PORTLAND, Oregon, November 23, 2018
PORTLAND, Oregon, November 23, 2018 /PRNewswire/ --
Upsurge in use of power semiconductors in hybrid vehicles and benefits of using IGCT such as higher performance at high temperature, lower cost, and lesser conduction loss than GTO and IGBT are expected to propel the growth of the market
Allied Market Research recently published a report, titled, "IGCT Market by Type (Asymmetric IGCT, Reverse Blocking IGCT, and Reverse Conducting IGCT) and Application (Drive, Traction, Converter, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2024". The report offers in-depth analyses of the global IGCT market by closely monitoring the market trends, drivers & opportunities, top investment pockets, key growth strategies, and competitive landscape. According to the report, the global IGCT market was pegged at $10.98 million in 2017 and is estimated to garner $17.77 million by 2024, registering a CAGR of 6.9% from 2018 to 2024.
Increased usage of power electronics in renewable energy sources, lower conduction loss as compared to GTO and IGBT, and better performance at high temperature drive the growth of the global IGCT market. However, bulky structure of thyristor and complex manufacturing process hamper the market growth. On the other hand, increasing use of power semiconductor devices in hybrid vehicles and invention of high-power technology (HPT) platform are expected to create lucrative opportunities for the market players in the coming years.
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Reverse blocking IGCTs segment to grow the fastest through 2024
The reverse blocking IGCTs segment is expected to register the fastest CAGR of 8.5% during the study period, owing to benefits of reverse blocking IGCTs in CSI over GTO or thyristor solutions such as high inverter ratings and switching frequency. However, the asymmetric IGCTs segment held the largest market share in 2017, contributing about two-thirds of the total revenue. This is owing to the growing need for higher frequency operation in motor drives and energy management systems along with burgeoning demand for high average current in circuit breakers. In addition, the reverse conducting IGCTs segment is expected to witness gradual growth during the study period.
Converters segment to witness the fastest CAGR by 2024
The converters segment is estimated to manifest the fastest 9% CAGR from 2018 to 2024 due to their ability to offer a power rating of up to 15 MVA without the need of series or parallel connection of power semiconductor devices alongside ensuring that the part count is minimum. However, the drives segment held the largest share in 2017, contributing about 35% of the total revenue. It is expected to dominate the market throughout the study period, owing to the fact that drives produce greater power output than smaller, numerous low-voltage (LV) drives and ensure better control of large, multi-megawatt electric motors that are used in mines, power stations, and metal processing plants. The traction segment would grow at a steady rate during the forecast period.
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LAMEA region to portray fastest growth through 2024
Latin America, Middle East and Africa (LAMEA) region is expected to manifest the fastest CAGR of 9.6% during the study period, as the region has witnessed huge opportunities in wind and solar power generation coupled with increase in population in the Middle East, which in turn has fueled the need for electricity due to rapid urbanization and high disposable income. However, Asia-Pacific region held the highest share in 2017, reaping about one-third of the total revenue, owing to rise in power demand in developing countries such as India and China. The other regions analyzed in the report include North America and Europe.
Torchbearers in the market
The key market players analyzed in the report, include ABB, Mitsubishi Electric Corporation, CSR Zhuzhou Institute Co, Ltd. (CRRC), Xiamen Hidins Technology Co. Ltd., AmePower, Inc., Infineon Technologies, Tianjin Century Electronics, General Electric, Jiangyin City Saiying Electron Co. Ltd., and Shenzhen CTW Semiconductor Co., Ltd.
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