PUBLISHER: KBV Research | PRODUCT CODE: 1450602
PUBLISHER: KBV Research | PRODUCT CODE: 1450602
The Global Insulated-Gate Bipolar Transistors (IGBTs) Market size is expected to reach $14.2 billion by 2030, rising at a market growth of 6.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 91,869.5 thousand units, experiencing a growth of 22.9% (2019-2022).
Many consumer electronics appliances, such as air conditioners, refrigerators, and washing machines, adopt inverter technology. Thus, the consumer electronics segment acquired $1,271.7 million revenue in 2022. IGBTs play a crucial role in inverter circuits, enabling variable speed operation and improving overall efficiency in these appliances.
IGBTs are fundamental in power converters and inverters, converting electrical energy from one form to another. In applications such as motor drives, renewable energy systems, and industrial equipment, power electronics utilizing IGBTs facilitate efficient energy conversion. These applications are crucial for various sectors, including telecommunications, data centers, and critical infrastructure, where reliable power is essential.
Additionally, the increased adoption of variable frequency drives (VFDs) is a significant driver for the market. VFDs, also known as adjustable frequency drives or inverters, utilize IGBTs for motor control and speed regulation in various applications. Hence, increased adoption of variable frequency drives is driving the growth of the market.
However, the production of high-quality IGBTs involves sophisticated manufacturing processes and the use of advanced materials. These processes and materials can contribute to elevated manufacturing costs, impacting the overall cost structure of IGBTs. Therefore, the high initial cost is impeding the growth of the market.
By Power Rating Analysis
Based on power rating, the market is categorized into high power, medium power, and low power. The medium power segment witnessed a remarkable 31.2% revenue share in the market in 2022. This makes them versatile for a range of applications.
By Type Analysis
On the basis of type, the market is segmented into discrete IGBT and IGBT module. In 2022, the discrete IGBT segment attained a noteworthy 31.3% revenue share in the market. Designers can select and integrate additional components based on specific application requirements.
By Application Analysis
Based on application, the market is divided into energy & power, consumer electronics, inverter & UPS, electric vehicle, industrial system, and others. In 2022, the industrial system segment held a considerable 25% revenue share in the market. They facilitate the efficient charging and discharging of energy and enabling the storage of excess energy during low-demand periods.
By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated 45.2% revenue share in the market. IGBTs are essential components in inverters that convert renewable energy sources into usable electrical power for the grid.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Insulated-Gate Bipolar Transistors (IGBTs) Market Report Segmentation
By Power Rating (Volume, Thousand Units, USD Billion, 2019-2030)
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)