$849 Million IGBT & Thyristor Market Insights by Packaging Type, Power Rating, Voltage, Application and Region - Forecast to 2025 - ResearchAndMarkets.com

The "IGBT & Thyristor Market by Packaging Type (IGBT Discrete, IGBT Module), Power Rating (Medium Power IGBT, High Power IGBT), Voltage (Below 400V, 600-650V), Application (Power Transmission Systems, Motor Drives), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global thyristor market size is estimated to grow from USD 781 million in 2020 to USD 849 million by 2025, at a CAGR of 1.7%. Government initiatives undertaken in various countries towards the replacement of aging power infrastructure is one of the key factors fueling the growth of this market.

High power IGBT segment is expected to grow at the highest CAGR during the forecast period

The market for high-power IGBTs is expected to grow at the highest CAGR during the forecast period due to the increasing need for more robust and reliable IGBTs for high-power applications, such as HVDC systems, FACTS, solar inverters, and rail traction systems, where low- and medium-power IGBTs cannot operate. High-power IGBTs can run on a power rating of more than 1 MW. A growing number of solar energy projects, HVDC projects, and wind farms are expected to contribute significantly to the growth of this market in the near future.

The market for power transmission systems is expected to grow at the highest CAGR during the forecast period

Among applications, the thyristor market for power transmission is expected to grow at the highest CAGR during the forecast period. The primary factor contributing to the growth of this application is the increasing deployment of thyristors in HVDC systems and FACTS due to their low-power loss capability.

HVDC systems and FACTS employ thyristors to DC to AC and AC to DC conversion. Increasing number of HVDC and FACTS projects, such as the State Grid Corporation of China (SGCC) Transmission Lines (China), Russia-Japan Energy Bridge (Russia-Japan), Atlantic Wind Connection - Transmission (US), BRITIB Project (Spain-France-UK), and the Grain Belt Express Clean Line (US), has driven market growth over the years.

The market for electric vehicles and hybrid electric vehicles is expected to grow at the highest CAGR during the forecast period

The market for electric vehicles and hybrid electric vehicles is expected to grow at the highest CAGR during the forecast period owing to the increasing demand for EVs/HEVs across the world as these vehicles are energy-efficient, environmentally friendly, and affordable. Moreover, initiatives taken by the governments of developing countries to minimize CO2 emissions would further drive the demand for EVs and HEVs in the near future. For instance, the Indian government offers a subsidy of USD 1.4 billion to support the domestic electric vehicle industry, which, in turn, would provide lucrative growth opportunities to IGBT manufacturers.

Similarly, several worldwide projects focusing on developing a zero-carbon transport infrastructure would lead to increased demand for IGBTs in the next few years. For example, in March 2018, Infineon Technologies AG (Germany) partnered with SAIC Motor (China) to establish SIAMP, a power module joint venture company, in China. SIAMP would focus on manufacturing power modules for electric vehicles in China.

High power IGBT is expected to grow at the highest CAGR during the forecast period

The market for high-power IGBTs is expected to grow at the highest CAGR during the forecast period due to the increasing need for more robust and reliable IGBTs for high-power applications, such as HVDC systems, FACTS, solar inverters, and rail traction systems, where low- and medium-power IGBTs cannot operate. High-power IGBTs can operate on a power rating of more than 1 MW. A growing number of solar energy projects, HVDC projects, and wind farms are expected to contribute significantly to the growth of this market in the near future.

APAC held the largest share of thyristor market in 2019

APAC held the largest share of the global thyristor market and is expected to register the highest CAGR during the forecast period. This growth of the market can be attributed to the increasing number of HVDC and FACTS projects in the region. Converters used in HVDC lines employ thyristors to convert AC to DC and vice versa. Further, APAC countries are focusing on adopting HVDC systems due to their low power loss in long-distance power transmission. The State Grid Corporation of China (SGCC) and the Russia- Japan Energy Bridge (Russia-Japan) are some of the major HVDC projects that are likely to be completed in the coming years. All such projects are expected to fuel the growth of the thyristor market in APAC.

Moreover, IGBT and thyristor manufacturers are deploying thyristors in HVDC systems in the region. For instance, in January 2019, ABB Ltd (Switzerland) received a contract worth USD 640 million from the Power Grid Corporation of India Limited (India), a national electricity grid operator in India. Under this contract, the company is likely to construct a transmission link of over 1,800 km to deliver electricity to more than 80 million people.

Market Dynamics

Drivers

• Initiatives of Governments Across Various Countries Toward Replacement of Aging Power Infrastructure
• Adoption of Electric Motors in Industrial, Commercial, and Residential Applications

Restraints

• High Infrastructure Development Cost and Lack of Technology Awareness

Opportunities

• Increasing Adoption of Renewable Energy Sources
• Growing Inclination Toward use of Electric and Hybrid Electric Vehicles

Challenges

• Complex Structure of Firing Circuits of IGBTs and Thyristors

Companies Profiled

• ABB Ltd.
• Central Semiconductor Corp.
• Danfoss
• Fuji Electric Co. Ltd.
• Hitachi, Ltd.
• Infineon Technologies AG
• Littelfuse, Inc.
• Mitsubishi Electric Corporation
• New Jersey Semiconductor
• ON Semiconductor
• Powerex Inc.
• Renesas Electronics Corporation
• Rohm Co. Ltd.
• Schneider Electric
• Semikron
• Siemens AG
• Silicon Power Corporation
• Starpower Semiconductor Ltd.
• STMicroelectronics
• Toshiba Corporation
• Vishay Intertechnology

For more information about this report visit https://www.researchandmarkets.com/r/ynxh2j

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