Voice control, artificial intelligence, and intelligent assistant will fuel the adoption of photovoltaic systems and boost the global BIPV market revenues.
Arizton’s recent market research report on the global BIPV market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by technology (crystalline silicon and thin film), by application (roof and façade & window), by end-user (commercial buildings, residential buildings, and other buildings), by geography (APAC, Europe, North America, and ROW), and offers detailed competitive analysis.
The global BIPV market projected to generate revenues of around $7 billion by 2024, growing at a CAGR of approximately 15% during 2018-2024.
The growing sustainable energy for self-consumption and the development of better infrastructure, lux residential complex, commercial office spaces, airports, and hospitals are fueling the growth of the global market. The growing awareness and high disposable incomes in developing regions due to economic recovery will contribute to the growing revenues in the global BIPV market.
The top 3 drivers and trends propelling the growth of the global BIPV market are discussed below:
Rising demand for BIPV in new and retrofit construction projects
The restoration of building a roof, and exterior elements including windows, doors, façade, and exterior walls are fueling the growth of the global BIPV market. The increasing focus on maintaining a structurally sound, climate appropriate, and aesthetically pleasing look of the building will encourage the use of photovoltaic systems in the global market. The incorporation of PV systems in the form of tinted glass and crystalline modules in building envelopes, glass walls, and façade will create lucrative investment opportunities for leading players operating in the global BIPV market. The building envelope can be used for several types of integrated PV installations by using PV modules and thin films as part of building fabric, and one of the most diversely used solar energy harnessing materials in buildings is PV glass in the global market. The introduction of glass variants with self-cleaning capabilities to keep the surface free of the duct and improve the productivity of the integrated solar cells will revolutionize the market during the forecast period. The players are launching a full range of customizable options to meet design, weather, climate, and building code requirements that are generally made PV laminates to attract the maximum number of end-users in the global BIPV market.
Increasing number of smart and self-sustained homes
The influx of smart homes will revolutionize the residential spaces that aim at enhancing comfort, convenience, security, entertainment, and sustainability resulting in growing demand in the global BIPV market. Smart homes are equipped with connected devices and allow residents to remotely control electronic devices or appliances, via gadgets and computing technologies in the global market. The increasing focus on technological advancements such as voice control, artificial intelligence, and intelligent assistant will fuel the adoption of photovoltaic systems and boost revenues in the global BIPV market.
The global smart home market revenue in 2018 was valued at $942 million, which is expected to grow at a CAGR of 19% during the forecast period.
Smart home technologies are aimed to improve security and privacy, also contributing to environmental sustainability and reducing the cost of utility bills in the market. The higher internet penetration, increased supply of mobile entities, improvements in wireless communications, the emergence of cloud services, higher demand for low energy high-performance technologies, and other advancements in IoT technologies will boost the number of smart homes and drive demand in the global BIPV market over the next few years.
Improving the efficiency of PV modules and inverters
The increasing demand for building integrated photovoltaic systems is reducing overall costs borne by the consumers and propelling the growth of the global BIPV market. The reduction in overall costs will encourage consumers to opt for these systems in their new constructions as well as in retrofit projects in the global market. The increasing use of these solar panels in façade, curtain walls, and roofs will drive innovations in the global BIPV market. The improvement in efficiency and power factors the modules and battery systems are fueling the popularity of these systems in the global market. Several companies are investing large sums to improve and enhance the power conversion efficiency of the solar modules and battery systems for improved charging, storage, and backup time in the market. The declining costs will contribute to the increasing revenues in the global BIPV market.
The leading vendors in the global BIPV market are Wuxi Suntech Power, Yingli Solar, Canadian Solar, and Sharp.
The complete overview of the latest market research report on the global BIPV market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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