According to Cognitive Market Research, the global IGBT Power Module market size will be USD 2814.2 million in 2024. It will rise at the compound annual growth rate (CAGR) of 11.50% from the year 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 1125.68 million in 2024 and will rise at the compound annual growth rate (CAGR) of 9.7% from the year 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 844.26 million.
Asia Pacific held a market share of around 23% of global revenue with a market size of USD 647.27 million in 2024 and will rise at a compound annual growth rate (CAGR) of 13.5% from the year 2024 to 2031.
Latin America had a market share of more than 5% of global revenue with a market size of USD 140.71 million in 2024 and will rise at the compound annual growth rate (CAGR) of 10.9% from the year 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 56.28 million in 2024 and will rise at a compound annual growth rate (CAGR) of 11.2% from the year 2024 to 2031.
The PV category is the fastest growing segment of the IGBT Power Module industry
