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
Market Size Value in US$ 5.15 Billion in 2019 Market Size Value by US$ 6.96Billion by 2027 Growth rate CAGR of 4.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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IGBT and Thyristor Market: Strategic Insights
| Market Size Value in | US$ 5.15 Billion in 2019 |
| Market Size Value by | US$ 6.96Billion by 2027 |
| Growth rate | CAGR of 4.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
IGBT Packaging Type ; IGBT Power Rating ; IGBT Application ; Thyristor Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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