The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including IGBT Market. 

It was estimated prior to this unanticipated outbreak IGBT Market will reach CAGR of 4.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.

IGBT Market Insights

IGBT market is likely to witness a healthy CAGR of 4.5% during the forecast period. The global IGBT market is driven by a host of factors such as increasing demand for factory automation, power efficiency improvements, organic growth of the solar and wind energy sectors, electrification of railways, incessant shift to EVs to curb emissions and high growth in consumer appliances along with the growing demand for inverters.

Market Share Analysis

IGBT Market Share: By Packaging Type

Based on the packaging type, the market is segmented as discrete and module. IGBT module held the larger share of the market in 2019, owing to its wider applications as application of discrete solution is limited mostly up to 50kVA power range, whereas modules are used for medium to high power levels.

IGBT Market Share: By Power Rating Type

Based on the power rating type, the IGBT market is segmented as low, medium, and high. The medium power rating segment is expected to capture the largest share of the market during the forecast period, owing to high preference of IGBT for the medium power segment.

IGBT Market Share: By Application Type

Based on the application type, the market is segmented as power transmission systems, renewable energy, rail traction systems, EV/HEV, motor drives, consumer electronics, and others. The motor drives segment is expected to remain largest, whereas EV/HEV is projected to be the fastest-growing segment of the market during the forecast period, owing to their organic growth thrusted by stringent emission regulations and several government initiatives.

IGBT Market Share: By Region

In terms of regions, Asia-Pacific is expected to remain the dominant as well as the fastest-growing region in the market over the coming five years owing to the fastest-growing EV/HEV market, the largest consumer electronics, solar and wind energy sectors, and growing industrial automation in the region. Industrialization, urbanization, and increasing disposable income in the emerging economies will continue to propel the demand for IGBT in the region during the forecast period. Organic growth of automotive industry with increasing penetration of electric vehicles to reduce carbon emissions is also likely to boost the demand for IGBT products in the region.