Photovoltaic (PV) system market will grow to generate $50 billion in revenue by 2023, according to a recent market research report by Technavio, a London-based global technology research and advisory company.
Compared to traditional energy sources, renewable energy remains relatively expensive. But PV system technology is evolving and is able to compete with newly build fossil fuel power plants, according to the report.
With the promise of eventual lower production costs, the world’s use of renewable energy continues to trend upward. Renewable energy sources accounted for 24 percent of the global electricity production in 2017. By 2023, renewable energy is projected to increase and provide about one-third of the global electricity production, according to the International Energy Agency.
While the market for renewable energy production is still trending upward, the growth of the market may slow in the year-over-year growth, according to the Technavio report.
Driving the growth of renewable use is increasing investments in the market. Also, continued development of solar PV technology contributes to spur growth. Specifically, advances in inverter technology have affected the global solar PV balance of systems marketplace.
As a vital part of the solar PV balance of systems, inverters enable smart grids to interact and maximize production, monitor use, and store energy. Inverters also provide safety measures and are the technology behind energy-efficient smart home systems. Upgrades in inverter technology also mean whole PV systems can become more interactive and efficient.