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Global revenue from solar PV installations to total $1.2 trillion by 2024 according to Navigant Research

According to a recent report from Navigant Research, global revenue from solar PV installations is expected to total more than $1.2 trillion from 2015 to 2024.

Navigant Research has examined the market for solar PV, providing forecasts for capacity and revenue, segmented by region and country, through 2024.

According to the company, the global electric power industry is evolving into a model that offers more diversity, both in terms of generation and in the ownership of generation assets, and solar PV is one technology at the head of this change. Following years of unsustainable pricing and oversupply, demand for solar PV systems has finally caught up, with 2015 expected to be the year when the global solar PV market shifts and starts to compete with other technologies. 

“Solar PV and renewable energy generation as a whole is a policy-driven industry,” says Roberto Rodriguez Labastida, senior research analyst with Navigant Research. “Legislation and regulation regarding solar PV development are being driven by increased concerns about the environment and greenhouse gas emissions, as well as by a desire for greater energy independence and to spur job growth and entrepreneurial opportunities in emerging parts of the economy.”

The company claims that new business models, such as solar leases, green bonds, and yieldcos, have reduced the barriers around customer adoption of solar PV systems and increased the potential for profits. The report suggests that these business model innovations will continue to further drive the industry in the coming years when incentives are scaled back in most major markets. 

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. 

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Photovoltaics (PV)  •  Solar electricity