The global BIPV market is expected to grow approximately 2.5 times driven by the demand in APAC and Latin American countries during the forecast period.
According to the latest Arizton's market research report, the global BIPV market size to reach USD 8.7 billion by 2026, growing at a CAGR of over 16% during the forecast period.
Global BIPV Market Growth Analysis
BIPV is the most sought-after method of generating on-site energy from the sun without creating pollution or harming the environment. Developments in BIPV technology led to the availability of innovative photovoltaic modules that can be integrated into the building envelope to provide an aesthetically pleasing design. The appearance and aesthetics of a building and the surroundings have always played an important role. This factor has been a major driver for the adoption of BIPV systems to harness solar energy for electricity generation. Another driving factor for BIPV systems in corporate and residential buildings is the need to mitigate power losses during outages and the mandate for reducing one’s carbon footprint, which is gaining prominence. Such factors are boosting the growth of the BIPV market across the globe.
What’s Trending in the Market?
- Third-generation technologies, colored BIPV modules, and solar glazing techniques are expected to create promising opportunities for innovation and expansion.
- The global BIPV market is expected to grow approximately 2.5 times driven by the demand in APAC and Latin American countries during the forecast period.
- Technology-oriented startups are expected to venture into the growing BIPV market and adopt advanced and modern innovations with demonstrable features.
- Bridging the gap between the construction and energy sector is more crucial for the deployment of BIPV market.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by technology, application, end-users, and geography
- Competitive Landscape – 5 Key Company Profiles and 23 Other Prominent Vendors
Europe is the Leading Region in the Global BIPV Market
In 2020, Europe accounted for the largest share of the global BIPV market due to high adoption in Western Europe countries. The scope for innovation is high in organic PV cells and coloured BIPV modules, especially in the untapped markets of the Nordic region. The integration of BIPV in the design stage will bring positive changes whose benefits can last for decades. Europe will continue to be a forerunner in the BIPV market, where installations in Brussels’ first zero-energy office building – Treurenberg and Kollektivhuset Stacken in Gothenburg – that include a renovated BIPV façade and roof, serve as significant milestones in recent times.
What are the Strategies Adopted by the Global BIPV Market Players?
With the growing momentum for these modules, the portfolio of the global BIPV market players are including those that are ideal for canopies, cladding panels, sunshades, and carports alongside the windows, façade, and roof. The future of the BIPV market is dependent on third-generation PV modules, which are under the experimental stage with minimal commercial applications. With solar energy witnessing more and more traction each year, the scope for reducing energy costs is significant. Going forward, the incorporation of PV modules and roofing trends will become affordable, efficient, and reliable in developing countries as well. As per the global BIPV market players are recommended to deliver a customized portfolio as per geographical demand.
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