Solar power was once derided as a pipe dream and many industry players have floundered, but while the use in this renewable energy remains tiny compared with fossil fuels, it may be poised to completely reshape the energy market.
"Solar is now cheap enough that it competes with oil, kerosene, diesel and LNG in developing markets and yet is still small enough that it cannot disturb pricing for energy in any market," Bernstein Research said in a note earlier this month.
With the sun accounting for only 0.17 percent of the global energy supply in 2012, any losses for global energy players are just too small to notice, but that may begin to change, Bernstein said.
Read More Solar power's 'a decade-long story': Pro
"Solar can simply get bigger and bigger," it said. "Since it is a technology, it will get even cheaper over time. Fossil fuel extraction costs will keep rising," it said.
Once solar begins to displace a material share of the fossil fuel supply, energy-price deflation would be inevitable, Bernstein said, although it added, "even on an aggressive view, this could take the better part of a decade."
Power plants in California, Germany and Australia – places which have significant solar installations – are already starting to feel the effects, it said.