![]() ![]() Request a Free sample to learn more about this report. Also, an increase in demand for cloud and data centers due to increased remote working is likely to drive market growth post-pandemic. Further, post-pandemic, the market is expected to gain significant growth due to rapid adoption of renewable energy, growing demand for electric vehicles, and growing implementation of automation and industrialization. With this foundation, the companies can chart a path to the next normal. The market players are required to establish a solid baseline to move forward. In the long term, every aspect of the business model could be subject to change, including the capital expenditures, the composition of product portfolios, demand forecasts, R&D strategy, supply-chain footprints, options for mergers and acquisitions (M&A), and production decisions. Thus, in the year 2020, the market experienced slow growth rate as compared to earlier estimations. Moreover, the permission of 50% of the total workforce is also negatively impacting the insulated gate bipolar transistor production capacity. Similarly, insulated gate bipolar transistor manufacturing has been extremely disturbed due to the lack of components availability. As per the Accenture Plc report, the annual revenue growth of the semiconductor industry was projected to reach 12.5%, but due to pandemic crises, it turned out to reach only 9% in the year 2020. The global disruption in the supply chain owing to the closure of international boundaries has highly affected the production of semiconductor products. The outbreak of coronavirus significantly impacted the entire semiconductor sector. It provides solutions such as an energy storage system, secure power supply, connection for an external system, and electric car charging.ĭisruption in Supply of Hardware and Components to Impact Market Growth Amid COVID-19 In November 2020, Fronius International GmbH and Infineon Technologies launched a solar inverter using IGBT and other products to offer all-in-one solution products.Key players in the market are highly focused on business expansion through the new innovative applications. It is witnessing rapid demand across automotive, rail, energy & power, and consumer electronics industries. Due to higher switching frequency, they are widely accepted in high-voltage applications requiring lower conduction losses. Insulated gate bipolar transistor module functions as a voltage-controlled power electronic device. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over. The global impact of COVID-19 has been unprecedented and staggering, with insulated gate bipolar transistors witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant growth of 8.0% in 2020 as compared to the average year-on-year growth during 2017-2019. The global insulated gate bipolar transistor market size was USD 5.40 billion in 2020 and is projected to grow from USD 5.86 billion in 2021 to USD 11.24 billion in 2028 at a CAGR of 9.8% in the 2021-2028 period.
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