IGBT and Thyristor Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast by 2031

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.

IGBT and Thyristor Market Analysis

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 and Thyristor Market Overview

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.

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IGBT and Thyristor Market: Strategic Insights

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IGBT and Thyristor Market Drivers and Opportunities

Deployment of Smart Grids to Favor Market

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.

Adoption of Electric Motors

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.

IGBT and Thyristor Market Report Segmentation Analysis

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.

• Based on IGBT Packaging Type, the market is divided into IGBT Discrete, and IGBT Module. The IGBT Module segment held a larger market share in 2023.
• Based on IGBT Power Rating, the market is divided into low, medium, and high. The high segment held a larger market share in 2023.
• Based on IGBT Application, the market is divided into energy & power, rail traction systems, uninterrupted power supply, electric vehicles and hybrid electric vehicles, consumer electronics, and others. The energy & power segment held a larger market share in 2023.
• Based on Thyristor Application, the market is divided into power transmission systems, motor controllers, light dimmers, pressure control systems, liquid-level regulators, and others. The power transmission systems segment held a larger market share in 2023.

IGBT and Thyristor Market Share Analysis by Geography

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.

IGBT and Thyristor Market Regional Insights

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.

IGBT and Thyristor Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. ABB Ltd
2. lnfineon Technologies AG
3. Mitsubishi Electric Corporation
4. Renesas Electronics Corporation
5. ROHM CO., LTD.
6. ON Semiconductor

Disclaimer: The companies listed above are not ranked in any particular order.

IGBT and Thyristor Market News and Recent Developments

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:

• In March 2024, Hitachi Energy achieved a significant milestone in its semiconductor technology by introducing the industry's first 300 mm wafer for IGBT. This breakthrough development opens up new opportunities in various sectors, including variable frequency drives (VFD), uninterruptible power supply (UPS) systems, electric cars, trains, air conditioners, and more.

(Source: Hitachi Energy, Press Release, 2024)

IGBT and Thyristor Market Report Coverage and Deliverables

The "IGBT and Thyristor Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter's Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles