Global IGBT Power Module
Market Report
2024
The global IGBT Power Module market size will be USD 2814.2 million in 2024. Increasing demand for energy-efficient power systems is expected to boost sales to USD 6029.46 million by 2031, with a Compound Annual Growth Rate (CAGR) of 11.50% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global IGBT Power Module market size will be USD 2814.2 million in 2024. It will rise at the compound annual growth rate (CAGR) of 11.50% from the year 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global IGBT Power Module Market Sales Revenue 2024 | $ 2814.2 Million |
Global IGBT Power Module Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.5% |
North America IGBT Power Module Market Sales Revenue 2024 | $ 1125.68 Million |
North America IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.7% |
United States IGBT Power Module Sales Revenue 2024 | $ 888.16 Million |
United States IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.5% |
Canada IGBT Power Module Sales Revenue 2024 | $ 135.08 Million |
Canada IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.5% |
Mexico IGBT Power Module Sales Revenue 2024 | $ 102.44 Million |
Mexico IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.2% |
Europe IGBT Power Module Market Sales Revenue 2024 | $ 844.26 Million |
Europe IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10% |
United Kingdom IGBT Power Module Sales Revenue 2024 | $ 141.84 Million |
United Kingdom IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.8% |
France IGBT Power Module Sales Revenue 2024 | $ 77.67 Million |
France IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.2% |
Germany IGBT Power Module Sales Revenue 2024 | $ 167.16 Million |
Germany IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.2% |
Italy IGBT Power Module Sales Revenue 2024 | $ 72.61 Million |
Italy IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.4% |
Russia IGBT Power Module Sales Revenue 2024 | $ 130.86 Million |
Russia IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9% |
Spain IGBT Power Module Sales Revenue 2024 | $ 69.23 Million |
Spain IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9.1% |
Rest of Europe IGBT Power Module Sales Revenue 2024 | $ 130.86 Million |
Rest of Europe IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.7% |
Asia Pacific IGBT Power Module Market Sales Revenue 2024 | $ 647.27 Million |
Asia Pacific IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13.5% |
China IGBT Power Module Sales Revenue 2024 | $ 291.27 Million |
China IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13% |
Japan IGBT Power Module Sales Revenue 2024 | $ 89.32 Million |
Japan IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 12% |
Korea IGBT Power Module Sales Revenue 2024 | $ 64.73 Million |
Korea IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 12.6% |
India IGBT Power Module Sales Revenue 2024 | $ 77.67 Million |
India IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 15.3% |
Australia IGBT Power Module Sales Revenue 2024 | $ 33.66 Million |
Australia IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13.2% |
Rest of APAC IGBT Power Module Sales Revenue 2024 | $ 45.96 Million |
Rest of APAC IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 13.3% |
South America IGBT Power Module Market Sales Revenue 2024 | $ 140.71 Million |
South America IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.9% |
Brazil IGBT Power Module Sales Revenue 2024 | $ 60.22 Million |
Brazil IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.5% |
Argentina IGBT Power Module Sales Revenue 2024 | $ 23.64 Million |
Argentina IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.8% |
Colombia IGBT Power Module Sales Revenue 2024 | $ 12.52 Million |
Colombia IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.7% |
Peru IGBT Power Module Sales Revenue 2024 | $ 11.54 Million |
Peru IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.1% |
Chile IGBT Power Module Sales Revenue 2024 | $ 10.13 Million |
Chile IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.2% |
Rest of South America IGBT Power Module Sales Revenue 2024 | $ 22.65 Million |
Rest of South America IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10% |
Middle East and Africa IGBT Power Module Market Sales Revenue 2024 | $ 56.28 Million |
Middle East and Africa IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.2% |
Turkey IGBT Power Module Sales Revenue 2024 | $ 4.84 Million |
Turkey IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.7% |
Nigeria IGBT Power Module Sales Revenue 2024 | $ 5.91 Million |
Nigeria IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.3% |
Egypt IGBT Power Module Sales Revenue 2024 | $ 5.91 Million |
Egypt IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 11.5% |
South Africa IGBT Power Module Sales Revenue 2024 | $ 8.89 Million |
South Africa IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 12.2% |
GCC Countries IGBT Power Module Sales Revenue 2024 | $ 24.09 Million |
GCC Countries IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 12% |
Rest of MEA IGBT Power Module Sales Revenue 2024 | $ 6.64 Million |
Rest of MEA IGBT Power Module Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 10.2% |
Market Drivers:
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Market Restrains:
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Market Trends:
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Market Split by Type |
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Market Split by End-use |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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IGBT Power Module Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
An IGBT power module is a semiconductor device that amalgamate the high efficiency of a MOSFET with high current and the voltage handling capabilities of a bipolar transistor, enabling efficient power switching and control in various applications. The IGBT (Insulated Gate Bipolar Transistor) power module market plays an important role in enabling efficient energy conversion and management across various industries. IGBT power modules combine the high-speed switching capabilities of MOSFETs with the high current and voltage handling capacity of traditional bipolar transistors, making them ideal for applications that need high efficiency and low power loss. These modules are widely used in electric vehicles (EVs), renewable energy systems, industrial motors, consumer electronics, and power grids. With the global shift toward the energy efficiency and the rising adoption of electric vehicles, demand for IGBT power modules is steadily increasing. Additionally, advancements in smart grids and the growing focus on the renewable energy sources like wind and solar power are further driving the market. The integration of IGBT modules in 5G infrastructure and next-generation devices also promises to expand the market in the coming years.
In April 2021, Cissoid announced the expansion of its 3-Phase Silicon Carbide (SiC) MOSFET Intelligent Power Module (IPM) product line. The company introduced liquid-cooled modules designed for E-mobility applications. (Source: https://www.cissoid.com/products/intelligent-power-modules)
The growing adoption of renewable energy sources, such as solar and wind power, significantly drives the market for Insulated Gate Bipolar Transistor (IGBT) power modules. Renewable energy systems require efficient power conversion and management to ensure optimal performance and stability. IGBTs are crucial in these applications due to their high efficiency, fast switching capabilities, and reliability. As renewable energy installations rises, the demand for IGBT power modules in inverters and other power conversion systems rises. Additionally, governments worldwide are implementing policies and incentives to boost renewable energy adoption, further fueling the need for advanced power electronics like IGBT modules. This trend is expected to continue as the push for cleaner energy solutions and sustainability grows stronger. For instance, Fuji Electric Co., Ltd. launched the P633C Series, a third-generation of small intelligent power modules. The modules are designed to reduce the power consumption of devices like machine tools and home appliances that are mounted on them.
The rapid growth of the electric vehicle (EV) and hybrid vehicle markets is a major driving force for IGBT power modules. These vehicles require efficient power management systems to optimize battery performance and overall energy efficiency. IGBTs are essential components in the power electronics of EVs and hybrids, where they manage the conversion and control of electrical power from the battery to the motor and other systems. As consumer demand for EVs and hybrids increases, driven by environmental concerns and advances in battery technology, the need for high-performance IGBT modules also rises. Automakers and manufacturers are investing heavily in the development and production of these vehicles, further accelerating the growth of the IGBT power module market.
IGBT power modules are advanced semiconductor devices that offer high efficiency and reliability in power conversion applications. However, their complex manufacturing process, stringent quality control requirements, and the use of high-purity materials contribute to their elevated production costs. This higher cost can limit their adoption, particularly in cost-sensitive applications and emerging markets. Additionally, the high upfront investment required for IGBT power modules can deter smaller companies from adopting these technologies, potentially slowing market growth. As a result, the high cost of IGBT power modules remains a significant challenge, impacting their widespread use and market expansion.
The COVID-19 pandemic had a mixed impact on the IGBT (Insulated Gate Bipolar Transistor) power module market. Initial disruptions in the global supply chains and manufacturing halted production across industries including automotive, industrial, and consumer electronics leading to a temporary decline in demand for IGBT power modules. However, the increased focus on renewable energy, electric vehicles (EVs), and energy-efficient systems during the pandemic fueled a resurgence in demand as industries adapted to new sustainability goals. The transition towards 5G infrastructure and the recovery of the global economy further boosted the market post-pandemic.
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The IGBT power module market is highly competitive, with advanced product offerings and strong R&D capabilities. Companies focus on innovation, efficiency improvements, and strategic partnerships to strengthen their market positions. Emerging players and regional manufacturers are also gaining traction, particularly in Asia-Pacific, due to increasing demand for electric vehicles and renewable energy systems. Additionally, price competition and technological advancements drive the dynamic nature of the competitive landscape.
In February 2021, Infineon Technologies AG launched the 650 V CoolSiC Hybrid IGBT range. The advanced transistor comprises a 650 V blocking voltage. The hybrid range of IGBT offers benefits of technologies like Schottky barrier CoolSiC diodes and 650 V TRENCHSTOP 5 IGBT. (Source: https://www.infineon.com/cms/en/about-infineon/press/market-news/2021/INFIPC202102-034.html) In August 2020, Mitsubishi Electric Corporation launched an LV100-type T-series IGBT module for industrial applications. The module assists in minimizing the power and size loss of power converters and inverters. These converters and inverters are utilized for the renewable energy applications like wind-power generation, photovoltaic, and high-capacity motor drives. (Source: https://www.mitsubishielectric.com/news/2020/0825.html) In March 2020, a wind converter manufacturer in China, Hopewind Electric Co., Ltd., collaborated with ABB Ltd. to offer 1700 V / 450 A medium power IGBT modules. The manufacturer is utilizing this transistor for its wind converter applications to 2,000 MW using wind power. Thus, surging awareness of the renewable resources is likely to fuel market growth. (Source: https://new.abb.com/news/detail/57833/wind-converter-manufacturer-scales-up-use-of-abb-igbt-modules)
Top Companies Market Share in IGBT Power Module Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America currently dominates the IGBT Power Modules market, and the region is expected to have significant growth during the projected period due to its strong adoption of electric vehicles, advanced industrial automation, and renewable energy projects. The region's focus on energy efficiency, coupled with significant investments in R&D and 5G infrastructure, further strengthens its leadership in the market.
Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR) due to rapid industrialization, increased adoption of electric vehicles, and significant investments in renewable energy. Countries like Japan, China, and South Korea are driving demand through advancements in automotive technology, power grids, and energy-efficient systems.
The current report Scope analyzes IGBT Power Module Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global IGBT Power Module market size was estimated at USD 2814.2 Million, out of which North America held the major market share of more than 40% of global revenue with a market size of USD 1125.68 million in 2024 and will rise at the compound annual growth rate (CAGR) of 9.7% from the year 2024 to 2031.
According to Cognitive Market Research, the global IGBT Power Module market size was estimated at USD 2814.2 Million, out of which Europe held the market share of more than 30% of global revenue with a market size of USD 844.26 million in 2024 and will rise at the compound annual growth rate (CAGR) of 10.0% from the year 2024 to 2031.
According to Cognitive Market Research, the global IGBT Power Module market size was estimated at USD 2814.2 Million, out of which Asia Pacific held the market share of around 23% of global revenue with the market size of USD 647.27 million in 2024 and will rise at the compound annual growth rate (CAGR) of 13.5% from 2024 to 2031.
According to Cognitive Market Research, the global IGBT Power Module market size was estimated at USD 2814.2 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 140.71 million in 2024 and will rise at a compound annual growth rate (CAGR) of 10.9% from the year 2024 to 2031.
According to Cognitive Market Research, the global IGBT Power Module market size was estimated at USD 2814.2 Million, out of which the Middle East and Africa held the major market share of around 2% of global revenue with a market size of USD 56.28 million in the year 2024 and will rise at a compound annual growth rate (CAGR) of 11.2% from the year 2024 to 2031..
Global IGBT Power Module Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing IGBT Power Module Industry growth. IGBT Power Module market has been segmented with the help of its Type, End-use , and others. IGBT Power Module market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
How are Segments Performing in the Global IGBT Power Module Market?
According to Cognitive Market Research, LV IGBT modules are likely to dominate the IGBT Power Module Market over the forecast years due to their widespread use in electric vehicles (EVs), consumer electronics, and industrial applications that require efficient power management at lower voltage levels. Their ability to offer high switching speed, low conduction loss, and energy efficiency makes them highly sought after in sectors focused on sustainability and performance.
The HV IGBT modules are the fastest-growing segment in the IGBT Power Module Market due to their critical role in applications requiring high power efficiency, such as electric vehicles, renewable energy systems, and industrial motor drives. Their ability to handle higher voltage levels and reduce energy losses makes them increasingly vital for advancing power electronics and energy management solutions.
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According to Cognitive Market Research, the automotive & EV/HEV segment dominates the market due to their high demand for efficient power management in electric drivetrains, battery systems, and charging infrastructure. IGBT modules enable lower energy loss and faster switching, which are critical for enhancing the performance and range of electric and hybrid vehicles, driving significant market growth.
PV is projected to be the fastest-growing segment in the IGBT Power Module market due to the surging demand for renewable energy solutions. IGBT power modules enhance the efficiency of solar inverters by providing reliable and efficient power conversion. The global push towards clean energy and government incentives for solar installations further accelerate growth in this sector.
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Senior Research Analyst at Cognitive Market Research
ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Conclusion
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | LV IGBT Modules, MV IGBT Modules, HV IGBT Modules |
End-use | Automotive & EV/HEV, Industrial Control, Consumer Appliances, Wind Power, PV, Energy Storage, Traction, Military & Avionics, Others |
List of Competitors | Mitsubishi Electric Corporation, Semiconductor Components Industries, LLC (onsemi), Infineon Technologies AG, Fuji Electric Co., Ltd., Semikron Danfoss, ROHM CO., LTD., STMicroelectronics, Alpha and Omega Semiconductor, Sensitron Semiconductor, Ideal Power, Inc., Cissoid |
This chapter will help you gain GLOBAL Market Analysis of IGBT Power Module. Further deep in this chapter, you will be able to review Global IGBT Power Module Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by End-use Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global IGBT Power Module market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why LV IGBT Modules have a significant impact on IGBT Power Module market? |
What are the key factors affecting the LV IGBT Modules and MV IGBT Modules of IGBT Power Module Market? |
What is the CAGR/Growth Rate of Automotive & EV/HEV during the forecast period? |
By type, which segment accounted for largest share of the global IGBT Power Module Market? |
Which region is expected to dominate the global IGBT Power Module Market within the forecast period? |
Segmentation Level Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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