The IGBT market was valued at USD 5.4 billion in 2019, and it is expected to reach USD 9.38 billion by 2025, at a CAGR of 9.66%, during the forecast period (2020-2025). The broad application range of IGBTs lured several new companies to venture into the market. IGBT activates/modifies electrical energy in several modern appliances, such as cookers, microwaves, electric cars, trains, variable-frequency drives (VFDs), variable speed refrigerators, air conditioners, lamp ballasts, municipal power transmission systems, and stereo systems, which are well-equipped with switching amplifiers.

• Driven by carbon emission regulation, the automobile market is moving toward electrification of powertrains in electric and hybrid vehicles (EV/HEV), where conduction and switching losses are significantly reduced, having a direct impact on the overall efficiency.
• Sales of electric cars in Europe, North America, and China are creating new avenues for IGBTs to support infrastructure and for manufacturing EV. Thus, the stance of IGBT in the market is further strengthened.
• IGBTs could not penetrate into the market for lower voltage ranges (<400 V), as they do offer any major advantage compared to MOSFETs. It cannot deal with limited free-wheeling current since it lacks body-drain diode and a large current tail. IGBTs are vulnerable to heating issues because they run at very high frequencies and under high power. Thermal characterization helps to optimize the IGBTs layout, structure, and mounting to optimize its performance.