Insulated-gate Bipolar Transistors (IGBTs) Market, By Type (Discrete IGBT, IGBT Module), By Power Rating (High Power, Medium Power, Low Power), By Application & Forecast, 2024 – 2032

Insulated-gate Bipolar Transistors Market Size

Insulated-gate Bipolar Transistors Market was valued at USD 12.5 billion in 2023 and is estimated to register a CAGR of over 10% between 2024 and 2032. The adoption of Electric Vehicles (EVs) and hybrid vehicles is a significant growth driver for the IGBTs market owing to the integral role in the powertrain systems of these vehicles.
 

IGBTs are essential for controlling the flow of electrical energy in EV and hybrid drivetrains, enabling efficient energy conversion and management. There is a parallel increase in the demand for IGBTs with the increasing demand for EVs and hybrids, thereby driving market growth. For instance, in August 2022, Renesas Electronics unveiled a new generation of small, high-voltage IGBTs to improve the power electronics at the core of EVs. These devices have current ratings of up to 300 A and can withstand voltages of up to 1,200 V. Automakers can conserve battery power and increase the range of EVs by saving power in the company's AE5 series of IGBTs.
 

The rise in smart grid infrastructure is a significant growth driver for the IGBT market owing to its pivotal role in enhancing grid efficiency, reliability, and sustainability. IGBTs are integral components in smart grid systems, facilitating the efficient transmission and distribution of electricity, managing power flow, and enabling grid stabilization. The demand for IGBTs in smart grid infrastructure is expected to increase with countries worldwide investing in modernizing their power grids to accommodate renewable energy integration and meet growing electricity demands.

The reliability and durability concerns associated with prolonged usage pose a notable challenge within the IGBT market. With their deployment in critical sectors, such as power grids and automotive systems, any operational failures can result in substantial downtime and safety risks. Moreover, the demanding operating conditions, including high temperatures and electrical stresses, accelerate wear and degradation. This underscores the imperative for stringent design and testing standards to uphold long-term performance and reliability.
 

Insulated-Gate Bipolar Transistors Market Trends

Smart grid technologies utilize advanced power electronics, such as IGBTs, in grid-tied inverters, voltage regulators, and power quality systems. These components enable efficient conversion, regulation, and maintenance of electricity flow within the grid. The demand for IGBTs is increasing to enhance reliability, optimize energy distribution, and integrate renewable sources.
 

IGBTs are increasingly utilized in aerospace and defense for lightweight, high-performance electronics. They optimize power management in aircraft, enhance propulsion systems' efficiency, and bolster radar system capabilities. Their robustness and power-handling capabilities make them suited for demanding applications, enabling advanced functionalities while meeting stringent weight and performance requirements essential for aerospace and defense operations in diverse environments.
 

Insulated-Gate Bipolar Transistors Market Analysis

Based on power rating, the insulated-gate bipolar transistors market is segmented into high power, medium power, and low power. The high-power segment is expected to reach over USD 15 billion by 2032.
 

• The increasing adoption of EVs and Hybrid Electric Vehicles (HEVs) requires high-power IGBT modules for motor control and battery management systems. With the global push toward vehicle electrification, the demand for high-power IGBTs is expected to surge, further fueling market growth.
   
• There is a growing need for high-power IGBTs in large-scale inverters and converters used in grid-tied systems with the increasing demand for renewable energy sources such as wind and solar power. These devices enable efficient power conversion and grid integration, driving market growth.
   

Based on type, the market is segmented into discrete IGBT and IGBT module. The discrete IGBT segment is expected to register a CAGR of over 11% during the forecast period.
 

• Discrete IGBTs offer modular design flexibility, allowing engineers to customize circuits for specific applications easily. This adaptability is especially advantageous in rapidly evolving industries such as automotive and renewable energy, where diverse power requirements demand tailored solutions.
   
• Discrete IGBTs are often chosen to replace older technologies, such as MOSFETs and BJTs, due to their superior performance characteristics, such as higher power handling capabilities and faster switching speeds. This replacement trend is driving significant growth as industries upgrade their systems for improved efficiency and reliability.
   

Asia Pacific dominated the global IGBTs market in 2023 with over 40% of the total revenue share. The region's booming industrial sector, particularly in countries like China, India, and Japan, drives demand for IGBTs in various applications such as motor drives, renewable energy systems, and industrial automation. Secondly, the rapid urbanization and infrastructure development in Asia Pacific fuel the need for advanced power electronics for efficient energy management and distribution. Additionally, supportive government policies and investments in clean energy technologies further stimulate the growth of the IGBTs market in the region.
 

Insulated-gate Bipolar Transistors Market Share

Infineon Technologies AG, Ltd. and Renesas Electronics Corporation held a significant share of over 15% in the IGBTs market in 2023. Infineon Technologies AG, a leading semiconductor company based in Germany, specializes in offering IGBTs for various applications. With a comprehensive portfolio of high-quality IGBT products, the company caters to diverse sectors including automotive, industrial, renewable energy, and consumer electronics. Its solutions focus on optimizing power efficiency, enhancing reliability, and enabling advanced functionalities, thus contributing to the development of energy-efficient and high-performance electronic systems worldwide.
 

Renesas Electronics Corporation is a leading semiconductor company offering advanced solutions in the IGBTs market. The company provides a comprehensive portfolio of IGBT products tailored for diverse applications including automotive, industrial, and consumer electronics. Its offerings encompass high-performance IGBT modules, driver ICs, and power management solutions. Renesas emphasizes innovation, reliability, and efficiency in its products, catering to the evolving demands of the global market.
 

Insulated-gate Bipolar Transistors Market Companies

Major players operating in the IGBTs industry are:

• Infineon Technologies AG
• Mitsubishi Electric Corporation
• NXP Semiconductors
• ON Semiconductor Corporation
• Renesas Electronics Corporation
• Texas Instruments Incorporated
• Toshiba Corporation
   

Insulated-gate Bipolar Transistors Industry News

• In March 2023, Toshiba Electronic Devices & Storage Corporation introduced the GT30J65MRB, a 650V discrete IGBT for Power Factor Correction (PFC) circuits in air conditioners and large power supplies for industrial equipment. The GT30J65MRB is Toshiba's first IGBT for PFC for use below 60 kHz [6], and it was made possible by lowering switching loss (turn-off switching loss) to ensure higher frequency operation.
   
• In January 2023, Microchip Technology announced a new comprehensive hybrid three-phase power drive module, the first variant in the new product line of power devices to be available in 12 different variants with either Silicon Carbide (SiC) MOSFETs or IGBTs, to meet the needs for an integrated and reconfigurable power solution for aviation applications.
   

The insulated-gate bipolar transistors market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) from 2021 to 2032, for the following segments:

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Market, By Type

• Discrete IGBT
• IGBT module

Market, By Power Rating

• High power
• Medium power
• Low power

Market, By Application

• Energy & power
• Consumer electronics
• Inverter & UPS
• Electric vehicle
• Industrial system
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA