The global market for digital inverters is anticipated to have phenomenal growth throughout the forecast period, according to Future Market Insights. Since 2012, the global market for digital inverters has been expanding steadily. This study predicts that between 2017 and 2027, the global market for digital inverters will expand at a strong CAGR of 7.1%.
The global market was valued at US$ 5.5 billion in 2017; by the end of 2027, it is predicted to have grown to US$ 11 billion. The significant increase is the result of new battery technology developments for additional power storage, rising industrial and commercial demand in the next years, and advancing energy utilisation technology.
Commercial sector to contribute significantly to the growth of the global digital inverter market
Commercial sector, following utilities, is showing higher inclination towards using digital inverters. This trend has been observed since 2012-2016 timeline. The commercial segment is expected to rise at a noteworthy CAGR of 7.0% throughout the assessment period.
The commercial segment reflected a revenue generation of around US$ 1.2 Bn in 2016 and is anticipated to touch an estimate a little under US$ 2670 Mn by the end of the year of forecast. This segment is expected to represent a Y-o-Y of 6.1% by the end of 2027.
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Higher demand for digital inverters in utilities to spur the growth of the global market
One of the segments of the global digital inverter market is the end user category. Utilities segment in this category is a highly lucrative segment. It has reflected high growth potential during the 2012-2016 with respect to both growth rate as well as revenue and is likely to show increased potential in the years to come. The utilities end user segment is expected to reach a valuation of more than US$ 5500 Mn by the end of the year of assessment from a value of a bit more than US$ 2800 Mn in 2017.
Regional outlook on digital inverter end user segments
Digital inverter market is soaring across the globe through regional geographies such as North America, Asia Pacific excluding Japan (APEJ), Western Europe etc. In North America, the utilities end user segment reflected higher revenue share and is expected to grow at a 7.2% CAGR during the forecast period. The commercial end user segment in Western Europe is estimated at around US$ 340 Mn by end of 2027. The utilities segment dominates the Western Europe digital inverter market in terms of market value and growth rate.
Utilities end user segment in Western Europe is projected to rise at a CAGR of 7.0% throughout the forecast period. Asia Pacific excluding Japan (APEJ) region has shown higher potential compared to other regions during the forecast period.
The utilities end user segment is projected to grow at a 7.9% CAGR during the period of forecast and reach a huge valuation of around US# 2.4 Bn by the end of the assessment year (2027). The commercial segment in this region is also expected to show significant growth contributing to the growth of the global market.
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Detailed Market Segmentation
By End User
- Utilities
- Commercial
- Residential
By Power Source
- Battery Inverter
- Solar Inverter
By Product Type
- Central Inverter
- String Inverter
- Micro Inverter
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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