IGBTs and Thyristors Market - By Voltage (Low-voltage IGBTs, Medium-voltage IGBTs, High-voltage IGBTs), By Packaging Type (IGBT Discrete, IGBT Module), By Application, & Forecast 2024 – 2032

IGBTs and Thyristors Market Size

IGBTs and Thyristors Market was valued at over USD 5.5 billion in 2023 and is estimated to register a CAGR of over 2% between 2024 and 2032. For IGBTs (Insulated Gate Bipolar Transistors) and Thyristors, wind and solar power are now major growth drivers. The world is going towards clean forms of energy hence there is increased demand for efficient power conversion and control technologies which can be used to integrate renewable energy systems with the existing grid. IGBTs and Thyristors are vital in renewable energy applications because they convert direct current produced by solar panels and wind turbines into usable alternating current that goes through transmission lines.
 

IGBTs and thyristors market is growing rapidly due to urbanization and infrastructure development. Modernized infrastructure such as intelligent buildings, transportation systems, and energy grids are envisaged as a way of dealing with the global rise in urban population. For these infrastructures to have efficient energy management, control and distribution, they will need advanced power electronic solutions. Some of the essential applications for IGBTs and thyristors include Electric Vehicles (EVs), renewable energy systems, smart grids, and industrial automation.
 

Thermal management is a hurdle in the IGBTs and thyristors market since a high level of heat is generated during operation. This heat dissipation, if not managed well, can result in degraded performance as well as reliability problems. Inadequate thermal management can lead to thermal runaway whereby temperatures exceed safe operating ranges, eventually leading to device failure.
 

IGBTs and Thyristors Market Trends

EVs are gaining traction in the IGBTs and thyristors industry. Devices which serve as semi-conductors have an important part to play in electric power systems of EVs/HEVs, aiding efficient conversion of energy as well as motor control. All these semiconductors in different components used for electric or hybrid cars like traction inverters, onboard chargers and DC-DC converters convert the battery’s dc power into ac power to drive electric motors and act as a charge/discharge management tool. For instance, Renesas Electronics Corporation launched Silicon Insulated Gate Bipolar Transistors (Si-IGBTs) AE5-generation IGBTs used in EV inverters in August 2022. It allows manufacturers to reduce battery usage and improve their vehicles’ endurance because it has a 10% reduction in power losses.
 

IGBT and thyristors market report shows that smart grid infrastructure is being adopted to modernize and enhance efficiency of electric power systems, which is one of the most significant factors driving this market. These are crucial components in every smart grid infrastructure because they allow for voltage regulation, power conditioning as well as grid stabilization. To make their electrical grids smarter & more resilient, electric utilities and grid operators worldwide have started upgrading them through advanced semiconductor-based technologies that can meet the challenges of smart grid applications.
 

IGBTs and Thyristors Market Analysis

Based on packaging type, the market is segmented into IGBT discrete and IGBT module. The IGBT module segment held the largest market share of over 67.9% in 2023, primarily due to its performance and versatility. Packed with several power devices such as IGBTs, freewheeling diodes, and other required components, this product increases its handling capacity while making the assembly process easier for many industries. One such impetus is growing demand across such sectors as automobile, industrial automation, renewable energy and consumer electronics for efficient energy solutions. Hence, IGBT modules convert electric power effectively, regulating it to enable the use of cleaner and sustainable energy sources while improving overall system performance and reliability.
 

Based on application, the market is segmented into power transmission systems, renewable energy, rail traction systems, Uninterruptible Power Supply (UPS), electric & hybrid electric vehicles, and others. The power transmission systems segment is anticipated to register a CAGR of over 2.5% from 2024 to 2032 due to increasing demand for efficient and reliable power transmission and distribution solutions. Power transmission can be made more efficiently controlled and converted by IGBTs and Thyristors that also handle higher voltages and reduce losses across transmission. The demand for IGBTs and thyristor equipped advanced power transmission systems is on the rise due to the global push towards renewable energy integration, smart grid implementations, and electrification of transportation. 
 

Asia Pacific leads in the global IGBTs and thyristors market, with a share of about 37% in 2023. This boom is attributed to several aspects. For one, the rapid industrialization and urbanization in the region have increased the need for electricity infrastructure and industrial automation, escalating the demand for IGBTs and thyristors in different applications such as power electronics converters, motor drives, and voltage regulators. Furthermore, increasing car proprietorship across countries such as Japan, South Korea, and China, along with improving transportation systems, are driving the adoption of these semiconductors in EVs and HEVs.
 

IGBTs and Thyristors Market Share

Infineon Technologies AG and Fuji Electric Co., Ltd. held a significant share of over 18% in the IGBTs and thyristors industry in 2023. Infineon Technologies AG offers a comprehensive portfolio of semiconductor solutions tailored for various power electronics applications. Infineon specializes in the design and production of IGBTs and thyristors, leveraging its expertise in semiconductor technology and power management.
 

Fuji Electric Co., Ltd. is known for its extensive portfolio of power semiconductor devices and solutions. The company specializes in the design, manufacturing, and distribution of IGBTs and thyristors for various industrial & commercial applications.
 

IGBTs and Thyristors Market Companies

Major players operating in the market are:

• Renesas Electronics Corporation
• Semikron Danfoss
• Diodes Incorporated
• Dynex Semiconductor Ltd.
• Infineon Technologies AG
• Hitachi Energy Ltd.
• Fuji Electric Co., Ltd.
   

IGBTs and Thyristors Industry News

• In March 2024, Hitachi Energy, increased its chip production for 1,200V IGBTs through its semiconductor technology 300mm wafer. The innovative development boosts chip production capacity and enables more complex structures of these power semiconductor devices, rapidly switching power supplies in high-power applications.
   
• In July 2023, Nexperia entered into the IGBT market with a flexible range of 600 V devices, offering medium-speed (M3) and high-speed (H3) switching capabilities. These IGBTs feature a carrier-stored trench-gate advanced Field-stop (FS) construction, providing low conduction and switching losses with high ruggedness.
   

The IGBTs and thyristors market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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Market, By Voltage

• Low Voltage IGBTs
• Medium Voltage IGBTs
• High Voltage IGBTs

Market, By Packaging Type

• IGBT Discrete
• IGBT Module

Market, By Application

• Power Transmission Systems
• Renewable Energy
• Rail Traction Systems
• Uninterruptible Power Supply (UPS)
• Electric & Hybrid Electric Vehicles
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA