IGCT Market to Reach $26.0 Million, Globally, by 2032 at 6.9% CAGR: Allied Market Research
The global IGCT market has experienced growth due to several factors such as the growing demand for energy efficiency, and the surge in industrial automation.
Wilmington, Delaware, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "IGCT Market by Type (Asymmetric IGCT, Reverse blocking IGCT and Reverse Conducting IGCT), Application (Drive, Traction, Converter and Other): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the igct market was valued at $14.3 million in 2023, and is estimated to reach $26.0 million by 2032, growing at a CAGR of 6.9% from 2024 to 2032.
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- 108 – Tables
- 52 – Charts
- 270 – Pages
Prime determinants of growth
The IGCT (Insulated Gate Commutated Thyristor) market has expanded rapidly internationally, driven by a rise in demand for efficient and dependable power electronic solutions in high-power applications. These semiconductor devices are critical components in power conversion and control systems for renewable energy, industrial drives, and transportation. The increasing use of renewable energy sources such as wind and solar power, combined with the growing need for energy-efficient solutions, is significantly driving up demand for IGCTs. Furthermore, the growing emphasis on grid modernization and the expansion of high-voltage direct current (HVDC) transmission lines are adding to the market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2022 | $14.3 million |
| Market Size in 2032 | $26.0 million |
| CAGR | 6.9% |
| No. of Pages in Report | 270 |
| Segments Covered | Type, Application, and Region. |
| Drivers |
|
| Opportunity | Advancements in Power Electronics and Semiconductor Technologies |
| Restraint | High Initial Costs and Technological Complexity |
Segment Highlights
By type, the asymmetric IGCT segment dominated the market in 2023, owing to its superior efficiency, current, and voltage handling capability. Asymmetric IGCTs lack a reverse blocking feature in their design, making them more efficient when reverse voltages are not an issue. This device also streamlines the structure, boosting its performance in high-power applications, resulting in decreased conduction losses and increased efficiency. Moreover, the asymmetric IGCT can withstand high power loads, making them suitable for use in heavy machinery, renewable energy systems, and power grid systems, among other applications. Furthermore, the increasing demand for energy-saving power conversion technologies coupled with ongoing advancements in industrial automation continues to consolidate the position of asymmetric IGCTs as leaders in this market. For all these reasons, asymmetric IGCTs maintain dominance over other devices for applications demanding high-power outputs and high levels of efficiency.
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By application, the drive segment accounted for a major share of the Wi-Fi modules market in 2023, owing to its ability to manage high power levels and provide fast switching capabilities, IGCTs are ideal for industrial motor drives used in manufacturing, robotics, and other applications that require precision motor control. IGCTs' high levels of dependability and efficiency contribute significantly to energy savings, improved operation, and maintenance cost-effectiveness, all of which are highly appreciated in industrial settings. The automation drive, combined with smart manufacturing technologies, increases demand for improved motor drive systems, which in turn increases demand for IGCTs.
Regional Outlook
By region, the Asia-Pacific segment holds the largest share in the IGCT market in 2023 owing to several key factors such as the presence of major manufacturing facilities across China, Japan, South Korea, and India at the cutting edge of industrial production, driving demand for high-power and efficient semiconductor devices such as IGCTs. These countries' robust industrial infrastructure and fast industrialization necessitate the use of modern power electronics for a variety of applications, including motor drives, renewable energy systems, and power grids. Furthermore, the Asia-Pacific area has made considerable investments in renewable energy projects such as wind and solar power, both of which necessitate the use of IGCTs for reliable and efficient power conversion. Furthermore, government activities and laws that promote energy saving and the use of smart grid technology increase the need for IGCTs in this region.
Key Players:
- ABB
- Mitsubishi Electric
- Infineon Technologies
- Fuji Electric
- Hitachi Energy
- Siemens Energy
- Danfoss
- CRRC Corporation Limited
- Semikron
- IXYS Corporation
The report provides a detailed analysis of these key players in the global IGCT market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In December 2023: ABB announced the launch of a new generation of high-power IGCTs designed to enhance the efficiency and reliability of renewable energy systems, particularly in wind and solar power generation. These advanced IGCTs offer improved switching performance, reduced power losses, and increased power density, enabling the development of more compact and efficient power converters. The new IGCTs are also designed to withstand harsh environmental conditions, making them suitable for a wide range of renewable energy applications.
- In October 2023: Infineon Technologies and Siemens Energy announced a strategic partnership to develop next-generation IGCT modules for high-voltage direct current (HVDC) transmission systems. This collaboration aims to leverage the expertise of both companies to create cutting-edge IGCT modules that can handle higher voltages and currents, enabling the efficient transmission of large amounts of power over long distances. The partnership is expected to accelerate the development of innovative HVDC solutions that contribute to the decarbonization of the energy sector.
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Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the igct market analysis from 2025 to 2032 to identify the prevailing igct market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the igct market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global IGCT Market trends, key players, market segments, application areas, and market growth strategies.
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IGCT Market Key Segments:
By Type
- Asymmetric IGCT
- Reverse blocking IGCT
- Reverse Conducting IGCT
By Application
- Drive
- Traction
- Converter
- Other
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, Rest of Middle East And Africa)
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