Global annual revenue from solar PV installations is expected to hit $151bn in the next decade, according to new research.
The study from analysts at Navigant Research states that after 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”.
Navigant predicts that by the end of the decade, solar PV will be cost-competitive with retail electricity prices in a significant portion of the world as module prices and installation costs continue to fall.
Navigant senior research analyst Roberto Rodriguez Labastida said: “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.
“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.”
The report forecasts that during the next 10 years, the expanding solar industry will offer a variety of growth opportunities to leading players in the sector, intensifying competition as companies pursue international opportunities.