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This paper proposes and optimises an IGBT subcircuit model, which is fully SPICE compatible. Based on an analytical equation describing the semiconductor device physics, the model parameters are extracted accurately via measured data without device destruction. The IGBT n-layer conductivity modulated resistor is effectively modelled as a VCR (voltage controlled resistor). The proposed model can be used to accurately predict the IGBT output I-V characteristics and low current gain, etc. Simulated results are verified by comparison with measured results and are found to be in good agreement. The average error is within 8%, which is better than previously reported results of semi-mathematical models.