Growing Demand For Power Electronics Is Estimated To Witness High Growth Owing To Electric Vehicles
IGBTs and Super Junction MOSFETs (Insulated Gate Bipolar Transistor and Super Junction MOS Field Effect Transistor) are widely used power semiconductor devices for a variety of applications including industrial motor drives, photovoltaic solar converters, variable frequency drives, electric vehicles, and others. IGBT and Super Junction MOSFET are preferred for power electronic applications due to their high switching speeds and lower switching losses compared to bipolar transistors. The devices allow for more efficient power management in a range of equipment from appliances to electric vehicles.
The global IGBT and Super Junction MOSFET Market is estimated to be valued at US$ 16178.23 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
One of the key drivers for the growth of the IGBT and Super Junction MOSFET Market is the rising demand for electric vehicles. The demand for electric vehicles has increased significantly over the past few years owing to stricter emission norms and government incentives and subsidies for electric vehicles adoption. IGBTs are widely used in electric vehicles for power conversion and delivery to electric traction motors. IGBT devices allow for higher switching frequencies and switching speeds in electric vehicles which results in more efficient power conversion and delivery. The growing electric vehicles market is expected to drive the demand for IGBTs and Super Junction MOSFETs during the forecast period. Moreover, developments in advanced IGBT modules with higher efficiency and switching speeds for EV traction inverters will further support the market growth.
SWOT Analysis
Strength: IGBT and Super Junction MOSFET offer high power density, low on-state resistance, fast switching speeds, high breakdown voltage ratings and low switching and conduction losses. These advantages make them ideal for industrial drives, consumer electronics, automotive and renewable energy applications. Their increasing adoption in electric and hybrid vehicles is expected to significantly boost market revenues.
Weakness: High initial costs involved in manufacturing IGBT/MOSFET devices. Requirement of high cost and complex fabrication processes. Voltage fluctuations during switching can cause failures.
Opportunity: Growing demand for green energy solutions and rising electrification of vehicles and industrial automation equipment present lucrative growth opportunities. Increasing adoption of power electronics in renewable energy generation farms and charging infrastructure for EVs open new avenues.
Threats: Availability of inexpensive substitutes poses competition. Trade wars and geopolitical tensions affecting supply chains is a challenge.
Key Takeaways
The IGBT And Super Junction MOSFET Market Size is expected to witness high growth over the forecast period driven by increasing demand for consumer electronics, electric vehicles and renewable energy solutions. The market size is projected to reach US$ 16178.23 Mn by 2023 from US$ 12360 Mn in 2022, registering a CAGR of 12% during 2023-2030.
Regional analysis: Asia Pacific dominates the global market and is forecast to maintain its leading position throughout the forecast period. This can be attributed to rapid industrialization, rising EV sales and growing renewable energy investments in major APAC economies like China and India. Europe and North America are other major regional markets driven by stringent emission norms driving EV uptake.
Key players: Key players operating in the IGBT and Super Junction MOSFET market are Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Ceregene Inc., BioTime Inc., Stemedica Cell Technologies, Inc., Neuralstem, Inc., and StemCells Inc. The market is consolidated in nature with top players accounting for over 50% share.
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