The global digital inverter market is projected to grow at a CAGR of 7.1% during the assessment period 2017-2027, according to a new research study added to the repository of Market Research Reports Search Engine (MRRSE). According to the report titled “Digital Inverter Market: Residential End User Segment to Witness a Growth Rate of 6.7% During the Forecast Period: Global Industry Analysis (2012 - 2016) and Opportunity Assessment (2017 - 2027)”, rising demand from utilities and commercial segment is likely to provide an impetus to growth of the market.
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The report offers detailed analysis and insights on the key factors influencing the global digital inverter market. Positive consumer perception about digital inverters as backup during power outages has contributed to the steady sales of digital inverters around the globe. The demand has also peaked in regions which have an intermittent power supply. Advancement in technology, reduction in prices, and longer battery life are the key factors that are influencing replacement buying among existing consumers.
According to the report, utilities is one of the leading segments in the global digital inverter market. The report projects demand from utilities segment to grow at above 7.2% CAGR during the assessment period, and reach a valuation of nearly US$ 5.5 Bn by 2027-end. Further, the commercial segment is projected to grow at a CAGR of 6.1% through 2027, and reach a valuation of nearly US$ 2.67 Bn.
The report segments the market on the basis of product type, power source, end user, and region. The report estimates string inverters to be the largest segment in terms of revenues and projects it to reach a valuation of over US$ 4 Bn by the end of 2027. By end user, utilities will continue to account for highest revenues, followed by commercial segment. The utilities segment is projected to grow at a high CAGR of 7.4% during the assessment period. On the basis of power source, solar inverters are likely to witness steady demand during the assessment period. The report projects solar inverter segment to grow at a CAGR of 7.6% during the assessment period.
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Asia Pacific excluding Japan (APEJ) is the largest market for digital inverter globally, and is likely to remain dominant throughout the forecast period. The demand for digital inverters in APEJ is driven by a number of macroeconomic and microeconomic factors. Rising disposable income and urbanization are among the chief broader factors that are likely to push demand during the assessment period. Further, intermittent power supply in many emerging regions is necessitating the adoption of a reliable backup source. These factors are likely to provide an impetus to growth during the assessment period.
The report also offers analysis on the leading companies operating in the global digital inverter market. Some of the leading players operating in the market include Eaton Corporation, SMA Solar Technology AG, Siemens AG, Enphase Energy, Inc., ABB Ltd., General Electric Co., Fronius International GmbH, Growatt New Energy Co.,Ltd., Vertiv Group Corporation, Leopold Kostal GmbH & Co. KG, Schneider Electric SE, ReGen Powertech Private Ltd,. SMA New Energy Technology (Jiangsu) Co., Ltd., and Toshiba Mitsubishi-Electric Industrial Systems Corporation.
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