Building Integrated Photovoltaics Market

Market Overview:

The global building integrated photovoltaics market size reached US$ 19.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.8 Billion by 2028, exhibiting a growth rate (CAGR) of 19.65% during 2023-2028.

Building-integrated photovoltaics (BIPVs) refer to the solar power generating components that are used in constructing facades, roofs, and skylights in buildings. Generally, these components include the integration of photovoltaic modules, backup power supply system, charge controller, power storage system, and other supporting hardware. BIPV materials offer several benefits over their traditional counterparts as they provide onsite power generation, zero emissions, high energy conservation, superior architectural integration, and optimal shading. In addition to this, BIPVs also help in reducing labor and installation costs by replacing high-end roof membranes, skylight glazing, façade cladding, etc. Owing to these benefits, building integrated photovoltaic materials are widely installed across commercial, residential, and industrial sectors.

Building Integrated Photovoltaics Market Trends:

The increasing demand for building integrated photovoltaic materials can be attributed to the rising integration of solar energy solutions in commercial infrastructures for architectural optimization and energy conservation. Moreover, growing environmental concerns towards the depleting non-renewable power resources, such as oil, coal, etc., have further bolstered the demand for solar power generation. Additionally, rapid modernization in the construction and building sector along with the increasing focus on clean energy has fueled the demand for green or zero- emission buildings. Furthermore, the growing consumer awareness towards several ecological benefits of BIPV has resulted in the rising adoption of solar energy harnessing systems in the residential sector. Apart from this, implementation of favorable government policies supported by several initiatives for promoting the need for reducing carbon footprints have also catalyzed the demand for building-integrated photovoltaics on a global level. Furthermore, the increasing demand for BIPV components in the developed regions, such as North America and Europe, is primarily driven by the supporting infrastructural developments in the form of optimum grid-parity of photovoltaic solutions supported by several financial incentives offered by regional governments. On the other hand, several emerging economies, such as India, China, Vietnam, etc., are experiencing high product demand due to the reduced solar installation costs and wide availability of BIPV materials across these countries. Moreover, various technological advancements coupled with the increasing penetration of wireless connectivity have led to the introduction of automated BIPV components, thereby bolstering the market growth. Additionally, rising investments in several R&D activities for the superior integration of advanced module technologies are also driving the product demand.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global building integrated photovoltaics market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type, application and end use.

Breakup by Product Type:

• Polycrystalline
• Thin Film
• Others
   

Breakup by Application:

• Roof
• Facades
• Glass
• Others
   

Breakup by End Use:

• Commercial
• Residential
• Industrial
   

Breakup by Region:

• Europe
• North America
• Asia Pacific
• Middle East and Africa
• Latin America

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Ankara Solar AS, Ertex Solartechnik GmbH, Hanergy Holding Group Ltd., HermansTechniglaz, ISSOL sa, Navitas Green Solutions Pvt. Ltd., NanoPV Solar Inc., Polysolar Ltd., Sphelar Power Corporation, VIASOLIS, etc.

Report Coverage: