Digital Inverter Market Growth By 2027 | Eaton Corporation, Schneider Electric SE, Siemens AG, ABB Ltd., General Electric Co., Enphase Energy, Inc., SMA Solar Technology AG, Vertiv Group Corporation
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Global Digital Inverter Market: Factors Influencing Growth
Aspects such as increase in disposable income, favourable government regulations, development of plug and play type inverters, high conversion efficiencies, increasing demand from commercial and industrial sectors, increasing consolidation, development of solar projects by governments, transition from developed to emerging markets and establishment of sound sales channels are driving the growth of the global digital inverter market. However factors such as increasing DC optimiser adoption, high costs and errors in digital inverter software are restricting the growth of the global digital inverter market.
Global Digital Inverter Market: Forecast
The global digital inverter market is expected to grow at a high rate to register a CAGR of 7.1% during the period of forecast. The global market is estimated to be valued at around US$ 5.5 Bn in 2017 and is expected to touch about US$ 11 Bn by the end of the year of assessment (2027).
Global Digital Inverter Market: Segmental Forecasts
The global digital inverter market has been segmented by product type, by region, by end user and by power source.
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By product type, string inverters segment is estimated to be the largest in terms of value share and is expected to cross US$ 4.2 Bn by the end of the assessment year. This segment is also projected to grow at the fastest rate during the forecast period.
By end user, utilities segment is the most lucrative and is expected to soar at a high CAGR of 7.4% during the period of forecast to reach a significant value by the end of the assessment period.
By power source, solar inverters are gaining high traction and the solar inverter segment is poised to register a 7.6% CAGR. The battery inverter segment, however, stays ahead in valuation thus dominating the global market.
By region, Asia Pacific excluding Japan (APEJ) is the largest region in terms of growth and market value. The digital inverter market in the APEJ region is predicted to soar at a high CAGR of 7.5% during the period of forecast to reach a high valuation of close to US$ 4.5 Bn by the end of the assessment year.
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Global Digital Inverter Market: Company Assessment
The research report on the global digital inverter market encompasses in-depth assessment on various key players dealing with digital inverters. Profiles of major companies such as Eaton Corporation, Schneider Electric SE, Siemens AG, ABB Ltd., General Electric Co., Enphase Energy, Inc., SMA Solar Technology AG, Vertiv Group Corporation, Leopold Kostal GmbH & Co. KG, Growatt New Energy Co.,Ltd., ReGen Powertech Private Ltd,. Fronius International GmbH, SMA New Energy Technology (Jiangsu) Co., Ltd., and Toshiba Mitsubishi-Electric Industrial Systems Corporation have been included in the competitive assessment chapter of the research report.
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