Internet of Vehicle Market Forecasts to 2028 – Global Analysis By Component (Hardware, Service and Software), Networking Technology (Bluetooth, Cellular, Wi-Fi and Other Networking Technologies), Communication Type and By Geography

Internet of Vehicle Market Forecasts to 2028 – Global Analysis By Component (Hardware, Service and Software), Networking Technology (Bluetooth, Cellular, Wi-Fi and Other Networking Technologies), Communication Type and By Geography

According to Stratistics MRC, the Global Insulated-Gate Bipolar Transistors (IGBTs) Market is accounted for $8.30 billion in 2022 and is expected to reach $15.19 billion by 2028 growing at a CAGR of 11.2% during the forecast period. The Insulated Gate Bipolar Transistor, or IGBT, is a three-point power electronic semiconductor that serves primarily as a switch. By reducing the congestion in the power supply, this device can deliver quick switching with extremely high efficiency and a steady, smooth power supply. By introducing lesser switch loss, it reduces the heat tension on the electric devices or appliances, resulting in an increase in the device's lifespan. Because of its great power efficiency and blocking voltage, IGBTs (Insulated Gate Bipolar Transistors) are employed in a variety of applications.

According to International Energy Agency, sales of electric cars doubled in 2021 to 6.6 million, whereas the number of electric cars on the world's roads by the end of 2021 was about 16.5 million, triple the amount in 2018.

Market Dynamics:

Driver:

Rising awareness regarding renewable energy source

The development of the IGBT market will be accelerated by the need to strengthen the foundations for renewable energy. By 2050, the total share of renewable energy in the electricity industry is anticipated to reach 85%, according to the International Renewable Energy Agency (IRENA). The usage of heat pumps and electric vehicles is anticipated to increase globally, according to the IRENA analysis. Renewable energy is a significant component of the long-term strategic investment development of governments in numerous nations.

Restraint:

Design complexities

An insulated gate bipolar transistor's gate control latch-up is prone to breaking, which would result in device failure. The ambient temperature rises and the turnoff time lengthens with a minor reduction in latching current density. The gate no longer has any influence over the drain current as the transistor enters the latch-up. The only method to disable the IGBT in this case might be to compel the current to commutate. The bipolar transistor is likely to be ruined if latch-up is not stopped right away because to the significant power dissipation. This is predicted to have a negative impact on market potential.

Opportunity:

Surging demand for electric vehicles

Climate change and global warming are raising awareness of energy resources across all industries. One of them is the automotive industry, which is advancing in terms of energy efficiency. The production of electric and hybrid automobiles is in higher demand. Major automakers are preparing to invest in cutting-edge EV vehicles in light of regulatory requirements. In a similar vein, growing fuel costs are pressuring people to switch from conventional to electric automobiles. This is anticipated to fuel the market expansion for insulated gate bipolar transistors.

Threat:

High Cost

Insulated Gate Bipolar Transistors are exceedingly expensive to manufacture, and this directly reflects on their selling price, making these Insulated Gate Bipolar Transistors unaffordable for many organisations in developing countries. Also, IGBT failure rates are increasing as a result of environmental conditions like humidity, which is pushing end-user industry players to switch to cheaper alternatives like MOSFET and impeding the expansion of the global market.

Covid-19 Impact

The entire semiconductor industry was severely disrupted by the corona virus pandemic. The global supply chain disruption brought on by closed international borders has had a significant impact on semiconductor product manufacture. According to the Accenture Plc analysis, the semiconductor industry's annual revenue growth was expected to reach 12.5%, but owing to pandemic issues, it actually only increased by 9% in 2020. Similar to this, the supply of components has severely hampered the production of insulated gate bipolar transistors.

The high-power rating segment is expected to be the largest during the forecast period

The high-power rating segment is estimated to have a lucrative growth, due to its high demand for the production of electric cars, arc-welding machines, air conditioners, variable speed refrigerators and trains. High voltage insulated gate bipolar transistors are used in industry because they have a high current carrying capacity, voltage-controlled gates, and other features.

The electric vehicle segment is expected to have the highest CAGR during the forecast period

The electric vehicle segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the rising popularity of electric and hybrid cars, which need insulated gate bipolar transistors for increased reliability. Electric vehicles are primarily expanding due to their ability to send power to the grid smoothly and steadily.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the presence of many electronic and semiconductor manufacturers in China, South Korea, and India. Due to its position as the world's top producer of electric vehicles, China is predicted to receive the largest revenue share. The country's market is expanding as a result of the increased use in electric automobiles. Along with the development of technology, the demand for energy-saving resources is also rising in India and Japan.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the railway industry, Europe is the first continent to use insulated gate bipolar transistor-based traction systems. Additionally, Europe leads the global automotive sectors overall and is the region that produces the most electric automobiles. The demand for the products in the area is anticipated to increase as a result.

Key players in the market

Some of the key players profiled in the Insulated-Gate Bipolar Transistors (IGBTs) Market include ABB Ltd, Infineon Technologies AG, LITTELFUSE, INC., StarPower Semiconductor Ltd., ROHM CO., LTD, Toshiba Corporation, Hitachi, Ltd., Fuji Electric Co., Ltd., Mitsubishi Electric Corporation, Danfoss Group, SEMIKRON International GmbH, Renesas Electronics Corporation

Key Developments:

In March 2022, Infineon Technologies AG launched the new EDT2 IGBTs in a TO247PLUS package. It is optimized for automotive, discrete traction inverters and has also expanded the company’s portfolio of discrete high-voltage devices for automotive applications. Owing to their high quality, the IGBTs meet and exceed the industry standard AECQ101 for automotive components. Resulting in the devices can significantly increase the performance and reliability of inverter systems.

In January 2022, Toshiba introduced two SiC MOSFET Dual Modules: the MG600Q2YMS3, which has a voltage rating of 1200V and a drain current rating of 600A and the MG400V2YMS3, which has a voltage rating of 1700V and a drain current rating of 400A. They are the first Toshiba products with these voltage levels, joining the MG800FXF2YMS3 in a family of 1200V, 1700V, and 3300V devices.

In December 2021, Renesas Electronics Corporation has acquired the whole issued share capital of Celeno, a semiconductor company based in the United States that mostly operates in Israel. Celeno provides a wide range of wireless communication solutions for high-performance home networks, smart buildings, enterprise, and industrial markets, including innovative Wi-Fi chipsets and software solutions. With low latency and low power consumption, its industry-leading Wi-Fi 6 and 6E chipset technologies provide great Wi-Fi network performance and increased security.

In July 2021, ROHM semiconductor announced the RGWxx65C series of hybrid IGBTs with an integrated 650V SiC Schottky barrier diode. The devices qualified under the AEC-Q101 automotive reliability standard are ideal for industrial and automotive applications that handle high power, such as onboard chargers, photovoltaic power conditioners, and DC/DC converters used in electrified electric vehicles.

Types Covered:
• Discrete Insulated-Gate Bipolar Transistor (IGBT)
• Insulated-Gate Bipolar Transistor (IGBT) Module

Power Ratings Covered:
• High Power Rating
• Medium Power Rating
• Low Power Rating

Applications Covered:
• Consumer Electronics
• Energy & Power
• Electric Vehicle
• Inverter & Uninterrupted Power Supply (UPS)
• Industrial System
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements