Solar PV Revenue to Reach $1.2 Trillion by 2024
Based on a study conducted by Navigant Research, the electric power industry worldwide is turning into a model that is more diverse in terms of generation and in the ownership of generation assets. Also, it was found that the solar PV (photovoltaic) market is one technology at the head of this change.
The demand for solar PV has finally caught up after years of unsustainable pricing and oversupply. Last year was considered as the year when the solar PV systems market worldwide shifted and began to compete with other technologies. Based on a report from Navigant Research, the global revenue from solar PV installations is anticipated to have a value of more than $1.2 trillion from 2015 to 2024.
According to Rodrigo Rodriguez Labastida, the Senior Research Analyst of Navigant Research, “Solar PV and renewable energy generation as a whole is a policy-driven industry. 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 fro greater energy independence and to spur job growth and entrepreneurial opportunities in emerging parts of the economy.”
The report also stated that solar leases, green bonds, and other new business models have reduced the walls around customer adoption of solar PV systems and added the possibility for profits. These kinds of business model innovations will continue to drive certain factors in the industry in the coming years when incentives are scaled back in most major markets.
Some of the key factors addressed in the study include the number of solar PV capacity that will be installed worldwide from 2015 to 2024, the percentage of the solar PV that will be installed in every country, the estimated region-specific solar PV system prices within the forecast period, and the possible impact of the expiration of the investment tax credit on the U.S. Market. Those who would benefit and need to review this report include the investor community, utilities, solar PV module and component manufacturers, engineering, procurement, and construction (EPC) firms, solar PV project developers, integrators, and installers, and government agencies and policymakers.