, rail traction systems, EV/HEV, motor drives, consumer electronics, and others. The motor drives segment is expected to remain the largest, whereas EV/HEV is projected to be the fastest-growing segment of the market during the assessment period, owing to their organic growth thrust by stringent emission regulations and several government initiatives.

Regional Insights

Asia-Pacific is expected to remain the dominant as well as the fastest-growing region in the market over the coming five years owing to the fastest-growing EV/HEV market, the largest consumer electronics, solar and wind energy sectors, and growing industrial automation in the region.

Industrialization, urbanization, and increasing disposable income in emerging economies will continue to propel the demand for insulated-gate bipolar transistors in the region during the forecast period. Organic progress of the automotive industry with increasing penetration of electric vehicles to reduce carbon emissions is also likely to boost the demand for IGBT products in the region.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s IGBT market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our IGBT market report from the industry stakeholders, we have tried to further accentuate our research scope to the IGBT market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The IGBT market is segmented into the following categories:

By Packaging Type

• Discrete
• Module

By Power Rating Type

• Low
• Medium
• High

By Application Type

• Power Transmission Systems
• Renewable Energy
• Rail Traction Systems
• EV/HEV
• Motor Drives
• Consumer Electronics
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Italy, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Segmentation

• Current market segmentation of any one of the application types by packaging type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.