IGBT & Thyristor Market Size, Share, Trends, Growth 2034

IGBT & Thyristor Market: Industry Perspective

The global IGBT & thyristor market size was worth around USD 9.86 billion in 2024 and is predicted to grow to around USD 14.17 billion by 2034 with a compound annual growth rate (CAGR) of roughly 3.7% between 2025 and 2034. The report analyzes the global IGBT & thyristor market's drivers, restraints/challenges, and the effect they have on the demand during the projection period. In addition, the report explores emerging opportunities in the IGBT & thyristor industry.

Request Free Sample

IGBT & Thyristor Market: Overview

Insulated gate bipolar transistors & thyristors are utilized in power electronics applications including inverters, controllers, and power supplies as they help in fulfilling the demand for solid-state switching devices. Humungous demand for power supply is increasing continuously owing to escalating population. Hence, insulated gate bipolar transistors & thyristors have been used in reducing switching losses and short switching times of MOSFET which help in fulfilling recent electricity demands. Furthermore, it makes use of conduction losses & high breakdown voltage in insulated gate bipolar transistors & thyristors in achieving demand for power supply. In addition to this, insulated gate bipolar transistors and thyristors facilitate low switching losses & thermal stress leading to an increment in the lifespan and reliability of electrical equipment. They are gaining popularity on account of various benefits offered such as high external thermal performance and efficiency.

Key Insights

• As per the analysis shared by our research analyst, the global IGBT & thyristor market is estimated to grow annually at a CAGR of around 3.7% over the forecast period (2025-2034).
• Regarding revenue, the global IGBT & thyristor market size was valued at around USD 9.86 billion in 2024 and is projected to reach USD 14.17 billion by 2034.
• The global IGBT & thyristor market is anticipated to record massive growth over the forecast period, owing to the launch of smart grids and new grid technology in the power sector.
• Based on packaging type, the IGBT module segment is predicted to contribute a majorly portion towards the market growth over the forecast timeline.
• In terms of application, the electric vehicles & hybrid electric vehicles segment is expected to record the fastest CAGR over 2025-2034.
• On the basis of power rating, the medium-power segment is projected to dominate the global market share during the assessment period.
• Based on region, Asia-Pacific is predicted to dominate the global market during the forecast period.

Request Free Sample

IGBT & Thyristor Market: Growth Factors

Surging demand for electricity with increasing population to boost the global market trends

The launching of smart grids and new grid technology in the power sector will boost the global IGBT & thyristor market trends. The rise in the population and humungous need for power supply is set to steer the expansion of the market in the upcoming years. Large-scale use of the product in power electronics applications such as controllers, power supplies, and inverters will steer the expansion of the market across the globe. The surge in the number of nuclear families leading to the need for strong infrastructure facilities will prop up the demand for IGBT & thyristors. Furthermore, IGBT and thyristors provide many benefits such as a low switching period of MOSFET and lesser switching losses, thereby leading to the huge demand for IGBT and thyristors.

The rise in offshore wind farms will proliferate the size of the IGBT & thyristor market in the ensuing years. Favorable government initiatives for HDVC deployments will propel the growth of the market across the globe. A slew of benefits offered by IGBT & thyristors including exceptional thermal performance will prompt market expansion across the globe.

IGBT & Thyristor Market: Restraints

Low awareness of new technology across the globe can hinder the global industry surge

Lack of technological awareness and huge investments can impede the expansion of the IGBT & thyristor industry growth across the globe. Disruption in supply chain activities can halt the supply of raw components, thereby impeding business growth.

IGBT & Thyristor Market: Opportunities

Growing requirement for replacement of old electric infrastructure with new one to open new growth opportunities for the global market

De-carbonization of power systems can offer new growth avenues for the IGBT & thyristor market across the globe. The need for replacing aging power grid infrastructure and the use of electric motors in residential, industrial, and commercial applications will create new growth opportunities for the global market.

IGBT & Thyristor Market: Challenges

Surge in raw material components to pose a big challenge to the global industry

An increase in raw material costs and changing government policies towards the use of the IGBT & thyristors can put a big challenge to the growth of the IGBT & thyristor industry over the forecasting timeline. Lack of awareness about the benefits of using the product can pose a bigger challenge for industry growth across the globe.

IGBT & Thyristor Market: Segmentation Analysis

The global IGBT & thyristor market is sectored into packaging type, power rating, voltage, application, and region.

In terms of packaging type, the global IGBT & thyristor market is divided into the IGBT module, IGBT discrete, thyristor module, and thyristor discrete. The IGBT module segment, which contributed more than 70% of the global market share in 2024, is projected to account for the highest market share from 2025-2034. The segmental surge in the next eight years can be owing to the rise in acceptance of electric as well as hybrid vehicles in both emerging as well as developed economies. Furthermore, IGBT modules are suitable for high-power applications, along with the focus of various governments on using HVAC tools for power transmission.

Based on the power rating, the global IGBT & thyristor industry is bifurcated into medium-power, low-power, and high-power segments. Furthermore, the medium-power segment, which contributed more than 26% of the global industry share in 2024, is slated to lead the segmental growth in the ensuing years. Additionally, the growth of the segment over 2025-2034 can be due to its ability to fulfill the needs of high-voltage direct current systems, electric vehicles, flexible alternating current transmission systems, and hybrid electric vehicles. Surging ecological concerns & favorable government initiatives will prompt the demand for a medium power rating.

Based on voltage, the global IGBT & thyristor industry is divided into below 400V, 600V-650V, 1,200V-1,700V, 2,500V-3,300V, and >4,500V.

On the basis of the application, the global IGBT & thyristor market is divided into power transmission systems, renewable energy, rail traction systems, uninterrupted power supply, consumer electronics, electric vehicles & hybrid electric vehicles, and motor drives segments. The electric vehicles & hybrid electric vehicles segment is anticipated to record the fastest CAGR over the next eight years. The growth of the segment in the coming years can be due to rising demand for electric vehicles & hybrid electric vehicles owing to the need for reducing fuel emissions in the atmosphere, along with the need for improving power conservation.

IGBT & Thyristor Market: Report Scope

IGBT & Thyristor Market: Regional Analysis

Asia-Pacific IGBT & thyristor market to register a major revenue share over 2025-2034

The Asia-Pacific, which accounted for 50% of the global IGBT & thyristor market revenue share in 2024, is anticipated to dominate the regional market growth over the forecast timeframe. The regional market expansion can be credited to the growing need for proficient power transmission systems to fulfill the escalating demand for power supply in the sub-continent. Many regions have many HVDC ventures. For instance, China has accepted HVDC systems for its rapidly increasing population, requiring a large amount of power supply.

Request Free Sample

On the other hand, the IGBT & thyristor industry in Europe is predicted to register the highest CAGR of 8.1% in the ensuing years. The regional market growth over the forecast period can be due to the large-scale presence of key players in the region. In addition to this, a rise in renewable energy trends leading to humungous demand for electric cars will boost the market growth in the region.

Recent Developments

• In the second half of 2019, a U.S.-based firm supplying semiconductors ON Semiconductor launched the VE-Tra series of power modules which is particularly devised for inverters with high-voltage automotive traction. The move will boost the expansion of the IGBT & thyristor industry across the globe.
• In the last quarter of 2019, STMicroelectronics N.V., a key Swiss firm in the semiconductor business, joined hands with Maxon Motor AG, a key provider of precision motors, for designing & developing robotics and industrial servo drivers. The initiative will enlarge the scope of the growth of the global market.

IGBT & Thyristor Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the IGBT & thyristor market on a global and regional basis.

The global IGBT & thyristor market is dominated by players like:

• Infineon Technologies AG
• ON Semiconductor
• STMicroelectronics
• Mitsubishi Electric Corporation
• Fuji Electric Co., Ltd.
• Renesas Electronics Corporation
• ABB Ltd
• Hitachi Ltd.
• SEMIKRON
• Toshiba Corporation.

The global IGBT & thyristor market is segmented as follows:

By Packaging Type

• IGBT Module
• IGBT Discrete
• Thyristor Module
• Thyristor Discrete

By Power Rating

• Medium Power
• Low Power
• High-Power

By Voltage

• Below 400V
• 600V-650V
• 1,200V-1,700V
• 2,500V-3,300V
• >4,500V

By Application

• Power Transmission Systems
• Renewable Energy
• Rail Traction Systems
• Uninterrupted Power Supply
• Consumer Electronics
• Electric Vehicles & Hybrid Electric Vehicles
• Motor Drives

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa