Digital Inverter Market is to grow at 7.1% During the Forecast Period 2017 to 2027

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%.

By the end of 2027, the market is projected to be worth US$ 11 billion, up from an estimated value of US$ 5.5 billion in 2017. Improved energy-use technologies, rising industrial and commercial demand over the next several years, and new battery technology advancements for additional power storage are all contributing factors to the sizeable expansion.

Commercial sector to contribute significantly to the growth of the global digital inverter market

The commercial sector is demonstrating a stronger propensity to use digital inverters than the utility sector. Since the period between 2012 and 2016, this tendency has been noted. Throughout the assessment period, the commercial segment is anticipated to grow at a remarkable CAGR of 7.0%.

The commercial segment generated around US$ 1.2 billion in sales in 2016 and is predicted to reach just under US$ 2670 million by the end of the forecast year. By the end of 2027, this segment is anticipated to have a Y-o-Y of 6.1%.

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Regional outlook on digital inverter end user segments

The need for digital inverters is increasing worldwide, particularly in North America, Western Europe, and Asia Pacific outside of Japan (APEJ). In North America, the utilities end-user segment demonstrated a higher revenue share and is estimated to grow at a CAGR of 7.2% during the forecasted period. The commercial end user segment in Western Europe is anticipated to reach a value of roughly US$ 340 Mn by the end of 2027. The utilities category dominates the Western European digital inverter industry in terms of market size and growth rate.

In Western Europe, the utilities end user category is anticipated to grow at a CAGR of 7.0% during the projection period. Comparatively to other regions throughout the projection period, the Asia Pacific excluding Japan (APEJ) region displayed greater promise.

By the conclusion of the assessment year, the utilities end user category is expected to have a massive market value of around US# 2.4 Bn, growing at a 7.9% CAGR during the projection period (2027). Additionally anticipated to expand significantly and contribute to the expansion of the worldwide market is the commercial sector in this area.

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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 FMI

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.

This release was published on openPR.