The Global IGBT Market is projected to grow at CAGR of 8.13% between 2017 and 2023
The recent study on the global IGBT market covers an in-depth analysis of the market on the basis of type, power rating, industry vertical, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Global IGBT Market – Forecasts from 2018 to 2023”, the market is expected to increase from US$6.217 billion in 2017 to US$9.939 billion by 2023, at a CAGR of 8.13% during the projected period. The report has segmented the global IGBT market by type (discrete IGBT, modular IGBT), power rating (high-power, medium-power, low-power), industry vertical (energy and power, consumer electronics, automotive, travel and transportation, others) and by geography such as North America (United States, Canada, Mexico, others), South America (Brazil, Argentina, others), Europe (Germany, France, United Kingdom, Spain, others), Middle East and Africa (Saudi Arabia, Israel, others), and Asia Pacific (China, Japan, South Korea, India, others). The popularity of IGBT modules has been increasing on account of its low loss characteristics, wide safety operation area, simple configuration, and relatively better reliability. The growing global effort to shift towards clean energy and to simultaneously optimize energy consumption has resulted in increasing investment in wind and solar power generation which are increasingly using inverter systems based on IGBT modules. Moreover, the investment in the development of new projects is increasing in which rail-based transportation are being constructed, more specifically in the developing regions, at a rapid pace in order to manage the ever the increasing traffic volume, thus, further supplementing the demand for high power IGBT modules.
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The growing production of the electric vehicle is driving the automotive IGBT market.
The automotive manufacturers are increasing the electronic content within the vehicles, which typically operates at voltages above 100V, thus pushing the demand for IGBT on account of its ability to reduce energy loss and ensure robust performance. Simultaneously, the global trend of shifting towards eco-friendly vehicle is leading to growing production of electric vehicles, which in turn, is increasing the demand for IGBT modules. In fact, the global sales of new electric cars surpassed 1 million vehicles in 2017, increasing by 54% as compared to 2016 (source: International Energy Agency), thus, providing an incentive to manufacturers to further boost the production of electric vehicles over the coming years.
Asia Pacific IGBT market is estimated to grow rapidly during the forecast period.
The Asia Pacific IGBT market is estimated grow at an impressive CAGR during the forecast period on account of growing production of electric vehicles. Simultaneously, the rising investment in renewable energy is leading to growing manufacturing of inverters and power systems based on IGBT modules in the region.
Some of the major players discussed in the reports are Danfoss, ABB, Infineon Technologies, Fuji Electric Co., Ltd, and ROHM Semiconductor, among others.
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