Summary

Press-Pack IGBTs are high-power insulated-gate bipolar transistor devices in which the semiconductor chips, electrodes and internal conductors establish their principal electrical and thermal contacts through externally applied mechanical pressure. Unlike conventional insulated IGBT modules that commonly use bond wires, solder joints and an electrically insulated baseplate, press-pack devices are clamped directly between cooling plates and normally support double-sided cooling, low package inductance, high power-cycling capability and controlled short-circuit failure behaviour. These characteristics make them particularly suitable for high-current converters containing large numbers of semiconductor devices connected in series. The market scope includes conventional Press-Pack IGBTs, Toshiba’s Press-Pack IEGTs and Hitachi Energy’s press-pack BiGT/StakPak devices, because these products use closely related insulated-gate bipolar semiconductor technologies and target the same high-power converter applications. The mainstream commercial voltage class is 4.5 kV, typically covering rated currents of approximately 1.5–3.0 kA or higher, while non-4.5 kV products include 6.5 kV devices, Hitachi Energy’s 5.2 kV reverse-conducting BiGT products, and smaller 3.3 kV, 2.5 kV and selected lower-voltage products. Infineon currently positions 4.5 kV Press-Pack IGBTs for HVDC, FACTS, traction, wind power and medium-voltage drives, while Toshiba has expanded the commercial market toward 6.5 kV/2.0 kA Press-Pack IEGTs for DC transmission, STATCOM and industrial motor drives.

According to QYResearch, the global Press-Pack IGBT revenue increased from US$52.1 million in 2022 to US$117.6 million in 2025 and is expected to reach US$141.3 million in 2026 and US$321.1 million by 2032, representing a 2026–2032 CAGR of approximately 14.66%. The exceptionally high revenue of US$149.1 million in 2021, followed by a 65.1% decline in 2022, reflects the project-driven nature of the industry rather than a corresponding collapse in underlying end-market demand. Press-Pack IGBTs are generally procured in concentrated batches for individual HVDC converter valves, offshore transmission systems, STATCOM installations and large industrial converters, and device deliveries may occur well before project commissioning. Consequently, annual market results are strongly influenced by the timing of customer qualification, converter-valve production, project acceptance and spare-device procurement. After the 2022 trough, revenue recovered by 49.2% in 2023, 26.6% in 2024 and 19.6% in 2025, indicating that the industry has entered a new expansion cycle. Growth is expected to remain above 19% during 2026–2028 before moderating as the market becomes larger. The sector nevertheless remains relatively small in unit terms because each device carries a high value and serves specialized infrastructure rather than general-purpose power-electronics applications.

HVDC & FACTS represents the overwhelmingly dominant application, accounting for an estimated 92.59% of global Press-Pack IGBT revenue in 2025 and rising to 94.94% by 2032. The segment includes VSC-HVDC and MMC converter valves, offshore-wind transmission, cross-border interconnectors, city-centre infeeds, back-to-back frequency conversion, STATCOM and selected high-voltage DC circuit breakers. Hitachi Energy confirms that its HVDC Light platform uses IGBT/BiGT press-pack StakPak modules, including a 5.2 kV/2.0 kA reverse-conducting device developed for the Dogger Bank offshore-wind transmission system. Infineon similarly identifies IGBT press packs as a core device platform for high-power VSC-HVDC systems based on MMC topologies, while Toshiba highlights HVDC, active reactive-power compensation and medium-voltage inverters as principal Press-Pack IEGT applications. Industrial and medium-voltage drives account for a much smaller share, declining from 4.07% in 2025 to 2.73% in 2032 despite continued absolute growth. Relevant systems include mining hoists, compressors, pumps, rolling mills, marine propulsion and other multi-megawatt drives. Traction, electric vehicles and other applications decline from 3.34% to 2.33% of revenue; within this category, rail traction, railway power conversion, replacement devices and specialized heavy-duty systems are substantially more important than mainstream passenger electric vehicles, which predominantly use automotive-qualified isolated IGBT or SiC modules.

China is the largest demand market, accounting for an estimated 62.58% of global revenue in 2025 and approximately 63.41% in 2032. Its dominant position reflects large-scale flexible-HVDC investment, offshore-wind transmission, domestic converter-valve manufacturing and the localization of high-voltage power semiconductors. Europe is the second-largest market, with a projected share of 15.26% in 2032, supported by North Sea offshore-wind connections, German transmission corridors, UK offshore projects and cross-border interconnectors. North America is expected to maintain a share of approximately 9%, while Japan, South Korea, India and Southeast Asia remain smaller, project-specific markets. The competitive landscape is highly concentrated but undergoing structural change. Zhuzhou CRRC Times Semiconductor became the estimated market leader in 2025 with a 27.39% revenue share, followed by Littelfuse at 22.64%, Hitachi Energy at 19.22% and Toshiba at 11.94%. NARI Technology and Infineon increased their estimated shares to 8.77% and 8.18%, respectively, indicating the simultaneous rise of Chinese domestic substitution and a new major European entrant. The combined share of CRRC Times Semiconductor, NARI Technology and Beijing Xinchuang Chunshu Rectifier reached approximately 36.65% in 2025, while the Other category declined to only 0.45%. This concentration reflects demanding reliability qualification, proprietary package technology, long customer approval cycles and the close integration required between semiconductor suppliers and converter-valve manufacturers.

The principal industry trend is the increasing concentration of demand in high-voltage grid infrastructure, particularly offshore-wind HVDC, long-distance VSC transmission, STATCOM and other flexible-grid systems. The IEA expects global electricity consumption to continue expanding as industry, air conditioning, electric vehicles, heat pumps, artificial intelligence and other electricity-intensive technologies increase load, requiring substantial strengthening and expansion of transmission networks. Product development is moving toward higher blocking voltages, higher current ratings, reverse-conducting chip structures, lower losses and more compact converter valves. The 4.5 kV platform will remain the principal commercial standard, but 5.2 kV and 6.5 kV products are expected to gain share where reducing the number of series-connected devices, gate drivers and cooling positions provides significant system-level value. At the same time, Chinese suppliers will continue moving from engineering validation toward project-scale deployment, increasing pricing competition and second-source availability. The industry will remain subject to substantial annual volatility because HVDC projects require long development cycles and depend on the availability of cables, transformers and other grid equipment; the IEA reports that prices and procurement times for key transmission components have increased materially, potentially shifting semiconductor deliveries between forecast years. Overall, market growth will be driven by grid modernization, renewable-energy integration, offshore wind, higher transmission voltages, demand for compact and fault-tolerant converter systems, and the increasing strategic importance of secure high-power semiconductor supply chains.

This report provides a comprehensive view of the global market for Press Pack IGBTs, covering total sales volume, sales revenue, pricing, the market share and ranking of key companies, along with analyses by region & country, by VCES (Max), and by Application.
The Press Pack IGBTs market size, estimations, and forecasts are presented in terms of sales volume (Units) and revenue ($ millions), with 2025 as the base year and historical and forecast data from 2021 to 2032. The report combines quantitative and qualitative analysis to help readers develop growth strategies, assess the competitive landscape, evaluate their position in the current marketplace, and make informed business decisions regarding Press Pack IGBTs.

Market Segmentation

By Company
 Zhuzhou CRRC Times Semiconductor
 Littelfuse
 Hitachi Energy
 Toshiba
 Nari Technology
 Infineon
 Poseico S.p.A.
 Beijing Xinchuang Chunshu Rectifier

Segment by VCES (Max)
 4.5kV Press Pack IGBTs
 Others (6.5kV, 3.3kV, 2.5kV Press Pack IGBTs)

Segment by Application
 HVDC & FACTS
 Industrial & Medium Voltage Drives
 Traction & Electric Vehicles and Others

By Region
 North America
 Europe
 China
 Japan
 South Korea
 Southeast Asia
 India
 Others

Chapter Outline
Chapter 1: Introduces the scope of the report and the global market size (value, volume, and price). It also summarizes market dynamics and Recent Developments; identifies key drivers and restraints; outlines challenges and risks for manufacturers; reviews relevant industry policies and U.S. tariff implications.
Chapter 2: Provides a detailed analysis of the Press Pack IGBTs manufacturers’ competitive landscape—including pricing, sales and revenue shares, Recent Developments plans, and mergers and acquisitions (M&A).
Chapter 3: Analyzes market classification, presenting the size and growth potential of each segment to help readers identify blue-ocean opportunities.
Chapter 4: Analyzes market segmentation by Application, presenting the size and growth potential of each downstream segment to help readers identify blue-ocean opportunities.
Chapter 5: Presents Press Pack IGBTs sales and revenue at the regional level. It offers a quantitative assessment of market size and growth potential by region and summarizes market development, future prospects, addressable space, and country-level market size worldwide.
Chapter 6: Presents Press Pack IGBTs sales and revenue at the country level. It provides segmented data by VCES (Max) and by Application for each country/region.
Chapter 7: Profiles key players, detailing the main companies’ product sales, revenue, pricing, gross margin, product portfolios, Recent Developments, etc.
Chapter 8: Analyzes the industry value chain, including upstream suppliers and downstream applications/customers.
Chapter 9: Conclusion.

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Table of Contents

1 Market Overview 1
1.1 Press Pack IGBTs Product Introduction 1
1.2 Global Press Pack IGBTs Market Size Forecast 2
1.2.1 Global Press Pack IGBTs Sales Value (2021–2032) 2
1.2.2 Global Press Pack IGBTs Sales Volume (2021–2032) 4
1.2.3 Global Press Pack IGBTs Sales Price (2021–2032) 5
1.3 Press Pack IGBTs Market Trends & Drivers 5
1.3.1 Press Pack IGBTs Industry Trends 5
1.3.2 Press Pack IGBTs Market Drivers & Opportunities 7
1.3.3 Press Pack IGBTs Market Challenges 8
1.3.4 Press Pack IGBTs Market Restraints 10
1.3.5 Impact of U.S. Tariffs 11
1.4 Assumptions and Limitations 12
1.5 Study Objectives 13
1.6 Years Considered 14
2 Competitive Analysis by Company 15
2.1 Global Press Pack IGBTs Players Revenue Ranking (2025) 15
2.2 Global Press Pack IGBTs Revenue by Company (2021–2026) 16
2.3 Global Press Pack IGBTs Sales Volume Ranking of Players (2025) 17
2.4 Global Press Pack IGBTs Sales Volume by Company (2021–2026) 18
2.5 Global Press Pack IGBTs Average Price by Company (2021–2026) 19
2.6 Key Manufacturers Press Pack IGBTs Manufacturing Base and Headquarters 20
2.7 Key Manufacturers Press Pack IGBTs Product Offerings 20
2.8 Key Manufacturers Press Pack IGBTs Commercialization Date 21
2.9 Press Pack IGBTs Market Competitive Analysis 22
2.9.1 Press Pack IGBTs Market Concentration Rate (2021–2026) 22
2.9.2 Global 5 Largest Manufacturers by Press Pack IGBTs Revenue in 2021-2026 23
2.9.3 Global Companies by Tier (Tier 1, Tier 2, Tier 3), based on Press Pack IGBTs revenue, 2025 23
2.10 Mergers & Acquisitions and Expansion 24
3 Segmentation Press Pack IGBTs Market Classification 25
3.1 Introduction by VCES (Max) 25
3.1.1 4.5kV Press Pack IGBTs 25
3.1.2 Others (6.5kV, 3.3kV, 2.5kV Press Pack IGBTs) 26
3.1.3 Global Press Pack IGBTs Sales Value by VCES (Max) 27
3.1.4 Global Press Pack IGBTs Sales Volume by VCES (Max) 31
3.1.5 Global Press Pack IGBTs Average Price by VCES (Max) (2021–2032) 33
4 Segmentation by Application 35
4.1 Introduction by Application 35
4.1.1 HVDC & FACTS 35
4.1.2 Industrial & Medium Voltage Drives 38
4.1.3 Traction & Electric Vehicles and Others 40
4.2 Global Press Pack IGBTs Sales Value by Application 41
4.2.1 Global Press Pack IGBTs Sales Value by Application (2021 vs 2025 vs 2032) 42
4.2.2 Global Press Pack IGBTs Sales Value, by Application (2021–2032) 43
4.2.3 Global Press Pack IGBTs Sales Value, by Application (%), 2021–2032 44
4.3 Global Press Pack IGBTs Sales Volume by Application 45
4.3.1 Global Press Pack IGBTs Sales Volume by Application (2021 vs 2025 vs 2032) 45
4.3.2 Global Press Pack IGBTs Sales Volume, by Application (2021–2032) 46
4.3.3 Global Press Pack IGBTs Sales Volume, by Application (%), 2021–2032 47
4.4 Global Press Pack IGBTs Average Price by Application (2021–2032) 48
5 Segmentation by Region 50
5.1 Global Press Pack IGBTs Sales Value by Region 50
5.1.1 Global Press Pack IGBTs Sales Value by Region: 2021 vs 2025 vs 2032 50
5.1.2 Global Press Pack IGBTs Sales Value by Region (2021–2026) 50
5.1.3 Global Press Pack IGBTs Sales Value by Region (2027–2032) 51
5.1.4 Global Press Pack IGBTs Sales Value by Region (%), 2021–2032 51
5.2 Global Press Pack IGBTs Sales Volume by Region 52
5.2.1 Global Press Pack IGBTs Sales Volume by Region: 2021 vs 2025 vs 2032 52
5.2.2 Global Press Pack IGBTs Sales Volume by Region (2021–2026) 53
5.2.3 Global Press Pack IGBTs Sales Volume by Region (2027–2032) 53
5.2.4 Global Press Pack IGBTs Sales Volume by Region (%), 2021–2032 54
5.3 Global Press Pack IGBTs Average Price by Region (2021–2032) 54
5.4 North America 56
5.4.1 North America Press Pack IGBTs Sales Value, 2021–2032 56
5.4.2 North America Press Pack IGBTs Sales Value by Country (%), 2025 vs 2032 56
5.5 Europe 57
5.5.1 Europe Press Pack IGBTs Sales Value, 2021–2032 57
5.5.2 Europe Press Pack IGBTs Sales Value by Country (%), 2025 vs 2032 57
5.6 Asia Pacific 58
5.6.1 Asia Pacific Press Pack IGBTs Sales Value, 2021–2032 58
5.6.2 Asia Pacific Press Pack IGBTs Sales Value by Region (%), 2025 vs 2032 58
5.7 South America 59
5.7.1 South America Press Pack IGBTs Sales Value, 2021–2032 59
5.7.2 South America Press Pack IGBTs Sales Value by Country (%), 2025 vs 2032 59
5.8 Middle East & Africa 60
5.8.1 Middle East & Africa Press Pack IGBTs Sales Value, 2021–2032 60
5.8.2 Middle East & Africa Press Pack IGBTs Sales Value by Country (%), 2025 vs 2032 60
6 Segmentation by Key Countries/Regions 62
6.1 Key Countries/Regions Press Pack IGBTs Sales Value Growth Trends, 2021 vs 2025 vs 2032 62
6.2 Key Countries/Regions Press Pack IGBTs Sales Value and Sales Volume 63
6.2.1 Key Countries/Regions Press Pack IGBTs Sales Value, 2021–2032 63
6.2.2 Key Countries/Regions Press Pack IGBTs Sales Volume, 2021–2032 65
6.3 United States 68
6.3.1 United States Press Pack IGBTs Sales Value, 2021–2032 68
6.3.2 United States Press Pack IGBTs Sales Value by VCES (Max) (%), 2025 vs 2032 69
6.3.3 United States Press Pack IGBTs Sales Value by Application, 2025 vs 2032 69
6.4 Europe 70
6.4.1 Europe Press Pack IGBTs Sales Value, 2021–2032 70
6.4.2 Europe Press Pack IGBTs Sales Value by VCES (Max) (%), 2025 vs 2032 71
6.4.3 Europe Press Pack IGBTs Sales Value by Application, 2025 vs 2032 71
6.5 China 72
6.5.1 China Press Pack IGBTs Sales Value, 2021–2032 72
6.5.2 China Press Pack IGBTs Sales Value by VCES (Max) (%), 2025 vs 2032 73
6.5.3 China Press Pack IGBTs Sales Value by Application, 2025 vs 2032 74
6.6 Japan 75
6.6.1 Japan Press Pack IGBTs Sales Value, 2021–2032 75
6.6.2 Japan Press Pack IGBTs Sales Value by VCES (Max) (%), 2025 vs 2032 76
6.6.3 Japan Press Pack IGBTs Sales Value by Application, 2025 vs 2032 77
6.7 South Korea 78
6.7.1 South Korea Press Pack IGBTs Sales Value, 2021–2032 78
6.7.2 South Korea Press Pack IGBTs Sales Value by VCES (Max) (%), 2025 vs 2032 79
6.7.3 South Korea Press Pack IGBTs Sales Value by Application, 2025 vs 2032 80
6.8 Southeast Asia 81
6.8.1 Southeast Asia Press Pack IGBTs Sales Value, 2021–2032 81
6.8.2 Southeast Asia Press Pack IGBTs Sales Value by VCES (Max) (%), 2025 vs 2032 82
6.8.3 Southeast Asia Press Pack IGBTs Sales Value by Application, 2025 vs 2032 83
6.9 India 84
6.9.1 India Press Pack IGBTs Sales Value, 2021–2032 84
6.9.2 India Press Pack IGBTs Sales Value by VCES (Max) (%), 2025 vs 2032 85
6.9.3 India Press Pack IGBTs Sales Value by Application, 2025 vs 2032 86
7 Company Profiles 87
7.1 Littelfuse 87
7.1.1 Littelfuse Company Information 87
7.1.2 Littelfuse Introduction and Business Overview 88
7.1.3 Littelfuse Press Pack IGBTs Sales, Revenue, Price and Gross Margin (2021–2026) 89
7.1.4 Littelfuse Press Pack IGBTs Product Offerings 90
7.1.5 Littelfuse Recent Developments 93
7.2 Hitachi Energy 94
7.2.1 Hitachi Energy Company Information 94
7.2.2 Hitachi Energy Introduction and Business Overview 95
7.2.3 Hitachi Energy Press Pack IGBTs Sales, Revenue, Price and Gross Margin (2021–2026) 96
7.2.4 Hitachi Energy Press Pack IGBTs Product Offerings 97
7.2.5 Hitachi Energy Recent Developments 99
7.3 Toshiba 100
7.3.1 Toshiba Company Information 100
7.3.2 Toshiba Introduction and Business Overview 101
7.3.3 Toshiba Press Pack IGBTs Sales, Revenue, Price and Gross Margin (2021–2026) 102
7.3.4 Toshiba Press Pack IGBTs Product Offerings 103
7.3.5 Toshiba Recent Developments 104
7.4 Zhuzhou CRRC Times Semiconductor 106
7.4.1 Zhuzhou CRRC Times Semiconductor Company Information 106
7.4.2 Zhuzhou CRRC Times Semiconductor Introduction and Business Overview 107
7.4.3 Zhuzhou CRRC Times Semiconductor Press Pack IGBTs Sales, Revenue, Price and Gross Margin (2021–2026) 108
7.4.4 Zhuzhou CRRC Times Semiconductor Press Pack IGBTs Product Offerings 108
7.4.5 Zhuzhou CRRC Times Semiconductor Recent Developments 110
7.5 Infineon 111
7.5.1 Infineon Company Information 111
7.5.2 Infineon Introduction and Business Overview 112
7.5.3 Infineon Press Pack IGBTs Sales, Revenue, Price and Gross Margin (2021–2026) 114
7.5.4 Infineon Press Pack IGBTs Product Offerings 114
7.5.5 Infineon Recent Developments 116
7.6 Poseico S.p.A. 117
7.6.1 Poseico S.p.A. Company Information 117
7.6.2 Poseico S.p.A. Introduction and Business Overview 118
7.6.3 Poseico S.p.A. Press Pack IGBTs Sales, Revenue, Price and Gross Margin (2021–2026) 119
7.6.4 Poseico S.p.A. Press Pack IGBTs Product Offerings 119
7.6.5 Poseico S.p.A. Recent Developments 121
7.7 Beijing Xinchuang Chunshu Rectifier 122
7.7.1 Beijing Xinchuang Chunshu Rectifier Company Information 122
7.7.2 Beijing Xinchuang Chunshu Rectifier Introduction and Business Overview 123
7.7.3 Beijing Xinchuang Chunshu Rectifier Press Pack IGBTs Sales, Revenue, Price and Gross Margin (2021–2026) 124
7.7.4 Beijing Xinchuang Chunshu Rectifier Press Pack IGBTs Product Offerings 124
7.7.5 Beijing Xinchuang Chunshu Rectifier Recent Developments 126
7.8 Nari Technology 127
7.8.1 Nari Technology Company Information 127
7.8.2 Nari Technology Introduction and Business Overview 128
7.8.3 Nari Technology Press Pack IGBTs Sales, Revenue, Price and Gross Margin (2021–2026) 129
7.8.4 Nari Technology Press Pack IGBTs Product Offerings 129
7.8.5 Nari Technology Recent Developments 131
8 Industry Chain Analysis 133
8.1 Press Pack IGBTs Industrial Chain 133
8.2 Press Pack IGBTs Upstream Analysis 133
8.2.1 Key Raw Materials 134
8.2.2 Key Suppliers of Raw Materials 134
8.2.3 Manufacturing Cost Structure 135
8.3 Midstream Analysis 136
8.4 Downstream Analysis (Customer Analysis) 137
8.5 Sales Model and Sales Channelss 139
8.5.1 Press Pack IGBTs Sales Model 139
8.5.2 Sales Channels 140
9 Research Findings and Conclusion 142
10 Appendix 145
10.1 Research Methodology 145
10.1.1 Methodology/Research Approach 145
10.1.2 Data Source 148
10.2 Author Details 151
10.3 Disclaimer 152