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Insulated-gate Bipolar Transistors (IGBTs) Market Size
- Report ID: GMI9602
- Published Date: May 2024
- Report Format: PDF
Insulated-gate Bipolar Transistors Market Size
Insulated-gate Bipolar Transistors Market was valued at USD 12.5 billion in 2023 and is estimated to register a CAGR of over 10% between 2024 and 2032. The adoption of Electric Vehicles (EVs) and hybrid vehicles is a significant growth driver for the IGBTs market owing to the integral role in the powertrain systems of these vehicles.
IGBTs are essential for controlling the flow of electrical energy in EV and hybrid drivetrains, enabling efficient energy conversion and management. There is a parallel increase in the demand for IGBTs with the increasing demand for EVs and hybrids, thereby driving market growth. For instance, in August 2022, Renesas Electronics unveiled a new generation of small, high-voltage IGBTs to improve the power electronics at the core of EVs. These devices have current ratings of up to 300 A and can withstand voltages of up to 1,200 V. Automakers can conserve battery power and increase the range of EVs by saving power in the company's AE5 series of IGBTs.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Insulated-gate Bipolar Transistors Market Size in 2023: | USD 12.5 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 10% |
| 2032 Value Projection: | USD 30 Billion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 291 |
| Segments covered: | Type, Power Rating, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The rise in smart grid infrastructure is a significant growth driver for the IGBT market owing to its pivotal role in enhancing grid efficiency, reliability, and sustainability. IGBTs are integral components in smart grid systems, facilitating the efficient transmission and distribution of electricity, managing power flow, and enabling grid stabilization. The demand for IGBTs in smart grid infrastructure is expected to increase with countries worldwide investing in modernizing their power grids to accommodate renewable energy integration and meet growing electricity demands.
The reliability and durability concerns associated with prolonged usage pose a notable challenge within the IGBT market. With their deployment in critical sectors, such as power grids and automotive systems, any operational failures can result in substantial downtime and safety risks. Moreover, the demanding operating conditions, including high temperatures and electrical stresses, accelerate wear and degradation. This underscores the imperative for stringent design and testing standards to uphold long-term performance and reliability.
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Insulated-gate Bipolar Transistors Market Scope
