This market research report on the global building integrated photovoltaics (BIPV) market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by technology (crystalline silicon and thin film), by the application (roof and façade & window), by end-user (commercial buildings, residential buildings, and other buildings), and by geography (APAC, Europe, North America, and ROW).
The drastic shift to use renewable sources such as solar panels for clean and sustainable energy is fueling the demand in the global BIPV market. The increasing focus to reduce greenhouse gas emissions and reduce electricity usage is encouraging building operators to use building integrated photovoltaics systems globally. The integration of solar energy systems with build environment will enable the use of renewable energy on-site and avoid transportation losses and energy shortage. The growing focus on price decrease, efficiency increase, storage, improved durability, and building integration will lead to the development of the global building integrated photovoltaics market. The photovoltaic modules are integrated with the building envelope as a part of the building structure, replacing conventional building materials and contributing to the aesthetic quality of the building as an architectural component. The rapid advancements in solar technologies and stringent climate preservation policies and mandates will drive the growth of the building integrated photovoltaics market during the forecast period. The race to achieve zero energy buildings, energy neutrality, and self-sustainability in cost-effective ways will create lucrative opportunities for leading vendors in the global market. The development of better infrastructure, luxury residential complex, commercial office spaces, airports, and hospitals will fuel the demand in the global BIPV market.
The growing awareness and high disposable incomes in developing regions due to economic recovery are fueling the need for residential BIPV applications in the global market. The launch of futuristic inventions in mainstream solar and other complementary technologies and the introduction of innovative and efficient solar panels will lead to the development of the market. The global BIPV market is estimated to reach revenues of around $7 billion by 2024, growing at a CAGR of approximately 15% during 2018-2024.
The rising adoption of non-conventional energy sources that promote green energy and sustainability is driving the demand in the global BIPV market. The increasing number of research studies detailing the harmful effects of generating power from coal, crude, and other non-renewable resources is encouraging companies to generate power through renewable energy sources in the global market. The advancements in engineering and technology have led to the development of new levels in the generation of power from renewable resources like air, sun, and water in the building-integrated photovoltaics market. The growing need to harness solar energy will fuel the adoption of solar roofs in the global market. The launch of advanced PV modules and system includes improved storage in the form of battery and inverter systems, which help in improving the overall efficiency of the panels in the building integrated photovoltaics market. The government projects that promote the use of PV solutions integrated within buildings will contribute to the popularity of these products in the global BIPV market.
This market research report includes a detailed segmentation of the building integrated photovoltaics market by technology, application, end-user, and geography.
BIPV Market – By Technology
The popularity of crystalline silicon PV panels will boost revenues in the global BIPV market during the forecast period
The global BIPV market by technology is classified into crystalline silicon and thin film. Crystalline silicon segment occupied more than half of the market share in 2018, growing at a CAGR of approximately 17% during the forecast period. The crystalline silicon modules are generally opaque, in dark shades of gray or black, with an optional anti-reflective coating over the protective glass and are connected with solar modules. The extensive use of solar panels made with crystalline silicon technology as PV systems installed on roofs of buildings including residential and corporate buildings is fueling the growth of this segment in the global building integrated photovoltaics market. The photovoltaic systems that are made of crystalline silicon technology reach an efficiency of around 20% for mono-crystalline cells and approximately 15% for multi-crystalline cells in the building integrated photovoltaic market. The increasing number of customized crystalline silicon PV panels will boost the revenues for these systems in the global BIPV market. The rapid advancements of micro-electric manufacturing and construction engineering are encouraging the vendors to manufacture innovative systems in the worldwide market.
The thin film photovoltaic panels are manufactured by depositing layered coatings of photovoltaic material on glass other suitable substrates. The high flexibility of thin glass panels and innovation in the manufacturing process will contribute to the demand for these products in the global BIPV market over the next few years.
BIPV Market – By Application
Modular photovoltaics with dynamic visual and thermal properties for façade and windows will drive the global BIPV market
The application segment in the global BIPV market is categorized into roof and façade & window. Façade and windows are the fastest growing application segment in the worldwide market, at a CAGR of around 17% during the forecast period. The increasing use of conventional photovoltaics materials in building façade, window panes, cladding, curtain walls, and spandrels is fueling the growth of this segment in the global building integrated photovoltaic market. The integration of these materials in façade and windows is increasing module efficiency, driving the use of adaptive and modular photovoltaics, and intelligent methods of balancing shading and daylighting in the market. The manufacturers are focusing on adding dynamic visual and thermal properties to attract a maximum number of consumers in the market. The recent advancement in glass and thin film products allow vendors and designers to offer consumers with realistic rendering of designs in the global BIPV market.
The growing adoption of integrated photovoltaic systems in the roof offers the maximum undisturbed portion of residential, commercial, and industrial buildings in the market. The sloped roofs in regions such as North America Europe is fueling the number of installations in these places in the global BIPV market.
BIPV Market – By End-Users
The growing focus on using green and self-sustained energy sources in the commercial building will increase profitability in the global BIPV market
The global BIPV market by end-users is segmented into commercial buildings, residential buildings, and other buildings. Commercial building dominated the majority of the market share in 2018, growing at a CAGR of approximately 14% during the forecast period. The increasing focus to reduce power consumption across corporate offices and industrial buildings are contributing to the development of this segment in the global building integrated photovoltaic market. The use of these systems adds the benefits of reducing costs through the replacement of other building materials and will drive sales in the global building integrated photovoltaic market. The leading players are using thin film and crystalline silicon materials designed and developed for use in non-roofing applications across commercial buildings in the global market. The incorporation of skylights that allows controlled sunlight into the building and protect end-users from harmful UV and IR radiations in the market. The use of photovoltaics products that help companies achieve their green goals and self-sustained status will drive demand in the global BIPV market.
The innovations in solar and battery technologies will boost the adoption of photovoltaics systems in the global market. Urbanization is another factor boosting the demand for these systems in the residential sector in the market. The integration of solar panels in common areas such as canopy in parks, shading at bus stands, agriculture-related buildings in the fields, shading over the car park, pedestrian pathways, skywalk, and foot overbridges will fuel the growth of the global BIPV market.
BIPV Market – By Geography
Exponential growth across emerging countries such as China, India, and Indonesia in APAC will contribute to the profitability in the global BIPV market
The geographical segment in the global BIPV market is divided into APAC, Europe, North America, and ROW. APAC is the fastest growing region in the global market, at a CAGR of approximately 17% during the forecast period. The rapid urbanization in various countries in the APAC region is fueling the growth of the global building integrated photovoltaic market. The growing demand for self-sustaining households and buildings will create lucrative opportunities for leading vendors in the building integrated photovoltaic market. The rising number of multifamily residential properties characterized by widespread roof and façade area is fueling the profitability across the APAC market. China, India, and Indonesia are the largest revenue generating regions in the global market. The improving quality of living standard, construction industry, and government initiatives to drastically reduce dependence on fossil fuels for energy in across the APAC region will propel the development of the global BIPV market over the next few years.
The stringent mandates regarding the switch to renewable energy sources across various European countries, specifically in the Nordic region will fuel the demand in the global market. The launch of eco-friendly products that help in reducing expenses on purchasing power from the grid as well as in building materials will contribute to the transformation of the global BIPV market.
The key countries profiled in the report are:
Key Vendor Analysis
The global BIPV market is witnessing the entrant of new vendors thereby, contributing to the higher level of competition. The leading players are offering niche products with premium pricing such as Tesla in the market. The companies are offering innovative roofing solutions to attract the maximum number of consumers in the building integrated photovoltaic market. The top players are focusing on market conditions, technological innovations, and industry development to boost their profitability in the market. The vendors are distinguishing their product offerings and service extensions through a clear and unique value proposition to gain a broader global BIPV market.
The major vendors in the global market are:
Other prominent vendors include Kyocera Corporation, Hanergy Holding Group, Onyx Solar Group, First Solar, SunPower, Jinko Solar, Air-Think, and Tesla.
Key market insights include
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