Global IGBT Market Insights and Forecast to 2028

The IGBT market was valued at USD 9389.6 million in 2021, and it is anticipated to reach USD 26040 million by 2028, registering a CAGR of about 15.5% during the forecast period (2022–2028). Major factors driving the growth of IGBT market size are government initiatives undertaken in various countries towards replacing aging power infrastructure and adopting electric motors in industrial, commercial, and residual applications. The report lists the major players in the regions and their respective market share based on global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition.

IGBT is short for Insulated Gate Bipolar Transistor. It is a power transistor with a MOS structure for an input part and a bipolar one for an output part. Suitable for high voltage and high current, it is capable of controlling high power with less drive power.

Increasing application of IGBT in electric vehicles is expected to drive the IGCT market size during the forecast period. The concerns about automotive emissions and the depletion of non-renewable energy supplies have driven government agencies to invest in electric vehicles & their infrastructure. IGBT plays a vital role in the control and performance of electric vehicles at high voltages.

Government initiatives to establish HVDC and smart grid are expected to fuel the IGBT market size growth. Old grid networks have been replaced by smart grids because they are secure, provide versatile network topology, have better load-adjustment capability, and allow real-time troubleshooting. IGBT is used to promote ease of control at high voltage as it allows higher frequency with improved performance.

The introduction of renewable energy sources creates market opportunities for IGBT, especially in offshore wind turbines. With a growing number of wind farms worldwide and high government investments, the IGBT market size is expected to multiply. The need for these turbines to work in harsh environments exposed to salt, humidity, etc., and at the same time to provide maximum efficiency to grid stability is expected to drive innovations in the development of IGBTs.

IGBT Market, By Type

Based on type, the IGBT module is expected to witness the highest growth during the forecast period. This is due to the increasing adoption of electric and hybrid electric vehicles. IGBT modules are suitable for high-powered applications such as EVs/HEVs. Governments around the globe are taking steps to encourage the use of HVDC systems for long-distance power transmission, fueling the market for IGBT modules.

IGBT Market, By Region

The Asia Pacific is expected to witness the highest growth during the forecast period. Japan is the largest IGBT market with a market share of about 40%, followed by Europe with a market share of about 30%. The presence of countries such as China and India with a high population and ample manufacturing capacity has significantly contributed to the growth of the sector. In addition, the thriving demand for EVs/HEVs in countries such as China, Japan, India, and South Korea is expected to drive the market for APAC. China has the largest share of sales of EVs/HEVs, and countries such as India have provided subsidies to support domestic EV/HEV manufacturers.

The global IGBT market is dominated by Infineon Technologies, Mitsubishi Electric Corporation, Fuji Electric, ON Semiconductor, Semikron, etc. The top five manufacturers account for about 55% market share. 

IGBT Market Segements

IGBT market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global IGBT market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.

By Type

• IGBT Discretes
• IGBT Modules
• IGBT-IPM

By Application

• New-Energy Vehicles
• Consumer Electronics
• New Energy Power Generation
• Industrial Control
• Rail Transportation
• Others

By Company

• Infineon Technologies
• Mitsubishi Electric
• Fuji Electric
• ON Semiconductor
• SEMIKRON
• Hitachi
• Danfoss
• Renesas Electronics
• Toshiba
• ABB
• Littelfuse (IXYS)

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA