The IGBT and Thyristor market was valued at US$ 5.15 billion in 2019 and is projected to reach US$ 6.96 billion by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.

The global IGBT and Thyristor market is experiencing remarkable growth attributed to the replacement of aging power infrastructure, particularly in developed economies, as well as the deployment of smart grids. IGBTs and Thyristors are integrated into power electronics such as controllers and inverters, as well as power supplies, to fulfill the demand for solid-state switching devices. Moreover, the demand for electricity is constantly increasing owing to the rising population in developing economies. IGBTs and Thyristors are used for low switching losses and short switching times of metal-oxide-semiconductor field-effect transistor (MOSFET) to meet the current electricity demands. Further, they also use conduction losses along with high breakdown voltage in bipolar junction transistor (BJT) to achieve high electricity demands. Additionally, IGBTs and Thyristors reduce thermal stress leading to longer lifespan and reliability of electric devices. IGBT and Thyristor are gaining acceptance due to advantages such as high external thermal performance along with efficiency.

APAC is estimated to dominate the global IGBT and Thyristor market and is anticipated to maintain its leadership position during the forecast period owing to the rising number of high voltage direct current (HVDC) and flexible alternating current transmission system (FACTS) projects in the region. Converters used in HVDC lines integrate Thyristor for converting AC to DC and vice versa. Countries in the region are aiming to adopt HVDC systems owing to their low power loss during long-distance power transmission. A few major ongoing HVDC projects include the State Grid Corporation of China and the Russia-Japan Energy Bridge. 

The key companies profiled in the IGBT and Thyristor market include ABB Ltd., Fuji, Electric Co., Ltd., Infineon Technologies AG, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Rohm Co., Ltd., ON Semiconductor, Semikron, STMicroelectronics, and Vishay Intertechnology.

The overall global IGBT and Thyristor market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global IGBT and thyristor market. It also provides an overview and forecast for the IGBT and thyristor market based on all the segmentations provided for global regions. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the IGBT and thyristor industry.