NEW YORK , Sept. 19, 2023 /PRNewswire/ — The IGBT market is expected to experience significant growth, with a compound annual growth rate (CAGR) of 12.3% from 2022 to 2027. This expansion is expected to significantly increase the market size to US$7.29 billion. Comprehensive market analysis shows that the key drivers for this strong growth are growing government support for electric and hybrid vehicles, strong demand for energy-efficient electronics and the rise of high-voltage DC power lines. Download a free sample report here.
The IGBT market report covers the period 2022 to 2027 and covers an extensive study of market segments including products (IGBT module and discrete IGBT), application (electric or hybrid electric vehicles, industrial drives, electric drives, home appliances, etc.) and geography (Asia). Pacific, Europe, North America, South America, Middle East and Africa). Additionally, the report provides detailed analysis of key drivers, trends, challenges, and historical market data from 2017 to 2021.
Increasing demand for energy-efficient electronic products is a key driver for the growth of the IGBT market. Governments around the world are implementing policies such as energy efficiency standards to ensure environmental sustainability and reduce energy consumption. This has prompted manufacturers to develop energy-saving products. Efficient use of energy is essential for sustainable development, reducing carbon emissions and reducing energy consumption in various sectors. This has led to an increase in demand for power electronics such as IGBTs, which provide stable power to applications, thereby increasing the efficiency and lifespan of equipment. This trend is expected to propel the market forward. For more information on market drivers, get a free sample report today.
An important trend in the semiconductor market is the consolidation of semiconductor devices, driven by the desire for digitalization in various industries. This involves integrating components such as sensors, ICs and microcontrollers with IGBT devices to improve control and efficiency. This integration is expected to improve performance and provide valuable information for further improvements. As a result, IGBTs and other semiconductor devices become more reliable and efficient, which ultimately contributes to the growth of the market over the forecast period.
One of the challenges affecting the growth of the IGBT market is the increasing competition from wide bandgap (WBG) semiconductor materials such as silicon carbide (SiC) and gallium nitride (GaN). These wide bandgap materials provide higher performance and can operate at higher voltages, temperatures and higher switching frequencies. Compared to silicon IGBT devices, SiC and GaN are more energy efficient and reduce system costs.
Asia Pacific (APAC) region is expected to play a major role, contributing 50% to the IGBT market growth during the forecast period. Rapid industrialization and growing adoption of renewable energy and electric vehicles (EVs) in developing countries in the Asia-Pacific region have brought prominence to this market. Moreover, the demand for energy-saving solutions in industrial and consumer segments is a key factor enabling the region to capture a huge share in the global IGBT market. Notably, China and Japan are major contributors to this market as they are the main suppliers of IGBT products to global companies.
Companies in the IGBT market are adopting various strategies including strategic alliances, partnerships, mergers and acquisitions, geographic expansion and product/service launches to expand their market presence. Among the well-known market players:
UK – High Voltage Direct Current (HVDC) Transmission Market: The UK High Voltage Direct Current (HVDC) transmission market size is expected to grow at a CAGR of 8.03% from 2022 to 2027. The market size is expected to grow by US$363.9 million.
Market of variable frequency drives (VFDs). The global variable frequency drive (VFD) market size is expected to grow by US$7.1241 billion between 2022 and 2027, growing at a compound annual growth rate (CAGR) of 5.5%.
Technavio is a leading global technology research and consulting company. Their research and analysis focuses on emerging market trends and provides actionable information that helps businesses identify market opportunities and develop effective strategies to optimize their market position.
With over 500 professional analysts, Technavio’s report library contains over 17,000 reports and continues to grow, covering 800 technologies in 50 countries. Their customer base includes businesses of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, extensive research and actionable market intelligence to identify opportunities in existing and potential markets and assess their competitive position in evolving market scenarios.
Technavio Research Jesse Maida Head of Media and Marketing US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
A report on the satellite Internet market has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proud…
“By end user (IT and telecom, BFSI, healthcare, retail and e-commerce, etc.), by component (solutions and…
Post time: Oct-07-2023