Global IGBT and Super Junction MOSFET Market Is Estimated To Witness High Growth Owing To Increasing Demand for Power Electronics and Renewable Energy Sources
The Global IGBT and Super Junction MOSFET market is estimated to be valued at US$ 12,782.8 million in 2021 and is expected to exhibit a CAGR of 12.5% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The IGBT (Insulated Gate Bipolar Transistor) and Super Junction MOSFETs are essential components of power electronics. They are widely used in various applications such as industrial motor drives, electric vehicle powertrains, renewable energy systems, consumer electronics, and many more. IGBTs and Super Junction MOSFETs offer high power density, low power losses, and high efficiency, making them an ideal choice for these applications. The increasing demand for power electronics and renewable energy sources is driving the growth of the IGBT and Super Junction MOSFET market.
B) Market Dynamics:
Two key drivers accelerating the growth of the IGBT and Super Junction MOSFET market are:
1. Increasing demand for power electronics: With the rapid advancement in technology, the demand for power electronics is skyrocketing. Power electronics play a vital role in energy conversion and management, making it an essential part of various industries. The high efficiency and reliability offered by IGBTs and Super Junction MOSFETs make them perfect for power electronics applications, driving their demand in the market.
2. Growing adoption of renewable energy sources: The global focus on reducing carbon emissions and transitioning towards sustainable energy sources has led to a significant increase in the adoption of renewable energy systems. IGBTs and Super Junction MOSFETs are widely used in wind turbines, solar inverters, and other renewable energy systems to convert and control electrical power. The increasing installations of renewable energy systems around the world are fueling the demand for IGBTs and Super Junction MOSFETs.
C) Segment Analysis:
The IGBT and Super Junction MOSFET market can be segmented based on type, application, and region. In terms of type, the IGBT segment dominated the market in 2021 and is expected to continue its dominance over the forecast period. The IGBTs offer high current-carrying capacity and low on-state voltage drop, making them suitable for high-power applications. In terms of application, the industrial segment dominated the market in 2021, owing to the increasing demand for motor drives, industrial automation, and power supplies.
D) PEST Analysis:
– Political: The government policies and regulations regarding energy efficiency and carbon emissions play a crucial role in driving the demand for IGBTs and Super Junction MOSFETs. Favorable government initiatives and incentives for renewable energy sources are boosting the market growth.
– Economic: The overall economic growth and industrial development in various regions contribute to the market growth of IGBTs and Super Junction MOSFETs. The increasing investments in infrastructure development and renewable energy projects create a favorable environment for market growth.
– Social: The growing awareness among consumers regarding the importance of sustainable energy and the environmental impact of traditional energy sources is driving the demand for renewable energy systems, thereby boosting the market for IGBTs and Super Junction MOSFETs.
– Technological: Continuous advancements in semiconductor technology, such as the development of advanced packaging techniques and material innovations, are driving the performance and efficiency of IGBTs and Super Junction MOSFETs, further fueling the market growth.
E) Key Takeaways:
– The Global IGBT and Super Junction MOSFET Market is expected to witness high growth, exhibiting a CAGR of 12.5% over the forecast period, due to increasing demand for power electronics and renewable energy sources.
– The Asia Pacific region is expected to be the fastest-growing and dominating region in the market, driven by the rapid industrialization, urbanization, and government initiatives for clean energy adoption.
– Key players operating in the global IGBT and Super Junction MOSFET market are Infineon Technologies AG, Vishay Intertechnology, Inc., Mitsubishi Electric Corporation, STMicroelectronics N.V., Fuji Electric Co. Ltd., Toshiba Corporation, Hitachi Power Semiconductor Device Ltd., Fairchild Semiconductor International, Inc., Semikron Elektronik GmbH & Co. KG, and ABB Ltd.
In conclusion, the increasing demand for power electronics and renewable energy sources is fueling the growth of the global IGBT and Super Junction MOSFET market. With the advancements in technology and the emphasis on sustainability, the market is expected to witness significant growth in the coming years.
