Annual Revenue From Global Solar PV Installations To Surpass $151 Billion In 2024


Following years of module oversupply and artificially low pricing, solar photovoltaic power 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. This is the conclusion of a new study by Colorado-based Navigant Research.

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 because module prices and installation costs continue to decline. As a result, Navigant reports that global annual revenue from solar PV installations is expected to surpass $151.6 billion in 2024.

During the next 10 years, the expanding solar sector 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, creating incentives for further vertical integration and driving mergers and acquisitions.

‘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.’

An executive summary of the report is available here.

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