Insulated Gate Bipolar Transistors (IGBTs) Market Size, Share, Growth Analysis, By Type(IGBT modules and discrete IGBTs), By End Use(Industrial, renewable energy, transportation, and consumer electronics), By Region - Industry Forecast 2024-2031

Insulated Gate Bipolar Transistors (IGBTs) Market size was valued at USD 8.88 billion in 2022 and is poised to grow from USD 9.76 billion in 2023 to USD 20.77 billion by 2031, growing at a CAGR of 9.90% during the forecast period (2024-2031).

IGBT market is highly competitive, with several prominent players vying for market share. Some of the major players in the market are investing in research and development to develop new and innovative products, expand their product portfolios, and improve their market positions. They are also engaging in strategic collaborations and partnerships with other companies to expand their customer base and enter new markets. Additionally, the IGBT market is witnessing increasing consolidation, with several mergers and acquisitions taking place to consolidate market share and gain a competitive edge. For instance, in September 2021, Infineon Technologies announced its acquisition of Cypress Semiconductor Corporation to expand its portfolio of high-performance solutions for the automotive, industrial, and consumer markets. 'Apple Inc. (US)', 'Microsoft Corporation (US)', 'Amazon.com, Inc. (US)', 'Alphabet Inc. (US)', 'Facebook, Inc. (US)', 'Alibaba Group Holding Limited (China)', 'Tencent Holdings Limited (China)', 'Samsung Electronics Co., Ltd. (South Korea)', 'Intel Corporation (US)', 'Cisco Systems, Inc. (US)', 'Visa Inc. (US)', 'Mastercard Incorporated (US)', 'Johnson & Johnson (US)', 'Procter & Gamble Co. (US)', 'Nestle S.A. (Switzerland)', 'PepsiCo, Inc. (US)', 'Toyota Motor Corporation (Japan)', 'Volkswagen AG (Germany)', 'BMW AG (Germany)', 'Daimler AG (Germany)'

The growing demand for energy-efficient solutions in various sectors, such as renewable energy, transportation, and industrial automation, is driving the growth of the insulated gate bipolar transistors (IGBTs) market. IGBTs are widely used in these applications because of their high efficiency and ability to handle high voltages and currents. For example, in the renewable energy sector, IGBTs are used in solar and wind power inverters to convert DC power into AC power.

Increasing adoption of electric vehicles: The increasing adoption of electric vehicles (EVs) is a major trend driving the growth of the IGBTs market. IGBTs are used in EVs to control the flow of power from the battery to the motor. With the increasing adoption of EVs, the demand for IGBTs is expected to grow significantly in the coming years.

Asia-Pacific dominated the market, with China and Japan being the major contributors to the regional growth. The increasing adoption of renewable energy sources, such as wind and solar power, in China and India, is expected to drive the demand for IGBTs in these regions, as IGBTs are a critical component of power electronics systems used in renewable energy infrastructure. Furthermore, the growing demand for electric vehicles in Asia-Pacific is also expected to contribute significantly to the growth of the IGBT market. Electric vehicles require efficient power electronics systems, and IGBTs play a crucial role in enabling the high-efficiency power conversion required for electric vehicle operation. This is expected to create a significant demand for IGBTs in the region, driving the growth of the market.