Is The Solar Industry Making Electric Companies Nervous?

What does the rise of the Solar Industry mean for Electric Utility Companies that are enjoying monopolies over their market?
Sharing a pie that initially served one, is not easy. Solar companies are booming across the world. Private companies are exploiting the gap in the supply side of the market and local entrepreneurs are yet to identify the opportunity. Where does this leave electric utility companies and how are they coping up with this change?
“With the rise of Solar Power, means less (electricity) consumption by consumers, which means even lesser revenue for these companies, and they’re not going to sit by and watch”