The Insulated Gate Bipolar Transistor IGBT Global Market Report 2023 by The Business Research Company, provides insulated gate bipolar transistor (igbt) market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Insulated Gate Bipolar Transistor IGBT Global Market Report 2023, the market size is expected to grow from$7.27 billion in 2022 to $8.42 billion in 2023 at a compound annual growth rate (CAGR) of 15.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of global insulated gate bipolar transistor (IGBT) is expected to grow to $15.27 billion in 2027 at a CAGR of 16.0%.
The increased production of electric vehicles (EV) is expected to propel the growth of the insulated gate bipolar transistor (IGBT) market. IGBTs are a type of semiconductor device used as an electronic switch that is used to take DC power from a car battery and convert AC control signals to the high power needed to turn the motor through an inverter. IGBT is a highly efficient component for EV motors due to its fast switching characteristics which lead to less power usage resulting in greater mileage. There will be a significant demand for IGBTs in response to the increased production of EVs.
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The insulated gate bipolar transistor (igbt) market is segmented:
1) By Type: Discrete, Modular
2) By Power Rating: High Power, Medium Power, Low Power
3) By End-User: EV/HEV, Renewables, UPS, Rail, Motor Drives, Industrial, Commercial
New product development is a key trend gaining popularity in the insulated gate bipolar transistor (IGBT) market. Major companies operating in the insulated gate bipolar transistors market are focused on developing new products to increase their product portfolio and meet customer demand. New product developments are done to introduce new products with the same/improved features in response to high demand and also to target new markets, sell more and increase revenue streams, and increase market share. For instance, in August 2020, Mitsubishi Electric Corporation a Japanese company specializing in the manufacture of electrical and electronic equipment launched the LV100-type T-series insulated gate bipolar transistor (IGBT) module for industrial applications. The LV100 package has a high degree of adaptability and current density that is widely employed in railway and electric power applications and is now being modified for industrial applications. It can also aid in the reduction of the size and power loss of power converters, particularly inverters used in renewable energy applications like photovoltaic and wind power generation, as well as high-capacity motor drives. In addition, in November 2020, Fuji Electric Co Ltd., a Japanese motor and generator manufacturing company announced the new launch of the 7th Generation X Series IGBT Module HPnC targeting the railway market. The module helps to save energy in railway transportation.
The insulated gate bipolar transistor (igbt) market report table of contents includes:
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