Report : IGBT and Thyristor Market to 2027 - COVID-19 Impact and Global Analysis and Forecasts by IGBT Packaging Type (IGBT Discrete, IGBT Module); IGBT Power Rating (Low, Medium, High); IGBT Application (Energy & Power, Rail Traction Systems, Uninterrupted Power Supply, Electric Vehicles and Hybrid Electric Vehicles, Consumer Electronics, Others); Thyristor Application (Power Transmission Systems, Motor Controllers, Light Dimmers, Pressure Control Systems, Liquid-Level Regulators, Others)
According to the new research report titled “The IGBT and Thyristor Market”, published by The Insight Partners, the market was valued at US$ 5.15 billion in 2019 and is projected to reach US$ 6.96 billion by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.
The IGBT and Thyristor market is experiencing remarkable growth attributed to the replacement of aging power infrastructure, particularly in developed economies, as well as the deployment of smart grids. IGBTs and Thyristors are integrated into power electronics such as controllers, inverters, and power supplies to fulfill the demand for solid-state switching devices. Moreover, the demand for electricity is constantly increasing owing to the rising population in developing economies. IGBT and Thyristor use low switching losses as well as short switching times of metal-oxide-semiconductor field-effect transistor (MOSFET) to meet the current electricity demands. Further, they use conduction losses along with high breakdown voltage in bipolar junction transistor (BJT) to achieve high electricity demands. Additionally, IGBT and Thyristor support low switching losses and thermal stress leading to longer lifespan and reliability of electric devices. IGBT and Thyristor are gaining acceptance due to several advantages, such as high external thermal performance along with efficiency.
The medium power rating segment dominated the global IGBT market share in 2019 and is projected to continue its dominance during the forecast period. The growth of the medium power rating segment is due to the capability to fulfill the growing requirements for HDVC systems, FACTS, and EVs and hybrid EVs. Growing environmental concerns and government initiatives for reducing carbon emissions have propelled the demand for EVs/HEVs, thereby resulting in the rising demand for medium-power IGBTs.
IGBT is used in the power control modules of electric vehicles to transform energy from fuel cells and batteries into alternating current (AC) to drive the engine. IGBT has become an integral component of electric vehicles due to its characteristics, such as high voltage and current capabilities, which are expected to increase the growth of the IGBT market. Furthermore, various automotive manufacturers are heavily investing in electric vehicles (EV) in order to save energy. Hybrid electric vehicles are manufactured with the help of IGBT. Additionally, government regulations regarding energy or fuel consumption are increasing. The demand for EVs/HEVs across the world is expected to grow as these vehicles are energy-efficient, environmentally friendly, and affordable. The high current and high voltage supplied in electric vehicles (EVs) and hybrid electric vehicles (HEVs) may cause technical difficulties in the usual electrical and electronic systems during power conversion in these vehicles; thus, IGBT is used to overcome these difficulties. IGBT modules are used in electric cars and hybrid vehicles as they require a higher level of reliability than conventional industrial purposes. The more reliability of IGBT modules in comparison with other systems is the primary factor fueling the growth of the market. According to Edison Electric Institute (EEI), the total EV sales in 2018 had raised up to 40% compared with the sales in 2017.
The report segments the global industrial battery market as follows: