BOULDER, Colo. — Following years of module oversupply and artificially low pricing, the solar photovoltaic (PV) market is expected to shift from a high-cost, subsidized source of energy to a growing market with the potential to displace other energy technologies, notes Navigant Research. 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 a new report from the research firm, 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,” said 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.”