How COVID-19 is impacting the IGBT & Thyristor Market

Get in-depth analysis of how COVID-19 is impacting the IGBT & Thyristor Market

The global IGBT market size is estimated to grow from USD 5.3 billion in 2020 to USD 6.6 billion by 2025, at a CAGR of 4.6%. On the other hand, the global thyristor market size is estimated to grow from USD 781 million in 2020 to USD 849 million by 2025; at a CAGR of 1.7%. Key factors fueling the growth of these markets are government initiatives undertaken in various countries toward the replacement of aging power infrastructure and the adoption of electric motors in industrial, commercial, and residual applications.

IGBT module packaging type segment accounted for a large market share in 2019

The growth of the IGBT module packaging market can be attributed to the increasing adoption of electric and hybrid electric vehicles all over the world. IGBT modules are suitable for high-power applications, such as EVs/HEVs. Countries such as Germany, the US, China, and Belgium have contributed significantly to the global sales of EVs/HEVs. Moreover, governments across the globe are taking initiatives to promote the use of HVDC systems for long-distance power transmission is fueling the demand for IGBT modules. These factors are expected to fuel the growth of the segment during the projected period.

Medium power rating segment accounted for the largest share of the IGBT industry in 2019

The market for medium power rating accounted for the majority of the global IGBT market share in 2019. This growth is attributed to the ability of medium-power IGBTs to meet the increasing requirements for high-voltage direct current (HVDC) systems, flexible alternate current transmission systems (FACTS), and electric vehicles and hybrid electric vehicles (EVs/HEVs). Increasing environmental concerns and government initiatives to reduce carbon emissions have surged the demand for EVs/HEVs, thereby leading to the growing demand for medium-power IGBTs

The IGBT market for electric vehicles and hybrid electric vehicles is expected to grow at the highest CAGR during the forecast period

The market for electric vehicles and hybrid electric vehicles is expected to grow at the highest CAGR during the forecast period owing to the increasing demand for EVs/HEVs due to their energy-efficiency, environmental friendliness, and affordability. Moreover, initiatives taken by the governments of developing countries to minimize CO2 emissions is likely to further drive the demand for EVs and HEVs in the near future. For instance, the Indian government offers a subsidy of USD 1.4 billion to support the domestic electric vehicle industry, which, in turn, would provide lucrative growth opportunities to IGBT manufacturers.

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APAC IGBT market expected to grow at the highest CAGR during the forecast period

The market in this region has been studied for China, Japan, South, Korea, India, and Rest of APAC. The growth of the APAC market can be attributed to the considerable manufacturing capabilities and high wind & solar power generation capabilities of the region.

The presence of countries such as China and India with a high population and sufficient manufacturing capacities has contributed significantly to market growth. Moreover, the flourishing market for EVs/HEVs in countries such as China, Japan, India, and South Korea is expected to drive the market in APAC. China contributes the largest share to the sales of EVs/HEVs, and countries such as India have offered subsidies to support the domestic EV/HEV manufacturers.

Infineon Technologies AG (Germany), Fuji Electric Co., Ltd. (Japan), ON Semiconductor (US), Mitsubishi Electric Corporation (Japan), STMicroelectronics (Switzerland), Renesas Electronics Corporation (Japan), Vishay Intertechnology (US), ABB Ltd (Switzerland), SEMIKRON (Germany), Hitachi, Ltd. (Japan), and Toshiba Corporation (Japan) are a few major companies operating in the global IGBT & thyristor market. These companies have adopted both organic and inorganic growth strategies such as product launches, partnerships, collaborations, contracts, agreements, acquisitions, and expansions to strengthen their position in the market.

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