Global building-integrated solar photovoltaics market was valued at USD 14.4 Billion in 2020. It is expected to grow at a compound annual rate (CAGR of 20.0%) between 2021 and 2028. Over the next seven year, the market will be driven by the increasing effort of national governments to install solar energy panels. Building-integrated photovoltaics (BIPV) will be in demand due to rising awareness about green infrastructure. This includes buildings that are energy efficient. BIPV is a cost-effective and sustainable solution to improve the energy efficiency of a structure and retrofit the exterior. It also provides significant savings on conventional power consumption.
Due to increasing implementation of supportive government regulations, including financial benefits and incentives, the U.S. market is expected to experience significant growth. Moreover, the U.S. Solar Industry is expected to see a rise in investments over the forecast period. This will lead to increased solar energy integration in both residential and commercial sectors.
Market growth will be limited by the low initial costs and intermittent nature of solar energy. However, the market for building-integrated solar photovoltaics will continue to grow due to increasing investments in research and development that result in technological advances in new manufactured modules.
European researchers at the Interdisciplinary Research Institute of Grenoble developed solar panels in variable colours that can adjust to the temperature and intensity of sunlight. Mini-modules are efficient at 3.68% and have a surface area of 14 centimeters. This significantly reduces the cost of manufacturing PV panels.
With a market share of more than 70.0%, crystalline silicon technology was the dominant player in 2020. Its superior resistance to adverse weather and strength are the main reasons for its dominance in the market. The declining cost of crystalline silicon cells is expected to drive the global market. This will in turn lead to a lower installation cost over the next seven year.
The segment's growth is expected to be boosted by the increasing demand for thin-film modules for windows. This segment will likely see above-average growth due to thin-film manufacturing using lightweight and flexible materials and its strong durability and narrow design. Segment growth will be limited by the fact that higher-grade silicon films have a better space efficiency than thin-film technology.
Due to the greater area of BIPV panels, the roofs segment had a higher revenue share than 60.0% in 2020. Roofing installations are expected to increase in demand in countries like the U.S. and the U.K. as well as Germany, France, and Germany. The forecast period will also see an increase in demand for off-grid solar PV system due to the increasing deployment of energy storage systems.
Due to its improved aesthetic appeal, the glass segment will experience the fastest CAGR during the forecast period. Segment growth will be positively influenced by the integration of photovoltaic systems with glass and the ease-of-installation. Additionally, urbanization is driving the construction of solar-integrated, curved glass buildings that receive higher levels of solar radiation.
In 2020, the industrial segment held the highest revenue share at over 40.0%. The industrial segment will be driven by government initiatives that focus on decreasing dependence on traditional power generation sources and increasing the use of renewable energy sources in the energy mix. The industry segment's growth is further supported by the increasing number of utility-scale projects in different countries.
Due to increasing awareness of zero-emission green infrastructure, the commercial segment will experience significant growth. BIPV systems improve the aesthetic appeal and efficiency of commercial establishments, which in turn drives product deployment.
Due to growing demand for residential solar PV panels and the increasing availability of energy storage, the residential segment is expected to grow at a substantial CAGR over the forecast period. The forecast period will see increased demand for rooftop BIPV systems from residential roofs thanks to government subsidies such as net-metering programs.
Europe had a 39.8% revenue share in 2020. Regional growth is being supported by countries such as France, Spain, Italy, Spain and the U.K. The European Commission's financial incentives such as subsidies for photovoltaic integration are expected to accelerate regional market growth. Europe has also been reducing the levelized price of electricity (LCOE), which offers lucrative growth opportunities for the industry.
North America holds a prominent position in the market, with Canada and the U.S. being the main revenue contributors to regional market growth. Market growth will be influenced by the existence of regulations and norms that encourage BIPV installation expansion across industrial and commercial establishments. According to the Solar Energy Industries Association (SIA), the U.S. solar sector received a total investment of USD 18.0 Billion in 2019.
To increase their global presence, industry participants are looking for strategic initiatives such as mergers and acquisitions and innovative product development. Market players also invest in research and development to lower the cost of BIPV installation. Local production is encouraged by the industry to create local jobs, reduce logistics costs and minimize emissions. As manufacturers set up partnerships with end users to acquire bulk amounts of BIPV, forward integration will reduce companies' vulnerability to investment risk. The following are some of the most prominent players in global building-integrated solar photovoltaics market:
AGC Solar
Belectric
Heliatek GmbH
Carmanah Technologies Corp.
Dyesol Ltd. (Greatcell Solar Ltd.
Ertex solartechnik GmbH
ISSOL SA
Canadian Solar Inc.
Onyx Solar Energy S.A.
Tesla Inc.
Up Market Research published a new report titled “Building-integrated Photovoltaics Market research report which is segmented by Technology (Crystalline Silicon, Thin Film), by Application (Glass, Roofs), by End Use (Industrial, Commercial), By Players/Companies Carmanah Technologies Corp, Heliatek GmbH, Onyx Solar Energy SL, Ertex solartechnik GmbH, Tesla Inc, Dyesol Ltd (Greatcell Solar Ltd), AGC Solar, Belectric, Canadian Solar Inc, ISSOL SA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Building-integrated Photovoltaics Market Research Report |
By Technology | Crystalline Silicon, Thin Film |
By Application | Glass, Roofs |
By End Use | Industrial, Commercial |
By Companies | Carmanah Technologies Corp, Heliatek GmbH, Onyx Solar Energy SL, Ertex solartechnik GmbH, Tesla Inc, Dyesol Ltd (Greatcell Solar Ltd), AGC Solar, Belectric, Canadian Solar Inc, ISSOL SA |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 211 |
Number of Tables & Figures | 148 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Technology (Crystalline Silicon, Thin Film), by Application (Glass, Roofs), by End Use (Industrial, Commercial).
Building-integrated Photovoltaics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Building-integrated Photovoltaics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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