Building Integrated Photovoltaics (BIPV) Market is Expected to Reach $86.7 Billion by 2030
PORTLAND, OREGON, UNITED STATES, September 6, 2023/EINPresswire.com/ — The Building Integrated Photovoltaics (BIPV) market report mainly focuses on global Building Integrated Photovoltaics (BIPV) market trends, drivers, market segments, production and sales status, competitive landscape, and other aspects of the research during 2018-2023, based on the development trend of the industry, the global Building Integrated Photovoltaics (BIPV) market development prospects for 2021-2030 trends in objective and prudent research and analysis, to provide professional guidance to enterprises in the industry to understand the market development rules, grasp market opportunities, and develop entry or strategy. It reflects on the changes that new and established companies must make in order to grow and adapt to consumer developments in the future. It also looks at potential flaws as well as issues that new and established businesses face. The Building Integrated Photovoltaics (BIPV) market report provides the reader with all of the vital financial, economic, and social factors applicable to the industry, allowing them to make an informed decision. The global building integrated photovoltaics market was valued at $14.0 billion in 2020 and is projected to reach $86.7 billion by 2030, growing at a CAGR of 20.1% from 2021 to 2030.
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Building-integrated photovoltaics (BIPVs) refer to solar power generating components that are used in constructing facades, roofs, and skylights in buildings. Generally, these components include the integration of photovoltaic modules, a backup power supply system, a charge controller, a power storage system, and other supporting hardware. BIPV materials offer several benefits over their traditional counterparts as they provide onsite power generation, zero emissions, high energy conservation, superior architectural integration, and optimal shading. In addition, BIPVs also help reduce labor and installation costs by replacing high-end roof membranes, skylight glazing, and façade cladding.
The global demand for building integrated photovoltaics market is primarily driven by an increase in efforts by national governments for the installation of solar energy panels. A rise in awareness regarding green infrastructure, including buildings with energy efficiency, is expected to boost demand for building-integrated photovoltaics (BIPV). BIPV provides a sustainable and effective solution for enhancing the energy efficiency of a structure, retrofitting the exterior of a structure, and providing significant savings in conventional power consumption. In addition, a rise in the implementation of supportive government regulations including financial benefits and incentives to promote green infrastructure, and a rise in investments in the solar industry across the globe are expected to increase solar energy integration in residential and commercial sectors during the forecast period. However, high initial costs of investments are expected to hamper the building integrated photovoltaics market growth during the forecast period. Furthermore, heat generation from BIPV modules is expected to provide growth opportunities for the global market during the forecast period.
By technology, the global building integrated photovoltaics market size is studied across crystalline silicon, thin film, and others. The crystalline silicon segment accounted for the largest market share in 2020, owing to its superior resistance to adverse weather conditions and high strength. The crystalline silicon segment dominated the global building integrated photovoltaics market, with more than two-thirds of the total market share in 2020.
By application, the global building integrated photovoltaics market is studied across roofs, walls, glass, façade, and others. The roof segment accounted for the largest market share in 2020, owing to the availability of a larger panel installation area for BIPV. The roof segment dominated the global market with one-third of the total market share in 2020.
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By end-use, the global building integrated photovoltaics market is studied across residential, commercial, and industrial. The commercial segment emerged as the leader in 2020, owing to the increasing awareness about zero-emission green infrastructure. BIPV installations improve the aesthetic appeal of commercial establishments and provide major savings on electricity consumption, thereby driving product deployment across the commercial segment. The commercial segment dominated the global building integrated photovoltaics market with more than half of the total market share in 2020.
Region-wise, the global building integrated photovoltaics market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europe emerged as the leader in 2020, owing to the European Commission’s supportive directives in the form of financial incentives, such as subsidies on photovoltaic integration. Europe accounted for a major building integrated photovoltaics market share in 2020 and dominated the global market with more than one-third of the total market share in 2020.
The major players studied and profiled in the global building integrated photovoltaics market are AGC Solar, Belectric, Heliatek GmbH, Carmanah Technologies Corporation, Greatcell Solar Limited, Hanergy Holding Group Limited, Ertex Solartechnik GmbH, Canadian Solar Inc., Tesla Inc., and Solaria Corporation.
The building integrated photovoltaics market is expected to decline in 2020, mainly due to the impact of COVID-19. Governments of several major economies have enforced lockdowns to curb the spread of COVID-19. With the lockdown in place, manufacturing activities have been affected significantly. For instance, in January 2020, the government of China announced a lockdown of more than 30 days to tackle COVID-19. As the majority of PV modules are manufactured in China, production and supply chain has taken a significant hit. For instance, India imports ~80% of its solar value chain supplies from China. Lockdown had drastically affected the manufacturing capacity of China as all major ship container companies had also stopped functioning out of Chinese ports and transporting goods from China to other countries. This resulted in supply chain disruptions in March and April 2020. In addition, lockdowns implemented in other countries caused supply chain disruptions and labor shortages in the PV industry. Companies were not able to source the required labor for their operations due to travel restrictions. Though the market is expected to be impacted in 2020, recovery is expected to commence in 2021, with full recovery by 2022.
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Key findings of the study
– In 2020, Europe dominated the global building integrated photovoltaics market with around 39.8% share, in terms of revenue.
– North America is projected to grow at the highest CAGR of 20.7% in terms of revenue.
– The crystalline silicon segment dominated the global building integrated photovoltaics market with around 70.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 20.4% in terms of revenue.
– The roof segment dominated the global building integrated photovoltaics market with around 38.7% of the share in terms of revenue.
– The glass segment is projected to grow at the highest CAGR of 21.0% in terms of revenue.
– The commercial segment dominated the global building integrated photovoltaics market with around 53.8% of the share in terms of revenue.
– The residential segment is projected to grow at the highest CAGR of 20.7% in terms of revenue.
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