Global Building-Integrated Photovoltaics Market Key Insights
During the forecast period of 2023-2035, the global building-integrated photovoltaics market is expected to reach an estimated value of ~USD 99 billion by 2035, by expanding at a CAGR of ~20%. The market further generated a revenue of ~USD 20 billion in the year 2022. Major key factors propelling the growth of building-integrated photovoltaics market worldwide are the greater emphasis on renewable energy sources owing to the rising consumption of electricity globally along with the need to produce more clean and cost-efficient energy.
Market Definition of Building-Integrated Photovoltaics
Building-integrated photovoltaics (BIPV) are solar power-generating systems. It is coherently integrated into the building envelope and part of building components so as to simultaneously convert solar energy into electricity as well as provide building envelope functions such as weather protection, thermal insulation, noise protection, daylight illumination, safety, and others. The benefits of BIPV not only involve the production of on-site clean electricity but also impacts the energy consumption of a building through daylight utilization and reduction of cooling loads, contributing to the development of net-zero energy buildings.
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Global Building-Integrated Photovoltaics Market: Growth Drivers
The growth of the global building-integrated photovoltaics market can majorly be attributed to the rising emphasis of developed nations on developing green infrastructure. According to the European Commission, developing green infrastructure is a key step toward the success of the EU 2020 Biodiversity Strategy. The strategy’s target requires that ecosystems and their services are maintained and enhanced by establishing green infrastructure along with restoring at least 15% of degraded ecosystems. On the other hand, the market growth can also be attributed to the increasing penetration of clean energy globally along with the rising addition of renewable capacity. For instance, it was found that renewable capacity additions grew by ~6% and reached almost 295 GW in 2021. Whereas, the new solar addition of a ~200-gigawatt increase is also projected in 2023.
The global building-integrated photovoltaics market is also estimated to grow majorly on account of the following:
- Increasing commercial and industrial establishments with a growing global population
- Rising demand for electricity
- Expansion of the solar photovoltaic (PV) installation capacities in various countries
- Growing concern for rising greenhouse gas emission
- Depleting non-renewable energy resources
Global Building-Integrated Photovoltaics Market: Restraining Factor
The high cost of solar cells along with the lack of support available from the governments for such innovations is expected to be the major hindrance to the growth of the global building-integrated photovoltaics market during the forecast period.
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Global Building-Integrated Photovoltaics Market Segmentation
- By Application (Industrial, Commercial, and Residential Buildings)
The commercial segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the increasing demand for electricity by the commercial sector for lighting, AC, and other usages along with the need for pollution-free energy sources which contributes to the reduction of carbon emissions. For instance, as of 2021 findingrooftop solar power in commercial buildings can meet almost 20% of an office building’s electricity requirements in India.
- By Type (Thin-Film, and Crystalline)
- By Region
The Asia Pacific building-integrated photovoltaics market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The surge in installations of solar panels on rooftops and buildings facades, along with the growing investment in photovoltaic technologies, and the rising adoption of renewable energy in the region are some of the major factors anticipated to drive the growth of the market in Asia Pacific during the forecast period. For instance, China installed over 48 GW of photovoltaic (PV) capacity in 2020, totaling the installed capacity to ~253,6 GW.
The market research report on global building-integrated photovoltaics also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Building-Integrated Photovoltaics Market
Some of the key players of the global building-integrated photovoltaics market are Merck KGaA, ONYX Solar Group LLC, AGC Inc., Changzhou Almaden Co. Ltd., Heliatek GmbH, Carmanah Technologies Corporation, Dyesol Ltd., Ertex solartechnik GmbH, ISSOL SA, Tesla Inc., and others.