The report forecasts inverter shipments will continue to grow through 2018 at an average annual rate of 13.1%.
"We believe the market will grow in 2015 and 2016 after declining each of the last two years, said report author and GTM Research solar analyst Scott Moskowitz. The European market has likely experienced its low point, and the U.S. market continues its surge. As a result, we expect significantly higher market values in the next two years in spite of falling inverter prices."
The report, however, forecasts the global market for inverters will reach $7.1 billion in 2018, lagging market performance and posting an annual growth rate of just 2.8% due to falling inverter prices.
"As the market shifts toward distributed architectures," said Moskowitz, "microinverters and three-phase string inverters are gaining market share and will experience the fastest growth rates among all inverter types."
The report profiles 45 inverter suppliers and details the key strategies they are using to tackle market challenges and opportunities.