Power or electricity is the vital component of the society. Considering the amount of power used for completing the day-to-day activities and industrial operations, power outage and can bring all the regular operations to standstill. Strong industrial and socioeconomic growth across different geographic regions is also leading to increasing usage and congestion. IGBT or Insulator gate bipolar transistors and thyristors help resolving these issues. Both these systems help fulfilling the rising demand of current electric system. Rising demand is the strongest driver for the IGBT and thyristor market, which is currently in its budding stage. Innovative applications of these ecosystems are considered to be the essential driving factors for the industry.
IGBT and Thyristor Industry Applications
Applications market for thyristor and insulator gate bipolar transistors is segmented into power and other applications. Power applications of thyristor and IGBT include FACTS and HVAC applications. IGBT Applications other than power include transportation, renewable energy, motor drives, UPS, EV/HEV and other. Thyristor applications include light dimmers, motor controls, liquid level regulators, pressure control systems and others. Global IGBT and thyristor market is also segmented on the basis of geographic demand. Geographically, the market is divided into North America, Europe, Asia Pacific and rest of the world. The rest of the world region includes Middle East, Africa, Latin America and others.
Market Trends and Forecasting Reports
Thyristor and IGBT take advantage of low switching losses and short switching times and low conduction losses and high breakdown voltage (MOSFET and BJT) in order to fulfill the rising demand for electricity across different parts of the world. Refurbishment and replacement of already existing infrastructure in the power sector is a strong driver for the industry. Increasing demand for renewable energy sources like European reforms for wind farms, de-carbonization of power systems and HVDC grids are some major drivers for the IGBT and thyristor market. As a result, the market is expected to maintain steady growth rate in terms of revenue, application, demand and innovation.
According to the reports, global IGBT market is expected to grow at an anticipated CAGR of over 13.92% to reach past by the end of $6.48billion in 2018. Thyristor market on the other hand is expected to maintain steady CAGR of around 9% to reach $3.20 billion by 2018. European and North American markets are the strongly driven geographic regions of the industry. However, developing regions like Asia Pacific and rest of the world are also expected to witness impressive growth during the forecasting period.