The yearly revenue from global solar panel installations is expected to be more than $151 billion (£96.7bn) by 2024.
That’s according to a new report which forecasts the cost of solar panels to fall and potentially replace other energy technologies.
Roberto Rodriguez Labastida, Senior Research Analyst at 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 which is gaining traction across market segments and customer types.”
The report suggests the solar market will increase in competition and expects this to be an incentive for businesses to own their supply chain, encouraging mergers between companies and stimulating growth.
Mr Labastida added: “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.”
Proposals to reduce support for solar and biomass projects in a bid to keep household bills down were set out by the UK Government earlier this week.