BOULDER, Colo.--(BUSINESS WIRE)--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. Click to tweet: 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. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Distributed Solar PV, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
