A new report from Navigant Research examines the market for solar photovoltaic (PV), including forecasts for capacity and revenue, segmented by region and country, through 2024.
Following years of module oversupply and artificially low pricing, solar PV is expected to soon shift from a high-cost, subsidized source of energy to a growing market with the potential to displace other energy technologies. By the end of the decade, solar PV is projected to be cost-competitive with retail electricity prices in a significant portion of the world as module prices and installation costs continue to decline. According to a new report from Navigant Research, global annual revenue from solar PV installations is expected to surpass $151.6 billion in 2024.
“The distributed solar PV generation market continues to transition from being dependent on lavish feed-in tariffs and environmentally conscious wealthy homeowners to a cost-effective source of electricity that is gaining traction across market segments and customer types,” says Roberto Rodriguez Labastida, senior research analyst with Navigant Research. “The successful adoption of new business models is expected to continue to further drive the industry in its transition to a post-incentive world in most major markets.”
During the next 10 years, the expanding solar industry is expected to offer a variety of growth opportunities to leading players across the value chain, intensifying competition as companies pursue international opportunities. According to the report, this is expected to place continued pressure on margins, incentivizing further vertical integration and driving mergers and acquisitions.
The report, Distributed Solar PV, provides solar PV capacity and revenue forecasts through 2024, with a focus on distributed systems, broken down by region and select country. Policy issues and market drivers are detailed for each region, along with average prices over the forecast period. The report also includes a detailed discussion of significant inflection points that will help shape the solar PV market over the next several years, as well as profiles of key industry players.