According to IMS Research's latest annual market report, The World Market for PV Inverters, the global PV inverter market is predicted to grow by 23% in 2012 to reach almost 32 GW. But despite this good news, the report offered a much more sobering outlook for industry revenues, which are forecast to grow by just 3% in 2012 (while also reaching a record US$7 billion for the first time).