Base Year & Forecast
According to the latest analysis by Reed Intelligence, the global IGBT (Insulated Gate Bipolar Transistor) module market is forecast to grow at a compound annual growth rate (CAGR) of approximately 9.2% between 2023 and 2031.

Key Highlights

Largest Region: Asia Pacific (APAC) remains the largest regional market for IGBT modules.

Fastest-Growing Region: APAC also leads as the fastest-growing region over the forecast period, supported by robust growth in automotive electrification, renewable energy adoption and industrial automation.

Largest Market Segment (by Application): The Automotive / EV / HEV segment is the dominant application area for IGBT modules — powered by increasing global EV adoption, demand for efficient power electronics in electric drivetrains, and supportive regulatory trends promoting greener mobility.

Fastest-Growing Segment: Among module types and technologies, the shift towards more advanced, higher performance and power-density modules (such as intelligent power modules — IPM) is expected to witness accelerated growth, driven by demands from EVs, renewable energy inverters and industrial drives.

Market Dynamics

The global IGBT module market is being driven by several converging factors. First, the surge in electric vehicle (EV) production worldwide has created substantial demand for high-performance power modules — IGBT modules being critical for EV inverters, motor drives and onboard power electronics. Similarly, growing investments in renewable energy infrastructure (e.g., solar inverters, wind turbines) and widespread industrial automation are pushing deployment of efficient, reliable IGBT modules. The push for energy efficiency, reduced emissions and electrification across sectors continues to fuel demand.

On the other hand, the market faces challenges and restraints that could moderate growth — including supply chain complexities for semiconductor components, volatility in raw material costs, and high manufacturing standards required for reliability and performance. Regulatory uncertainties and global economic fluctuations may also impact demand cycles. Nonetheless, these challenges open up opportunities: ongoing technological innovation (e.g., development of more compact, higher-voltage, higher-efficiency modules), expansion into emerging markets, and growth in smart-grid and renewable energy installations provide multiple avenues for further market expansion.

Top Market Players

Key companies featured in the global IGBT module market include:

Mitsubishi Electric

Infineon Technologies

Fuji Electric

SEMIKRON

Hitachi

ON Semiconductor (Fairchild)

ABB

Ixys Corporation

Starpower Semiconductor

CRRC

Vishay

Macmic

Segmentation & Regional Coverage

By Type

Standard IGBT Module

CIB / PIM

IPM (Intelligent Power Module)

By Application

Industrial Drives

Consumer electronics / appliances

Automotive (including EV / HEV)

Renewables (solar inverters, wind energy systems, etc.)

Traction (rail / transit / transport)

Others

By Region

North America (e.g. USA, Canada)

Europe (major European economies)

Asia Pacific (China, Japan, Korea, India, Southeast Asia, etc.)

LAMEA (Latin America, Middle East, Africa) — covering Latin America, Middle East & Africa regions

About the Report
This report, “Global IGBT Module Market Size, Share and Trends Analysis by Type, by Application, by Region (North America, Europe, Asia Pacific, LAMEA) and Forecasts 2023–2031,” provides a comprehensive examination of the global IGBT module market. It includes detailed segmentation by type and application, regional market breakdowns, competitive landscape with leading players, as well as analysis of market dynamics such as growth drivers, restraints and potential opportunities. The forecast and insights are particularly useful for stakeholders — manufacturers, investors, policy-makers and industry participants — to understand emerging trends and make informed strategic decisions.