According
to the research report "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 2024",
the global IGBT market size is estimated to grow from USD 5.3 billion in 2020
to USD 6.6 billion by 2025, at a CAGR of 4.6%. The global thyristor market size
is expected to grow from USD 781 million in 2020 to USD 849 million by 2025, at
a CAGR of 1.7%. The key factors fueling the growth of the IGBT and thyristor
market are the implementation of government initiatives in various countries
towards the replacement of aging power infrastructure, and the adoption of
electric motors in industrial, commercial, and residential applications.
“IGBT module accounted for a large share
of the IGBT market in 2019.”
IGBT
module accounted for a large share of the IGBT market in 2019, driven by the
increasing adoption of electric and hybrid electric vehicles all over the
world. Countries such as Germany, the US, China, and Belgium have contributed significantly
to the global sales of EVs/HEVs. IGBT modules are suitable for high-power applications,
such as EVs/HEVs.
Moreover,
government initiatives undertaken around the world to promote the use of HVDC
systems for long-distance power transmissions are fueling the demand for IGBT
modules. HVDC projects such as Viking Link (UK–Denmark), Russia–Japan Energy
Bridge (Russia–Japan), Buk Dangjin–Godeok HVDC transmission link (South Korea)
are expected to foster the growth of the market for IGBT modules in the near
future.
“Demand for medium-high power IGBT
expected to grow at highest CAGR during the forecast period”
The
high power IGBT (more than 1 MW) is projected to lead the IGBT market with the
highest CAGR from 2020 to 2025. This growth is attributed to the growing
adoption of high-power IGBTs in HVDC systems, wind turbines, solar inverters,
and EVs/HEVs. High-power IGBTs can operate on more than 1 MW power, which makes
it suitable for high-power applications. The replacement of aging power
transmission lines to HVDC and FACTS has contributed significantly to the
growth of high-power IGBTs. Atlantic Wind Connection – Transmission (US), Grain
Belt Express Clean Line (US), and TransWest Express Transmission (US), Zhou
Shan, Gezhouba – Shanghai (China), Tian-Guang (China), and Three Gorges –
Changzhou (China), Russia – Japan Energy Bridge (Russia–Japan) are some of the
HVDC projects that have had a significant impact on the market growth.
“Power transmission systems accounted
for the largest share of the global thyristor market in 2019”
The
power transmission systems application held the largest share of the thyristor
market in 2019. The major 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.
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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 the market growth over the years.
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