BOULDER, Colo. — The global electric power industry is evolving into a model that is more diverse, both in terms of generation and in the ownership of generation assets, and solar photovoltaic (PV) is one technology at the head of this change, notes Navigant Research. Following years of unsustainable pricing and oversupply, demand for solar PV systems has finally caught up, with 2015 seen as the year when the global solar PV market shifted and started to compete with other technologies. According to a report from the research firm, global revenue from solar PV installations is expected to total more than $1.2 trillion from 2015 to 2024.

“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.”