"Thyristor and IGCT Market to Reach USD 3.5 Billion by 2034, Driven by 5.3% CAGR Growth | Exactitude Consultancy

Thyristor and IGCT Market Forecast (2025–2034)

/EIN News/ -- Luton, Bedfordshire, United Kingdom, May 29, 2025 (GLOBE NEWSWIRE) -- Market Overview

The global Thyristor and IGCT market was valued at USD 2.1 billion in 2024 and is projected to reach approximately USD 3.5 billion by 2034, expanding at a CAGR of 5.3% during the forecast period (2025–2034). This growth is driven by increasing demand for high-efficiency power conversion systems, particularly in industrial automation, renewable energy systems, and electric mobility.

Advancements in wide-bandgap semiconductor technologies, including silicon carbide (SiC) and gallium nitride (GaN), are redefining the efficiency and scalability of power electronics. Moreover, regulatory shifts toward carbon neutrality and sustainable energy usage continue to bolster market adoption across several verticals.

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Key Market Insights

• Base Year (2024) Value: USD 2.1 billion
• Forecast Year (2034) Value: USD 3.5 billion
• CAGR (2025–2034): 5.3%
• Largest Regional Market: Asia-Pacific (approx. 42% revenue share in 2024)

Market Segmentation

By Type

• Light Turn-Off Thyristor (LTO): ~10% share; moderate growth due to low-power use cases
• Integrated Gate Commutated Thyristor (IGCT): ~30% share; strong growth in industrial and renewable sectors
• Silicon Controlled Rectifiers (SCR): ~50% share; widely adopted, high efficiency, and broad applications
• Others

By Application

• Industrial Drives: ~25% share; key growth driver via automation
• Power Electronics: ~20% share; essential for power conversion efficiency
• Railway Traction Systems: ~15% share; supported by transport electrification
• Renewable Energy Systems: ~10% share; rising demand from wind and solar
• Servo Motor Drives, Others

By Voltage Rating

• Low Voltage (up to 1 kV): ~40% share; suitable for small-scale commercial setups
• Medium Voltage (1 kV–72 kV): ~35% share; robust industrial and infrastructure demand
• High Voltage (above 72 kV): ~25% share; utilities and grid-level applications

By End-User

• Energy & Power: ~30% share; significant applications in smart grids and renewables
• Manufacturing: ~20% share; driven by Industry 4.0
• Automotive: ~15% share; electric vehicle integration
• Transportation, Telecom, Others

By Technology

• Silicon-Based Devices: Dominant due to maturity and cost-effectiveness
• Silicon Carbide (SiC): Rapidly growing due to superior performance in high-temperature and high-voltage environments

By Distribution Channel

• Online
• Offline

Regional Analysis

Asia-Pacific

• Market Share: ~42% in 2024
• Key Countries: China, Japan, India, South Korea
• Growth Factors: Government renewable initiatives, expanding industrial base, strong EV market

North America

• Growth Drivers: Investments in grid modernization and EV infrastructure
• Key Countries: U.S., Canada

Europe

• Focus Areas: Green energy transition, railway electrification
• Notable Countries: Germany, France, UK

Latin America, Middle East & Africa

• Emerging Opportunities: Infrastructure expansion, renewable projects, energy efficiency mandates

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Market Dynamics

Growth Drivers

1. Rising Demand for Power Efficiency
   • With energy costs rising and sustainability becoming a priority, industries are shifting toward power-efficient technologies. Thyristors and IGCTs offer high switching efficiency, low conduction losses, and robust reliability, making them essential for industries such as steel, cement, and chemical manufacturing.
   • These devices help reduce energy waste in power conversion and distribution systems, aligning with industrial goals for optimized energy management and cost savings.
2. Renewable Energy Integration
   • The global shift toward solar and wind power has increased the need for advanced power control devices capable of handling variable input loads and grid fluctuations.
   • Thyristors and IGCTs are critical components in inverters, HVDC converters, and reactive power compensation systems, enabling seamless integration of renewable energy sources into conventional grids.
3. Advances in Semiconductor Materials (SiC and GaN)
   • The development of silicon carbide (SiC) and gallium nitride (GaN) semiconductors is revolutionizing power electronics by offering higher thermal conductivity, faster switching speeds, and lower power losses.
   • These advanced materials are being increasingly used in the design of thyristors and IGCTs, significantly improving the efficiency and performance of devices across demanding applications like electric vehicles, industrial drives, and grid management systems.
4. Electrification of Transport
   • The rapid rise in electric vehicle (EV) adoption is driving demand for high-efficiency, high-power control components. Thyristors and IGCTs are used in EV inverters, on-board chargers, and DC fast-charging stations.
   • Additionally, these components are essential in railway traction systems and aerospace electrification, further broadening their application scope.
5. Government Regulations & Carbon Reduction Goals
   • Governments worldwide are enforcing stringent energy-efficiency regulations and net-zero carbon targets, pushing industrial and utility sectors to adopt advanced power electronics.
   • Policies such as the European Green Deal, India’s Renewable Energy Mission, and China’s dual-carbon goals are directly boosting investment in IGCT- and thyristor-based systems for grid stability and energy savings.

Market Restraints

1. High Upfront Costs
   • Transitioning from legacy systems to modern IGCT and advanced thyristor technologies involves significant capital investments, including cost-intensive components, design complexity, and new system architectures.
   • This cost barrier is particularly challenging for small-to-mid-sized enterprises (SMEs) in emerging markets.
2. Supply Chain Disruptions
   • The market has been affected by ongoing geopolitical tensions, raw material shortages, and logistical constraints, particularly for semiconductor materials and manufacturing equipment.
   • These disruptions have led to increased lead times, component shortages, and pricing volatility, especially for high-voltage and precision-engineered devices.
3. Regulatory Complexity
   • Compliance with regional standards (such as IEC, UL, RoHS, and REACH) varies across geographies, complicating product development and market entry.
   • Manufacturers must invest in local testing, certification, and documentation processes, adding to operational costs and delaying time-to-market.

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Opportunities & Trends

1. Electric Vehicles (EVs)
   • EV growth presents a major opportunity for thyristor and IGCT manufacturers. These devices are essential in powertrain control, battery management, and charging infrastructure.
   • The global push toward zero-emission transport is expected to drive significant demand for compact, high-efficiency power control solutions.
2. Smart Grids
   • With aging infrastructure and rising energy demand, many regions are investing in smart grid technologies. Thyristors and IGCTs enable critical grid functionalities such as load balancing, fault management, and real-time control.
   • These technologies are integral to microgrids, distributed energy systems, and hybrid grid solutions, creating strong growth potential.
3. Digitalization of Manufacturing
   • The rise of Industry 4.0 and IoT-driven automation requires reliable, high-speed switching and control in motor drives, robotics, and machine tools.
   • Thyristors and IGCTs offer robust performance in harsh industrial environments, making them vital to the digital transformation of manufacturing ecosystems.
4. Strategic Partnerships & R&D Collaborations
   • Leading players are increasingly forming alliances for joint product development, material innovation, and regional market penetration.
   • Collaborations between semiconductor firms and system integrators are accelerating the development of customized, high-efficiency power modules tailored to next-generation applications in energy, automotive, and industry.

Competitive Landscape

Key Players

• ABB Ltd.
• Siemens AG
• General Electric Company
• Mitsubishi Electric Corporation
• Schneider Electric SE
• Hitachi, Ltd.
• Infineon Technologies AG
• STMicroelectronics N.V.
• ON Semiconductor Corporation
• Vishay Intertechnology, Inc.
• Texas Instruments Inc.
• ROHM Semiconductor
• NXP Semiconductors N.V.
• Toshiba Corporation
• Semikron International GmbH

Recent Developments:

1. ABB Ltd.

Development:
In April 2024, ABB launched its new IGCT-based high-power converter system for industrial drive applications and renewable energy integration. This solution supports medium-voltage motors with greater energy efficiency and reliability, designed specifically for use in solar and wind energy farms.

Strategic Impact:
This development strengthens ABB’s foothold in green energy and sustainable automation, aligning with global decarbonization goals. It also reinforces its leadership in the medium-voltage control systems market.

2. Infineon Technologies AG

Development:
In December 2023, Infineon introduced its latest generation of silicon-controlled rectifiers (SCRs) and SiC-based thyristors, under the CoolSiC™ brand. These devices are optimized for EV inverters, fast-charging stations, and power grid systems.

Strategic Impact:
The integration of SiC technology allows higher efficiency at elevated temperatures and voltage levels, giving Infineon a competitive edge in high-performance applications and helping it penetrate deeper into the electric mobility and smart grid sectors.

3. Mitsubishi Electric Corporation

Development:
In February 2024, Mitsubishi Electric unveiled a new 3.3 kV IGCT module aimed at railway traction and industrial automation systems. The company also expanded its production capacity in Fukuoka, Japan, to meet rising demand in Asia and Europe.

Strategic Impact:
This move addresses growing global needs for high-voltage, high-reliability switching devices. The capacity expansion enhances Mitsubishi’s ability to serve OEMs in the transport and infrastructure sectors, particularly in Europe and India.

4. STMicroelectronics

Development:
In May 2024, STMicroelectronics formed a joint development partnership with Schneider Electric to co-develop thyristor-based AC power controllers for smart industrial grids and energy storage systems. The collaboration includes work on digital twin simulations and integrated power modules.

Strategic Impact:
This partnership boosts STMicroelectronics’ exposure to industrial and energy sector applications, creating smart, scalable solutions for grid stability and efficiency. It also highlights the company’s focus on co-innovation in sustainable energy.

5. Siemens AG

Development:
In August 2023, Siemens introduced its new HVDC (High Voltage Direct Current) transmission modules embedded with IGCT-based protection systems. The solution was deployed in the Brahmaputra River power project in India as part of a government-led renewable energy expansion.

Strategic Impact:
This development strengthens Siemens’ position in the power transmission and grid modernization segment. By integrating IGCTs, the system benefits from higher switching capabilities, longer lifespans, and improved performance in harsh environments.

This report is also available in the following languages : Japanese (サイリスタIGCT市場), Korean (사이리스터 IGCT 시장), Chinese (晶闸管IGCT市场), French (Marché des IGCT à thyristors), German (Thyristor-IGCT-Markt), and Italian (Mercato dei tiristori IGCT), etc.

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