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%.
In 2017, the global market was estimated to be worth US$ 5.5 billion; by the end of 2027, it is anticipated to be worth US$ 11 billion. The considerable growth is the result of improved energy utilisation technologies, increased industrial and commercial demand over the next few years, and new battery technology improvements for extra power storage.
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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Regional outlook on digital inverter end user segments
The global market for digital inverters is booming, especially in regions like North America, Western Europe, and Asia Pacific except Japan (APEJ). The utilities end user sector in North America showed a greater revenue share and is anticipated to expand at a CAGR of 7.2% over the course of the projected period. By the end of 2027, it is predicted that the commercial end user segment in Western Europe will be worth about US$ 340 Mn. In terms of market size and growth rate, the utilities segment dominates the Western European digital inverter market.
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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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