IGBT Market Size is Projected to Reach USD 19,300 Million by 2026 at CAGR 15.5% - Valuates Reports

IGBT Market Size is Projected to Reach USD 19,300 Million by 2026 at CAGR 15.5% - Valuates Reports

PR Newswire

BANGALORE, India, Jan. 4, 2021

BANGALORE, India, Jan. 4, 2021 /PRNewswire/ -- The IGBT Market is Segmented by Type  (IGBT Module, Discrete IGBT), Application (Industrial Drives, Consumer, Automotive, Renewables, Traction, Others), Key Vendors and Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Electronic Components category.

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The Global Insulated-Gate Bipolar Transistor (IGBT) Market size is projected to reach USD 19,300 Million by 2026, from USD 8147.7 Million in 2020, at a CAGR of 15.5% during the forecast period 2021-2026.

Major factors driving the growth of IGBT market size are government initiatives undertaken in various countries towards replacing ageing power infrastructure and adopting electric motors in industrial, commercial, and residual applications.

The report lists the major players in the regions and their respective market share based on global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition. 

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TRENDS DRIVING THE IGBT MARKET SIZE 

Increasing application of IGBT in electric vehicles is expected to drive the IGCT market size during the forecast period. The concerns about automotive emissions and the depletion of non-renewable energy supplies have driven government agencies to invest in the electric vehicle & its infrastructure. IGBT plays a vital role in the control and performance of electric vehicles at high voltages.

Government initiatives to establish HVDC and smart grid are expected to fuel the IGBT market size growth. Old grid networks have been replaced by smart grids because they are secure, provide versatile network topology, have better load-adjustment capability, and allow real-time troubleshooting. IGBT is used to promote ease of control at high voltage as it allows higher frequency with improved performance. 

The introduction of renewable energy sources creates market opportunities for IGBT, especially in offshore wind turbines. With a growing number of wind farms worldwide and high government investments, the IGBT market size is expected to multiply. The need for these turbines to work in harsh environments exposed to salt, humidity, etc., and at the same time to provide maximum efficiency to grid stability is expected to drive innovations in the development of IGBTs.

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IGBT MARKET SHARE ANALYSIS

Based on type, the IGBT module is expected to witness the highest growth during the forecast period. This is due to the increasing adoption of electric and hybrid electric vehicles. IGBT modules are suitable for high-powered applications such as EVs/HEVs. Governments around the globe are taking steps to encourage the use of HVDC systems for long-distance power transmission, fueling the market for IGBT modules.

The Asia Pacific is expected to witness the highest growth during the forecast period. The presence of countries such as China and India with a high population and ample manufacturing capacity has significantly contributed to the growth of the sector. In addition, the thriving demand for EVs/HEVs in countries such as China, Japan, India, and South Korea is expected to drive the market for APAC. China has the largest share of sales of EVs/HEVs, and countries such as India have provided subsidies to support domestic EV/HEV manufacturers.

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TOP COMPANIES IN THE IGBT MARKET 

The global IGBT market is dominated by few players located in the US, Japan, and Europe. The global top 5 players hold a share of over 60%.

Some of the top companies in the IGBT market size are, 

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