Increasing demand for electricity owing to satiate the need of growing population is expected to drive the IGBT and thyristor market. Growing demand for high-tech power grid solutions is also expected to play a pivotal role in market growth over the forecast period. IGBTs are expected to dominate mass transit application in converters and are used in several high power control gadgets. Thyristors are widely used for controlling alternating currents. Replacement of aging power infrastructure in developed countries and government incentives for grid establishment are some other factors conducive to the IGBT and thyristor market. Additionally, rising offshore wing farms are also expected to provide new avenues for market growth over the forecast period. High investments required for power applications may hinder the IGBT and thyristor market growth over the next six years.
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IGBT and thyristor applications include power, renewable energy, industrial, commercial, and residential. Power application, which consists of Flexible AC Transmission Systems (FACTS) and high-voltage, direct current (HVDC), is expected to grow at a considerable rate over the forecast period. Thyristors are also used in pressure control systems, light dimmers and liquid level regulators. FACTS application comprises voltage stabilization, congestion management, power flow control and frequency stabilization.
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Asia Pacific is estimated to generate high IGBT and thyristor demand owing to growing investments for power applications in countries such as India, China and Australia. Brazil is also expected to witness significant growth owing to increasing investments in FACTS...