Pune, India, July 14, 2021 (GLOBE NEWSWIRE) — The global insulated gate bipolar transistor market size is expected to reach USD 11.24 billion by 2028, exhibiting a CAGR of 9.8% during the forecast period. The increasing demand for IGBT from high voltage applications such as motor drive inverters, solar inverters, uninterruptible power supplies (UPS), and others will boost the market growth. As per a report by Fortune Business Insights™ titled, “Insulated Gate Bipolar Transistor (IGBT) Market, 2021-2028.” the market size stood at USD 5.40 billion in 2020.
The coronavirus epidemic had a major effect on the semiconductor industry. The global supply chain instability caused by the closing of international borders adversely affected the semiconductor chip demand. According to a survey by Accenture Plc, the semiconductor industry’s annual sales growth was expected to be 12.5 percent in 2020, but due to pandemic crises, it was only 9%. However, insulated gate bipolar transistor industry growth will likely be driven by an uptick in demand for cloud and data center services as a result of the rise in remote working during the COVID-19 Pandemic.
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The Report Lists the Main Companies in IGBT Market:
- Infineon Technologies AG (Munich, Germany)
- Danfoss Group (Nordborg, Denmark)
- ROHM CO., LTD (Kyoto, Japan)
- Hitachi, Ltd. (Tokyo, Japan)
- ABB Ltd (Zürich, Switzerland)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Fuji Electric Co., Ltd. (Tokyo, Japan)
- Toshiba Corporation (Tokyo, Japan)
- LITTELFUSE, INC. (Illinois, United States)
- StarPower Semiconductor Ltd. (Jiaxing, China)
REPORT SCOPE & SEGMENTATION:
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||9.8%|
|2028 Value Projection||USD 11.24 Billion|
|Market Size in 2020||USD 5.40 Billion|
|Historical Data for||2017 to 2019|
|No. of Pages||130|
|Tables, Charts & Figures||43|
|Segments covered||Voltage; Application; and Region|
|Growth Drivers||Rising Demand from Automotive Industry to Promote Market Growth|
|Surging Demand for Electric Vehicles is Driving the Market Growth|
|Rapid Adoption of Automation to Boost IGBT Application in Industrial Manufacturing|
|Pitfalls & Challenges||Design Complexities to Hamper Market Growth|
Based on the voltage, the market has been divided into low voltage, medium voltage, and high voltage. Based on the application, the market is classified into consumer electronics, industrial manufacturing, automotive (EV/HEV), inverters/UPS, railways, renewables, and others. Geographically, the market is classified into five major regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
What does the report include?
The market report presents a detailed analysis of the market, primarily focusing on growth trajectories such as drivers, restraints, challenges, and opportunities. It lists the segments of the market in detail and the names of market players as well. The key industrial insights and major strategies adopted by players such as merger and acquisition, company collaborations, and others are also presented in the market, along with other insulated gate bipolar transistor market trends.
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Rising Demand from Automotive Industry to Promote Market Growth
The increasing demand for alternative current (AC) in driving engines these days is a major factor promoting the overall IGBT market growth in the forecast period. Additionally, the rise in popularity of electric vehicles and increasing investments are also expected to help accelerate the overall market size in the forthcoming years. Besides this, the surge in fuel prices is also increasing the demand for electric vehicles, creating lucrative growth opportunities from the automotive sector. It is further expected to help generate high IGBT module market revenue in the coming years. Furthermore, the advancement in technology and the advent of artificial intelligence and the Internet of Things will further help augment the overall market growth in the coming years.
Rapid Adoption of Electric Vehicles to Aid Development in Asia Pacific
North America is expected to hold a significant insulated gate bipolar transistor market share. The increasing awareness about renewable resources and their implementation in various industries will aid expansion in the region. On the other hand, the Asia Pacific market is anticipated to emerge as the fastest-growing region on account of China’s rapid pace of electric vehicle adoption. This region held a revenue of USD 2.37 billion in 2020. Additionally, government initiatives are also helping in the promotion of electric vehicles. This is further anticipated to help increase the regional market size in the coming years.
Company Collaborations and Research and Development Activities to Bode Well for Market
Currently, a handful of companies are collectively contributing to the IGBT market share. These companies include Fuji Electric Co. Ltd., Hitachi, ABB Ltd., Infineon Technologies AG, and Mitsubishi Electric Corporation. Furthermore, intense research and development, company collaborations, and research and development strategies adopted by players are further predicted to help attract high IGBT device market revenue in the forthcoming years. For instance, in July 2020, ABB Ltd and Hitachi signed a partnership contract worth USD 11 billion, as “Hitachi ABB Power Grids Ltd.” The joint venture will focus on electric mobility, industry and Information Technology (IT), and smart life.
Key Industry Development
March 2021: Toshiba Corporation announced its plans to invest in enhancing its production capacity for power devices such as low-voltage metal-oxide-semiconductor field-effect transistors (MOSFETs) and insulated gate bipolar transistors.
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Detailed Table of Content
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Insulated Gate Bipolar Transistor Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
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