Insulated Gate Bipolar Transistors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Insulated Gate Bipolar Transistors market is expected to register a CAGR of 11.14% during the forecast period (2022 - 2027). COVID-19 had a significant impact on the global economy. The IGBT market was one such market. Additionally, the non-availability of the workforce affected the insulated gate bipolar transistor production capacity and market growth. Owing to the enforced lockdown, automobile manufacturers worldwide cut their orders as vehicle sales declined. However, in the second half of 2020, the restrictions were normalized, and the demand for power semiconductors returned to normal. Furthermore, According to WTS, the semiconductor industry is expected to increase by 10.36% to USD 601 billion in 2022 and all product categories will grow at an average pace in 2022.

• The increasing deployment of power device technologies is expected to strengthen the IGBT Market. IGBT is widely used in inverter applications in home appliances like refrigerators, air conditioners, and industrial motors to improve their efficiency.
• The broad application range of IGBTs has attracted 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.
• Companies in the market are doing various innovations to stronghold their market presence. For instance, in June 2021, Mitsubishi Electric Corporation announced the launch of T-series 2.0kV Insulated Gate Bipolar Transistor (IGBT) Module for Industrial use, the world's first IGBT1 with 2.0kV withstand voltage. The module is ideally suited to boost the efficiency and reduce the size of renewable-energy power converters, which are in high demand due to the growing use of renewable-energy power supplies.
• The rising demand for IGBT in wind and solar power applications will support market growth in the studied time frame. The IGBT delivers clear advantages in high-power converters, i.e., 500kW to multi-megawatt, well suited for solar and wind application. The increasing requirement for energy has forced the manufacturers to invent the latest Generation 7 IGBT technology, which has increased the efficiency and lower blocking voltage of the IGBTs. This is expected to reduce the semiconductor losses by about 38% in a wind turbine. This enables significant system cost reductions due to the lower overall current coupled with 40% lower cable losses or cabling costs.
• However, IGBT is not preferred for lower voltage ranges (less than 400 V). The Insulated gate bipolar ​transistor does not offer advantages compared to MOSFETs. It is also vulnerable to heat-related issues because it runs at high frequencies and under high power.
• With the exponentially growing number of smart devices and increasing digitization, the growing need for energy saving, weight saving, and equipment downsizing are primarily driving the market for discrete IGBT. Power losses in consumer goods have been identified to be the lowest in the case of discrete IGBTs, which is expected to be a significant factor in driving the growth of IGBTs.

Scope of the Report

The Insulated Gate Bipolar Transistors are semiconductor devices having three terminals. It has been developed by combining the best qualities of both BJT and Power MOSFET. It provides a steady electricity supply by reducing the congestion in the power supply, which leads to optimized power utilization. The market study focuses on the trends affecting the market for applications in multiple regions. The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry. Further, the study also tracks the impact of COVID-19 on the overall insulated gate bipolar transistors industry and its performance.

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Key Market Trends

Electric vehicle / Hybrid Electric Vehicles to Drive the Growth of IGBT

• The enormous growth in the EV market is anticipated to drive growth in the IGBT market. It is an integral part of electric vehicle power supplies, and developments in the field will decrease the cost and increase the range of electric vehicles.
• IGBT applications in electric and hybrid electric vehicles include power usage in powertrains and chargers for delivery and control of power regarding motors. The battery manufacturing capacity is expected to triple by the end of the projected timeframe due to numerous governments' stringent carbon dioxide emission regulations. According to International Energy Agency, sales of electric cars doubled in 2021 to 6.6 million, whereas the number of electric cars on the world's roads by the end of 2021 was about 16.5 million, triple the amount in 2018.
• Additionally, the development and innovation in the power devices and conversion architecture that fit automotive needs in terms of cost and reliability are expected to propel growth for the studied market. According to IEA, global plug-in electric light vehicle sales reached a 6.75 million units increase in 2021, which increased by 108% compared to 2020. This volume includes light trucks, light commercial vehicles, and passenger vehicles.
• The growing utilization of IGBT is propelling the demand for semiconductors which is anticipated to expand into the electrified vehicle. The rising opportunities in vehicle architecture for cooling, improved fuel efficiency, and shrinkage in power converter volume will support market growth. The EV and HEV are still in the initial phase of production, and the manufacturing companies are yet to realize the full potential of these vehicles.
• Companies like Infineon Technologies AG offers a range of robust 650 V IGBTs that will deliver the highest efficiency required for fast-switching automotive applications. The AEC-Q-qualified TRENCHSTOP 5 AUTO IGBTs are likely to lower power losses and enhance reliability in EV and HEV applications, like on-board charging, power factor correction, and DC/DC and DC/AC conversion.
• As a result, the market for IGBTs is expected to witness growth owing to the increasing utilization of these transistors to make EV and HEV more efficient and powerful, with lower power losses and enhanced reliability in EV and HEV applications. This could increase demand for IGBTs from the electric and hybrid electric vehicle segments in the projected timeframe.

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