下面是小编为大家整理的IGBT：中国“新基建”关键推动者（全文完整）,供大家参考。
C h i n a
I n d u s t r i a l s
|
A s i a
P a c i f i c
I GB T
–
A
K e y
E n a b l e r
f o r
C h i n a " s " N e w
I n f r as t r u c t u r e "
M O R G A N S TA N L E Y
A S IA
LI M IT E D +
K e v i n
L u o ,
CF A
E QU IT Y
A N AL YS T
K e v i n . L u o @ m or g a n s t a n l ey. c o m
+ 852 2239 - 1527 Zhu or an
W an g ,
CF A
E QU IT Y
A N AL YS T
Z hu or a n . W a ng @ m or g a n s t a n l ey. c o m
+ 852 2239 - 1883
C h i n a
I n d u s t r i a l s
A s ia
P a c i f i c
I G B T ,
as
a
k e y
c o mp o n e n t
o f
p o w e r
c o nv e r t e r s ,
w i ll
h e l p
d r i v e C h i n a " s
“ N e w
I n f r as t r u c t u r e "
i n i t i a t i v e s
a n d
e n j o y
1 5 %
C A G R
i n t h e
n e x t
f i v e
y e a r s .
I ndus t r y V i e w
C a u t i ous
“ N e w
i n f r a s t r u c t u r e ”
r e qu i r e s
m o r e
d evi c e s
t o
m a n a g e
e l e c t r i c i t y
I n
e a r l y
M a r c h ,
C h i n a " s
g o v e r n m e n t
a nn o un ce d
t h a t
i t
w o u l d
a cce l e r a t e
t h e c o n s t r u c t io n
o f
“ n e w
i n f r as t r u c t u r e ”
p r o j ec t s
i n
o r d e r
t o
o ff s e t
t h e
ec o n o m i c i mp a c t
o f
C OV I D - 1 9
i n
t h e
s h o r t
t e r m
a n d
b r i n g
n e w
d r i v e r s
t o
t h e
ec o n o m y ,
s u c h as
a d v a n ce d
m a nu f a c t u r i n g ,
f o r
t h e
l o n g
t e r m .
T h e
n e w
i n f r as t r u c t u r e s
i n c l u d e :
1 ) i n t e r c i t y
r a i l w a y
a n d
r a p i d
t r a n s i t ;
2 )
i n d u s t r i a l
I n t e r n e t ;
3 )
u l t r a- h i g h - v o l t a g e p o w e r
g r i d ; ,
4 )
n e w
e n e r g y
c h a r g i n g
s t a t io n ;
5 )
5 G
b as e
s t a t io n s ;
6 )
d a t a
ce n t e r s ; a n d
7 )
A I .
W e
f i n d
t h e
n e w
a r e as
s h a r e
o n e
s i m i l a r i t y
w i t h
t h e
“ o l d
i n f r as t r u c t u r e ”
– t h e y
a ll
n ee d
t o
b e
m a n a g e d
o r
p o w e r e d
b y
e l ec t r i c i t y .
T h e r e f o r e ,
w e
t h i n k
t h i s w i ll
c r e a t e
e v e n
l a r g e r
d e m a n d
f o r
p o w e r
e l ec t r o n i c s ,
a n d
o n e
o f
t h e
k e y c o mp o n e n t s
o f
t h a t
i s
t h e
I G B T
( I n s u l a t e d
G a t e
B i p o l a r
T r a n s i s t o r ) .
I G B T
i s
on e
o f
m o s t
e ff i c ie n t ,
ve r s a t i l e
a nd
m a t u r e
s o l u t i on s
W h i l e
e l ec t r i c i t y - p o w e r e d
m a c h i n e s
w e r e
i n t r o d u ce d
l o n g
b e f o r e
I G B T
w as c o mm e r c i a l i ze d ,
t h e
t ec hn o l o g y
i mp r o v e m e n t
a n d
a d o p t io n
o f
I G B T
i n
t h e
p as t t w o
d ec a d e s
h as
s i g n i f i c a n t l y
e nh a n ce d
v a r io u s
p r o p e r t i e s
o f
p o w e r
c o nv e r t e r s a n d
h as
m a d e
t h e i r
a pp l i c a t io n s
m o r e
c o mp e t i t i v e .
F o r
i n s t a n ce ,
t h e
u p g r a d e f r o m
G T O
( g a t e
t u r n - o ff
t hy r i s t o r )
t o
I G B T
i n
r a i l w a y
t r a c t io n
s y s t e m s
h as
g i v e n e n g i n ee r s
m o r e
f l e x i b i l i t y
i n
m ec h a n i c a l
d e s i g n
a n d
r e d u ce d
u s e r s "
e l ec t r i c i t y
c o s t as
w e ll
as
m a i n t e n a n ce
e ff o r t s .
I n
t h e
p o w e r
t r a n s m i ss io n
f i e l d ,
t hy r i s t o r - b as e d s o l u t io n s
a r e
a l s o
b e i n g
r e p l a ce d
b y
n e w l y
d e v e l o p e d
h i g h - p o w e r
I G B T s
d u e
t o t h e i r
l o w - p o w e r
l o ss
c a p a b i l i t y
i n
D C / A C
c o nv e r s io n .
I n
5 G
b as e
s t a t io n s
a n d d a t a ce n t e r s ,
n e w
U P S
( un i n t e rr u p t i b l e
p o w e r
s u pp l y )
e q u i pp e d
w i t h
I G B T
c a n p r o v i d e
l o w e r
v o l t a g e
d i s t o r t io n
a n d
r e q u i r e
s m a ll e r
f o r m s ,
a n d
t h e r e b y r e p l a c i n g
o l d e r
G T R
( g i a n t
t r a n s i s t o r ) .
C h i n a
I G B T
d e m a nd
t o
s ee
1 5 %
C A GR
i n
2 0 2 0 - 2 5 e ;
T i m e s
E l e c t r i c
i s
w e ll po s i t i on e d
W e
f o r ec as t
C h i n a
I G B T
d e m a n d
t o
r i s e
f r o m
R mb 1 9 b n
i n
2 0 2 0
t o
R mb 3 7 b n
i n 2 0 2 5 ,
r e p r e s e n t i n g
1 5 %
C A G R .
W h i l e
i n d u s t r i a l
a u t o m a t io n
i s
c u rr e n t l y
t h e l a r g e s t
d o w n s t r e a m
e n d
a n d
w i ll
c o n t i nu e
t o
g r o w ,
w e
e x p ec t
E V
a n d
o t h e r a pp l i c a t io n s
t o
e x p e r i e n ce
2 0 % - p l u s
C A G R
i n
t h e
sa m e
p e r io d ,
d r i v e n
b y i n c r e as i n g
p e n e t r a t io n .
W i t h i n
o u r
c o v e r a g e ,
w e
t h i n k
T i m e s
E l ec t r i c
( 3 8 9 8 . H K , O W)
i s
a
s t r o n g
p l a y e r
i n
C h i n a " s
p o w e r
e l ec t r o n i c s
s ec t o r .
C o mp a r e d
w i t h
o t h e r d o m e s t i c
c o mp e t i t o r s ,
i t
n o t
o n l y
v e r t i c a ll y
i n t e g r a t e s
w i t h
i t s
o w n
R & D
ce n t e r s , 8 - i n c h
f a b s
a n d
i n t e r n a l
c l i e n t s ,
b u t
a l s o
m a d e
a
g oo d
s t a r t
i n
t h e
h i g h
g r o un d ( 33 00 - 6 5 00 V
h i g h - p o w e r
I G B T ) .
M o r g a n
S t a n l ey
d o e s
a nd
s ee k s
t o
d o
bu s i n e ss
w i t h c o m p a n i e s
c o v e r e d
i n
M o r g a n
S t a n l ey
R e s e a rc h .
A s
a r e s u l t ,
i n v e s t o r s
s h o u l d
b e
a w a r e
t h a t
t h e
f i rm
m a y
h av e
a c o n f li c t
o f
i n t e r e s t
t h a t
c o u l d
a ff e c t
t h e
o b j e c t i v i t y
o f M o r g a n
S t a n l ey
R e s e a rc h .
I n v e s t o r s
s h o u l d
c o n s i d e r M o r g a n
S t a n l ey
R e s e a rc h
a s
o n l y
a
s i ng l e
f a c t o r
i n
m a k i ng t h e i r
i n v e s t m e n t
d e c i s i o n .
F o r
ana l y s t
c e r t i f i c a t i o n
an d
o t h e r
i m p o r t an t
d i sc l o s u r e s , r e f e r
t o
t h e
D i sc l o s u r e
S e c t i o n ,
l o c a t e d
a t
t h e
e n d
o f
t h i s r e p o r t .
+ =
A n a l y s t s
e m p l o ye d
b y
n o n - U . S .
a ff ili a t e s
a r e
n o t
r e g i s t e r e d
w i t h F I N R A ,
m a y
n o t
b e
a sso c i a t e d
p e r so n s
o f
t h e
m e m b e r
a nd
m a y
n o t b e
s ub j e c t
t o
F I N R A
r e s t r i c t i o n s
o n
c o mm un i c a t i o n s
w i t h
a
s ub j e c t c o m p a n y ,
pub li c
a pp e a r a n c e s
a nd
t r a d i ng
s e c u r i t i e s
h e l d
b y
a r e s e a rc h
a n a l y s t
a cc o un t .
W hy
u s e
I G B T
a n d
w h a t i s
i t g oo d
a t ?
I G B T
( I n s u l a t e d
G a t e
B i p o l a r
T r a n s i s t o r )
i s
a
p o w e r
s e m i c o n d u c t o r
d e v i ce
t h a t
i s
u s e d
as a
e l ec t r o n i c
s w i t c h .
I t s
i n p u t
g a t e
c a n
r e s p o n d
t o
l o w - v o l t a g e
e l ec t r i c
s i g n a l s
a n d
s w i t c h o n / o ff
i t s
h i g h - v o l t a g e
o u t p u t
a t
h i g h
f r e q u e n c y .
B y
d oi n g
s o ,
i t
c a n
a cc u r a t e l y
r e g u l a t e a n d
s yn t h e s i ze
v a r io u s
p r o p e r t i e s
o f
e l ec t r i c i t y .
A s
a
r e s u l t ,
i t
i s
w i d e l y
u s e d
i n
e l ec t r i c a l a pp l i c a t io n s
s u c h
as
i nv e r t e r s
( D C
t o
A C ) ,
c o nv e r t e r s
( A C
t o
A C )
a n d
p o w e r
s u pp l i e s .
W i t h o u t
t h e
n e w
g e n e r a t io n
o f
p o w e r
e l ec t r o n i c s
p r o d u c t s ,
t h e
e ff i c i e n c y
o f
t h o s e a pp l i c a t io n s
w o u l d
b e
l o w e r
a n d
t h e
f o r m
f a c t o r
w o u l d
b e
l a r g e r .
I G B T
a c t s
a s
a
m u sc l e
t o
en a b l e
v a r iou s
a pp l i c a t ion s
S o u r c e :
M or g a n
S t a n l ey R e s e a r c h
C o mp a r e d
w i t h
t w o
o t h e r
s i m i l a r
d e v i ce s
B J T
( B i p o l a r
J un c t io n
T r a n s i s t o r )
a n d
M O S F E T ( M e t a l - O x i d e - S e m i c o n d u c t o r
F i e l d
E ff ec t
T r a n s i s t o r ) ,
I G B T
i s
c l o s e
t o
a
hy b r i d c o mb i n a t io n
a n d
t a k e s
t h e
b e s t
p a r t s
o f
t h o s e
t w o .
F o r
i n s t a n ce ,
I G B T
h as
a
h i g h - c u rr e n t a n d
l o w -sa t u r a t io n - v o l t a g e
c a p a b i l i t y
o f
B J T ;
a t
t h e
sa m e
t i m e ,
I G B T
c a n
b e
c o n t r o ll e d
b y
v o l t a g e
j u s t
l i k e
a
M O S F E T .
A s
a
r e s u l t ,
f a v o r a b l e
p r o p e r t i e s
o f
r e l a t i v e l y
h i g h - v o l t a g e
c a p a c i t y ,
l o w
r e s i s t a n ce
a n d
a n
a cce p t a b l e
s w i t c h i n g
s p ee d
c a n
a ll
b e
f o un d
i n
a n
I G B T
d e v i ce .
E x h i b i t
1 :
C o mm o n
p o w e r
t r an s i s t or
c o m p a r i s o n
Type
BJT
MOSFET
IGBT
Controlled
by
Current
Voltage
Voltage
Drive
Circuitry
Complex
Simple
Simple
Maximum
current
can
handle
Low
High
High
Maximum
voltage
can
handle
High
Low
High
Maximum
frequency
of
operation
Low
High
Fair
Cost
Low
Medium
High
Typical
applications
RF
amplifiers
PC
motherboard
Rail
traction
motor
S o u r c e :
M or g a n
S t a n l ey R e s e a r c h
S o m e
o f
t h e
t y p i c a l
a pp l i c a t io n s
o f
M O S F E T
i n c l u d e
c o n s u m e r
e l ec t r o n i c s
p r o d u c t s
a n d a u x i l i a r y
p o w e r
s o u r ce s
o n
t h e
a u t o m o t i v e
i n d u s t r y .
I G B T s
a r e
m o r e
s u i t a b l e
f o r
h i g h - p o w e r
a pp l i c a t io n s
s u c h
as
h i g h -s p ee d
t r a i n s ,
l o c o m o t i v e s
a n d
i n d u s t r i a l
r o b o t s .
S i C -
a n d G a N - b as e d
p r o d u c t s
a r e
u s u a ll y
c o n s i d e r e d
as
s ec o n d -
a n d
t h i r d - g e n e r a t io n s e m i c o n d u c t o r
m a t e r i a l s .
C o mp a r e d
w i t h
s i l i c o n - b as e d
p r o d u c t s ,
S i C
a n d
G a N s
a r e g e n e r a ll y...
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