Insulated Gate Bipolar Transistors Market Size (2024 - 2029)

Insulated Gate Bipolar Transistors Market Analysis

The market for insulated gate bipolar transistors was estimated at USD 7.23 billion. The market is expected to reach USD 11.56 billion over the forecast period, registering a CAGR of 7.45%. The increasing deployment of power device technologies is also expected to strengthen the IGBT market. IGBT is widely used in inverter applications in home appliances like refrigerators, air conditioners, and industrial motors to improve efficiency.

• Power transistors, such as IGBTs, help in the rapid dissipation of heat, prevent overheating, and minimize carbon dioxide emissions and the cost of electricity. These advantages make them a crucial component of several electronic products. Due to the increasing worldwide population and usage of fossil fuels, there has been a rising demand for power-efficient electronic devices.
• Further, the enormous growth in the EV market is also anticipated to drive growth in the insulated-gate bipolar transistor (IGBT) market. It forms an integral part of electric vehicle power supplies, and developments in the field will decrease the cost and increase the range of electric vehicles. IGBT applications in electric and hybrid electric vehicles include power usage in powertrains and chargers for delivery and control of power regarding motors.
• Solar and wind applications often use high-power semiconductor devices to optimize generation and network connections. IGBTs are a highly suitable option when working with the high power levels found in large-scale renewable projects. In solar inverter applications, inverters convert DC voltage from a solar array panel to AC voltage. The latter can be used to power AC loads (e.g., lighting, home appliances, power tools, etc.) using a single-phase AC sinusoidal voltage waveform at a frequency and voltage that depend on the design for which the inverter is intended. Many IGBT options can help achieve those requirements.
• Semiconductors, such as IGBTs, are made from a range of raw materials, including silicon, germanium, gallium arsenide, etc. These materials are processed and purified to create a crystalline structure, which forms the foundation for building semiconductor devices such as different types of transistors. Other raw materials used in the manufacture of semiconductor devices include impurities such as boron and phosphorus for doping, as well as metals for interconnects, insulators for isolation, and various chemicals for cleaning and etching.
• The outbreak of COVID-19 across the globe significantly disrupted the supply chain and production of the market studied in the initial phase of the pandemic. Many end-user industries of the market were also affected due to the pandemic, which negatively impacted the market. However, with many COVID-19-related restrictions easing in the following year, the demand for many products incorporating IGBTs picked up, thereby positively influencing the market.

Insulated Gate Bipolar Transistors Industry Segmentation

Insulated gate bipolar transistors are semiconductor devices with three terminals. It has been developed by combining the best qualities of both BJT and power MOSFETs. It provides a steady electricity supply by reducing the congestion in the power supply, which leads to optimized power utilization. The market study focuses on the trends affecting the market for applications in multiple regions. The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry. Further, the study also tracks the impact of COVID-19 on the overall insulated gate bipolar transistor industry and its performance.

The insulated gate bipolar transistor (IGBT) market is segmented by type (discrete IGBT and modular IGBT), power rating (high power, medium power, low power), application (automotive and EV/HEV, consumer, renewables, UPS, rail, industrial/motor drives), and geography (North America, Europe, Asia Pacific, and the rest of the world). The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.