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Solar photovoltaic is expected to rise above all other renewable technologies within the next 10-years

Navigant Research has released a report examining the solar photovoltaic global market through to 2024, which indicates that “increasing market competition is expected to drive further vertical integration and increase mergers and acquisitions.”

The findings of the report suggest that the global annual revenue for solar photovoltaic installations is expected to exceed $151.6 billion (ZAR2 trillion) in 2024.

Roberto Rodriguez Labastida, senior research analyst with Navigant Research said: “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.

“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.”

Competitive market environment

The report added that solar photovoltaic technology is expected to transition into “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.”

According to Navigant Research, the solar photovoltaic industry is expected to see a growth spurt over the next 10-years, opening up the market to across the value chain and creating a competitive environment, which will drive down prices.