The global IGBT and thyristor market size is expected to grow from US$ 7.20 billion in 2023 to US$ 10.24 billion by 2031; it is anticipated to expand at a CAGR of 4.5% from 2023 to 2031. The rising demand for efficient power conversion is likely to remain key IGBT and thyristor market trends.
The adoption of electric motors in industrial, commercial, and residential applications is also driving the growth of the market. Furthermore, the continuous increase in electricity demand, driven by the rising population, is creating a demand for solid-state switching devices like IGBTs and Thyristors.
IGBT (Insulated Gate Bipolar Transistor) and Thyristor are two key electrical components utilized in a variety of industries. These devices serve an important role in power electronics and are commonly employed in motor drives, renewable energy systems, and industrial automation. Understanding these components can help firms that rely on electrical equipment and systems. An IGBT is a high-power semiconductor device that combines the benefits of both MOSFETs and bipolar junction transistors. It has minimal conduction losses and fast switching rates, making it excellent for applications requiring efficient power regulation. A thyristor is a solid-state semiconductor device that functions as a switch, regulating the flow of current through a circuit.
The implementation of smart grids is helping to drive the spectacular growth of the IGBT (Insulated Gate Bipolar Transistor) and Thyristor markets. Smart grids are updated energy networks that use sophisticated digital technology to increase the efficiency, dependability, and sustainability of power delivery and consumption. Smart grids provide greater flexibility in power distribution and consumption, facilitating the incorporation of renewable energy sources such as solar and wind power. This increased use of renewable energy sources is feasible because smart networks enable greater flexibility and management, even without the inclusion of energy storage.
The use of electric motors in industrial, commercial, and residential applications is propelling the IGBT (Insulated Gate Bipolar Transistor) and Thyristor markets. This expansion may be ascribed to a number of sources, including government measures to replace old power infrastructure and the increased usage of electric motors in a variety of industries. Electric motors are often utilized in industrial machinery, household appliances, HVAC systems, and automotive applications, such as electric and hybrid automobiles. The need for electric motors has been rising as a result of increased demand for new automobiles, electric vehicles, household appliances, and industrial gear. Furthermore, the use of electric motors in residential areas for a variety of domestic applications has contributed to the expansion of the electric motor market.
Key segments that contributed to the derivation of the IGBT and Thyristor market analysis IGBT Packaging Type, IGBT Power Rating, IGBT Application, and Thyristor Application.
The geographic scope of the IGBT and Thyristor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America dominated the IGBT and Thyristor market in 2023. The presence of large wind farms and major solar power projects in North America has contributed to the growth of the IGBT market. IGBTs are used in power converters for renewable energy systems, such as wind turbines and solar inverters.
The regional trends and factors influencing the IGBT and Thyristor Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses IGBT and Thyristor Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.20 Billion |
| Market Size by 2031 | US$ 10.24 Billion |
| Global CAGR (2023 - 2031) | 4.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By IGBT Packaging Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The IGBT and Thyristor Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the IGBT and Thyristor Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The IGBT and Thyristor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Hitachi Energy, Press Release, 2024)
The "IGBT and Thyristor Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The IGBT and Thyristor market size is expected to grow from US$ 7.20 billion in 2023 to US$ 10.24 billion by 2031; it is anticipated to expand at a CAGR of 4.5% from 2024 to 2031.
The adoption of electric motors in industrial, commercial, and residential applications is also driving the growth of the market. Furthermore, the continuous increase in electricity demand, driven by the rising population, is creating a demand for solid-state switching devices like IGBTs and Thyristors.
The rising demand for efficient power conversion is likely to remain key IGBT and thyristor market trends.
The key players holding the majority of shares in the global IGBT and Thyristor are ABB Ltd 2., lnfineon Technologies AG, Mitsubishi Electric Corporation, Renesas Electronics Corporation, and ROHM CO., LTD.
The global IGBT and Thyristor market is expected to reach US$ 10.24 billion by 2031.