IGBTs and Thyristors Market - By Voltage (Low-voltage IGBTs, Medium-voltage IGBTs, High-voltage IGBTs), By Packaging Type (IGBT Discrete, IGBT Module), By Application, & Forecast 2024 - 2032

The Global IGBT and Thyristors market will grow over 2% CAGR from 2024 to 2032 due to the rapid expansion of renewable energy sources. According to the UN, as per IRENA estimates, by 2050, the share of renewable energy could be 90% of the world's electricity. As countries around the world prioritize sustainability and work to reduce their dependence on fossil fuels, the use of renewable energy sources such as solar and wind power has increased significantly.

This expansion requires advanced electronic solutions for efficient grid integration, energy management, and power conversion. IGBTs and thyristors play an important role in renewable energy systems, facilitating the conversion of direct current produced by solar panels and wind turbines into alternating current for distribution, thereby inducing market growth.

The expansion of electric vehicle (EV) infrastructure is a visible trend in the market. According to the IEA, the registration of almost 14 million new electric cars worldwide in 2023 brought the total number of electric cars on track to 40 million. The global transition to electrification of transportation requires a robust charging infrastructure to support the growing fleet of electric vehicles. This trend includes installing charging stations in city centers, along highways, and in commercial and residential areas. As governments and private companies invest heavily in the development of electric vehicle infrastructure, the demand for IGBTs and thyristors used in charging stations, DC-DC converters, and powertrain inverters for electric vehicles will increase accordingly.

The overall IGBT and thyristor industry is classified based on voltage, package type, application, and region.

The IGBT Discrete segment will grow rapidly through 2032 due to the ability to offer high power density, strong performance, and better thermal management capabilities, making IGBT Discrete devices ideal for many electronic applications, including motor drives, renewable energy inverters, and industrial automation systems. With advances in packaging technology that enable higher voltages and currents, IGBT Discrete devices are ready to meet the changing needs of industries seeking compact, reliable, and efficient solutions for power conversion and control.

The medium voltage IGBT segments will continue to grow steadily through 2032 due to their ability to handle higher voltages and currents, making medium voltage IGBTs suitable for applications that require strong power switching capabilities, such as traction power transmission equipment, medium voltage, motor controllers, and grid-connected inverters. Thanks to the development of semiconductors and device architectures, medium voltage IGBTs offer better efficiency, lower switching losses, and better reliability, promoting their adoption in various industries and applications.

Europe IGBT and Thyristor industry will experience significant traction through 2032 due to a combination of regulatory measures, technological advances, and market dynamics. Countries like Germany, France, and Italy are at the forefront of this digital revolution, leading initiatives to improve energy efficiency, promote the integration of renewable energy, and accelerate industrial automation. As a hub for the automotive industry, renewable energy deployment, and smart grid initiatives, Europe offers fertile ground for the development and deployment of advanced electronic technologies, thereby fueling market growth.