IGBTs and Thyristors Market Analysis

IGBTs and Thyristors Market Analysis

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Based on packaging type, the market is segmented into IGBT discrete and IGBT module. The IGBT module segment held the largest market share of over 67.9% in 2023, primarily due to its performance and versatility. Packed with several power devices such as IGBTs, freewheeling diodes, and other required components, this product increases its handling capacity while making the assembly process easier for many industries. One such impetus is growing demand across such sectors as automobile, industrial automation, renewable energy and consumer electronics for efficient energy solutions. Hence, IGBT modules convert electric power effectively, regulating it to enable the use of cleaner and sustainable energy sources while improving overall system performance and reliability.
 

Based on application, the market is segmented into power transmission systems, renewable energy, rail traction systems, Uninterruptible Power Supply (UPS), electric & hybrid electric vehicles, and others. The power transmission systems segment is anticipated to register a CAGR of over 2.5% from 2024 to 2032 due to increasing demand for efficient and reliable power transmission and distribution solutions. Power transmission can be made more efficiently controlled and converted by IGBTs and Thyristors that also handle higher voltages and reduce losses across transmission. The demand for IGBTs and thyristor equipped advanced power transmission systems is on the rise due to the global push towards renewable energy integration, smart grid implementations, and electrification of transportation. 
 

Asia Pacific leads in the global IGBTs and thyristors market, with a share of about 37% in 2023. This boom is attributed to several aspects. For one, the rapid industrialization and urbanization in the region have increased the need for electricity infrastructure and industrial automation, escalating the demand for IGBTs and thyristors in different applications such as power electronics converters, motor drives, and voltage regulators. Furthermore, increasing car proprietorship across countries such as Japan, South Korea, and China, along with improving transportation systems, are driving the adoption of these semiconductors in EVs and HEVs.