Global Revenue From Solar PV Installations Expected To Reach More Than $1.2 Trillion

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The global revenue from solar PV installations is expected to total more than $1.2 trillion between 2015 to 2024, according to Navigant Research.

According to figures published in a new company report, Distributed Solar PV, Navigant Research concludes that solar PV is at the head of a trend which will see the global electric power industry evolve “into a model that offers more diversity, both in terms of generation and in the ownership of generation assets.” Navigant predicts that 2015 was the year when the global solar PV market caught up with other technologies, and by 2024 will produce global revenue in excess of $1.2 trillion.

“Solar PV and renewable energy generation as a whole is a policy-driven industry,” said 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.”

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Annual Solar PV Installed Capacity and Revenue by Region, World Markets: 2015-2024

The report, which focuses specifically on distributed solar, predicts several trends which Navigant believes will “shape the trajectory of the distributed solar energy generation” market through the next decade. Specifically: Price drops in cystalline modules; yieldcos and green bonds; leasing programs in the US and other countries will continue to drive the residential solar market; and governments are set to rein in financial incentives, which will have interesting impacts across a number of markets.

Navigant Research predicts that 346.1 GW of distributed solar PV will be installed globally between 2015 and 2024, producing $668.5 billion in revenue for the industry. An additional 289.4 GW of utility-scale (or non-distributed) solar is also expected to come online during the forecast period.