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The global insulated gate bipolar transistor market size is expected to reach USD 11.24 billion by 2028. The growing popularity of hybrid vehicles will create colossal opportunities for the global market, in a report, titled, “Insulated Gate Bipolar Transistor (IGBT) Market Size, Share & COVID-19 Impact Analysis, By Voltage (Low Voltage, Medium Voltage, and High Voltage), By Application (Consumer Electronics, Industrial Manufacturing, Automotive (EV/HEV), Inverters/UPS, Railways, Renewables, and Others), and Regional Forecast, 2021-2028.” As per the report, the market size stood at USD 5.40 billion in 2020 and is expected to exhibit a CAGR of 9.8% between 2021 and 2028.
Due to the scarcity of materials amid the COVID-19 outbreak, the production of insulated gate bipolar transistors has been severely disrupted. Nevertheless, following the pandemic, the industry is projected to expand significantly because of increased clean energy adoption, increased demand for electric vehicles, and increased automation and industrial revolution.
Release of 7th-Generation X Series IGBT Module by Fuji to Augment Growth
Fuji Electric Co., Ltd., Pressure transmitters, flowmeters, gas analyzers, regulators, inverters, pumps, engines, ICs, motors, and power devices are all manufactured by this Japanese electrical equipment corporation. The company recently announced the commercial manufacturing of its HPnC*1 for the rail industry, which would be configured with a 7th-generation X Series IGBT*2 modules. The HPnC, a high-capacity IGBT module, has the ability to reduce power loss and save electricity. As per the company, the electric railway industry is projected to expand at a 6% annual pace, hitting about 50 to 60 billion yen in 2023. The bulk production of HPnC will have an outstanding effect on the IGBT market share. As HPnC has some of the industry's best low-loss performance, it will be highly efficient. Fuji Electric cut the internal inductance, which interferes with high-speed switching, by 76 percent compared to traditional devices by improving the kit configuration, resulting in low losses.
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Rapid Shift towards EVs to Favor IGBT Market Growth
Climate change and global warming are raising public understanding of energy supplies in all fields. The car industry is one of them, and as it moves on in its energy-saving mode, there is a growing market for electric vehicles (EVs) and hybrid cars. Considering government incentives, major automakers are planning to invest in the production of innovative electric vehicles. Users are now being compelled to move from conventional cars to electric vehicles due to increasing fuel costs. The demand for insulated gate bipolar transistors is expected to rise as a result of this. Hence, fostering this industry.
Mitsubishi Electric Corporation to Dominate the Market
As per the report, the market is dominated by several prominent companies. This includes corporations such as Hitachi, Mitsubishi Electric Corporation, Infineon Technologies AG, ABB Ltd., and Fuji Electric Co. Ltd. Major manufacturers are turning to emerging technology to create advanced transistors to meet growing automotive demand for high-power applications. Advanced automotive IGBTs based on medium and high-power modules are being developed by companies including Fuji Electric Co., Ltd., and Mitsubishi Electric Corporation. For instance, Mitsubishi Electric Corporation introduced the LV100-type T-series IGBT module for industrial applications in August 2020. The module helps power converters and inverters lose less power and take up less room. These converters and inverters are used in clean energy applications, including wind turbines, photovoltaic panels, and high-capacity motor drives.
The Report Lists the Key Companies in the Global Market:
Further Report Findings:
Leading Segment: Based on application, the market is grouped into consumer electronics, industrial manufacturing, automotive (EV/HEV), renewables, inverters/UPS, railways, and others (energy and power, traction, and others). Among this, the automotive sector is expected to hold a significant share on account of the increasing adoption of bipolar transistors in driving motors.
The global market is segmented in the following manner:
Value (USD Billion)
Voltage; Application; and Geography