Insulated Gate Bipolar Transistor Market Forecast to Reach $11 Billion by 2025

The Insulated Gate Bipolar Transistor Market is forecast to reach $11 billion by 2025, growing at a CAGR of 8% in the period 2019-2025. IGBT has been witnessing significant growth in automotive sector, owing to adoption of electric vehicle. The reduction in the cost of electric vehicle due to technological advancement and the reduced battery price has increased the demand for electric vehicle since 2016. The production of electric vehicle is expected to increase by 28% during 2018-2022, that will account for the sale of 14.8 million electric vehicle by 2020.

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Insulated Gate Bipolar Transistor Market Segment Analysis - By Application

The automotive sector is estimated to grow at a CAGR of 13% during the forecast period 2019-2025. According to IEA’s 2019 data revealed that the new electric car sales has witnessed an increase from 203 thousand units in 2013 to 1,872 thousand units in 2018 owing to which the IGBT market is growing at astonishing speed. EV adoption has been increasing tremendously owing to government regulations for controlled emission driving, along with economical features that EV offers compared to diesel and petrol vehicles. Similarly, government in many countries are taking several initiatives to promote electric vehicles. For instance, in 2019, Indian government is preparing proposal to accelerate the use of electric vehicle through subsidy.

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Insulated Gate Bipolar Transistor Market Segment Analysis - By Geography

APAC IGBT market is analyzed to witness the highest growth rate during 2019-2025. The IGBT market in this region is mainly driven by the rising production of electric vehicles. In 2018, the production of the electric vehicle in this region has grown by 75% as compared to 2016. Governments in countries like India, China, and Japan are promoting electric vehicle through various programs. For instance, in 2019, China government is in plans to introduce a credit system, wherein automakers are required to earn credits on EV production, if they wish to manufacture conventional vehicle. The increasing production of the EVs in the country will increase the use of the IGBT and will have a positive impact on the market. Moreover, increasing number of startups developing new technologies to enhance the battery performance and focus on the charging solutions will augment the demand for IGBT in this region. Furthermore, the technological advancements happening in the consumer electronics where the use of IGBT is seen in different applications such as in inverters & UPS would boosts the IGBT market in this region. For instance, consumer electronics market in China is likely to witness growth between 10%-15% during 2019-2025. This growth is likely to bring new opportunity for IGBT market in the China.

Insulated Gate Bipolar Transistor Market Drivers

Increased production of electric vehicles due to stringent emission norms and improved charging infrastructure:

EU has recently announced the implementation of new regulation (EU) 2019/631 which majorly focused on reducing CO2 emission from vehicles. Implementation of this regulation is anticipated to negatively impact the production of vehicles that run on fuel. Considering this, the automotive manufactures are planning to increase the production of EVs which will gradually increase the use of IGBTs. Similarly, Increasing investments and initiatives of setting-up new charging centers by the key players such as charge Point, Electrify America and Volkswagen are significantly contributing towards the growth of the electric vehicles charging station market. In 2019, Charge Point and Electrify America partnered with a plan of investing $2 billion to set up 30,000 Level 2 and DC fast charging stations in the U.S. In June 2019, Volkswagen planned to set-up 484 electric vehicle station with more than 2,000 charging dispensers across U.S.

Introduction of new design concept in IGBT:

Various vendors are now focusing on introduction of new designs to enhance the performance of IGBT. The new design concepts called filed stop and buried layer (BL) in IGBTs will help in providing effective measures for reducing the switching loss in power applications. The combination of these technologies in manufacturing process is anticipated to further improve the performance of the IGBTs.

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Insulated Gate Bipolar Transistor Market Challenges

Use of SiC MOSFETs in place of IGBT in power switching applications:

As the demand for the solar inverters is growing by about 30% each year, the manufacturers are switching towards the use of the SiC MOSFET which is considered as an alternative for IGBT. The use of SiC MOSFET in solar inverters is anticipated to reduce the cost of the inverter and help in increasing the efficiency of the inverters by 1%-2%. The increasing usage of SiC MOSFET will even help in reducing the power loss by 75%. The manufactures of the SiC MOSFET are planning to implement advanced technology in the manufacturing process which can help in reducing the price of products.

Market Landscape

IGBT market is highly fragmented with the presence of large number of regional and global vendors. Key vendors are offering customized products to gain benefit over local manufacturers. Major vendors are tapping into the new application areas such as electric vehicle, drives, and others. Major players such as ROHM and Renesas Electric Corporation are focusing on the introduction of the new products. ROHM has recently introduced four new automotive-grade 1200V-rated IGBTs which are ideal for inverters used in electronic compressors, and for switching circuits used in positive temperature coefficient (PTC) heaters. Introduction of new automotive-grade series products by ROHM, that are mainly used in inverters and other applications that help in increasing the efficiency of the products and are anticipated to show a positive impact on company’s revenue. The major players in the IGBT market are Renesas Electronics Corporation, Infineon Technologies AG, Fuji Electric Co. Ltd., ROHM Co. Ltd., SEMIKRON International GmbH, Mitsubishi Motors Corporation, Toshiba Corporation, Hitachi, Ltd. and other.

Partnerships/Mergers/Acquisitions

In 2016, Littelfuse acquired ON Semiconductor Corporation’s transient voltage suppression (“TVS”) diodes, switching thyristors and insulated gate bipolar transistors segments for a sum of $104m to expand its role in the insulated gate bipolar transistor market.

R&D Investments/Funding

Toyota Central R&D Labs Inc., is in the process of developing new design concept for improving the characteristics of IGBTs. The Toyota Central R&D Labs Inc., mentioned that the new IGBTs are provided with the concept of the field-stop IGBT which are effective in reducing the on-state voltage.

Insulated Gate Bipolar Transistor Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the IGBT market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the specific applications in consumer electronics, Industrial Motor drives, Inverters & UPS, and Automotive, HVAC, Renewable Energy.

Key Takeaways

Implementation of new policies such as credit score on manufacturing of the electric vehicles and new government regulations for the reduction of the CO2 is anticipated to increase the production of the electric vehicle which is set to increase the usage of IGBT which will impact the growth of IGBT market.

The increasing focus and investments in R&D for new IGBT chip and module which helps in reducing the power consumption, and improve chip density, thermal resistivity and efficiency would further strengthen the position of IGBT market.

APAC holds a major share of IGBT market. The growth of the market is this region is driven by the increasing number of startups which are focusing on introducing new technologies which will enhance the performance of the battery of the EVs is driving the IGBT market.

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