Solar market worth $134 billion by 2020

Market analyst Navigant Research has predicted annual revenues from PV installations worldwide will top US$134 billion by 2020.

The company’s Solar PV Market Forecasts report predicts most government renewable energy installation targets will be met in coming years resulting in 438 GW of cumulative installations worldwide over the next seven years.

In a press release to announce the release of the report today, Navigant Research predicts solar will be able to stand as a viable competitor to conventional electricity independent of incentives in 2017, a year after the tax credit for solar investment in the U.S. falls to 10 per cent.

The release predicts solar will be cost competitive with electricity without subsidies across ‘most of the world’ by 2020.

Navigant’s Dexter Gauntlett says financial incentives, government renewables targets and technology cost reductions remain the three forces driving the adoption of solar.