Building-integrated Photovoltaics Market Expected To Witness A Substantial Growth Of $88.38 Billion By 2030: Grand View Research Inc.
The global building-integrated
photovoltaics market
size is expected to reach USD 88.38
billion by 2030, according to a new report by Grand View Research, Inc. The
market is expected to expand at a CAGR
of 20.5% from 2022 to 2030. The rapid expansion of the solar photovoltaic
(PV) installation capacities of different countries, coupled with increasing
demand for renewable energy sources, is expected to drive the growth of the
market across the world. The rising consumer awareness coupled with the
product’s superior performance over the last decade has primarily driven the
market for building-integrated photovoltaics (BIPV).
The crystalline
silicon segment led the market in 2021 and had a market share of 71.02%. The
crystalline silicon segment was the dominant segment in 2021 which is
attributed to the high strength of crystalline silicon BIPV coupled with
superior resistance to adverse weather conditions. This segment is driven by
declining prices of crystalline silicon cells, which is expected to lower the
installation cost in the coming years. Favorable government legislations,
coupled with the unilateral obligation of countries such as Germany, Italy,
France, the UK, the U.S., China, Japan, and India to the Kyoto Protocol,
designated to reduce greenhouse gas (GHG) emissions, are also expected to
promote the growth of the market in the coming years.
In application,
roof installations led the market with a market share of 61.46% in 2021.
Photovoltaics integrated with building roofs are known to exhibit efficiency due
to improved incidence of light on the roof surface. The development of
interlocking roof systems that use interlocked tiles, which provide a high
conversion efficiency and a significant reduction in the weight of building
integrated roofs, is likely to drive the market over the forecast period.
Based on the
end-user, the industrial segment led the BIPV market in 2021 and had a market
share of 40.13%. The demand for BIPV in industrial establishments is likely to
grow as the consumers in this segment are not price-sensitive and emphasize on
reducing the overall cost for companies. In addition, several industries, in a
bid to project an environment-friendly image to their consumers, adopt these
solutions. The demand for BIPV installations is anticipated to be fueled by the
improvements observed in their operational efficiency. In addition, the growing
affinity of multinationals toward the adoption of environment-friendly energy
sources is likely to have a positive impact on the BIPV market.
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The rapid
expansion of the solar photovoltaic (PV) installation capacities of different
countries, coupled with increasing demand for renewable energy sources, is
expected to drive the growth of the market across the world. Increased
awareness for energy security and self-sufficiency and favorable government
legislations, coupled with the unilateral obligation of countries such as
Germany, Italy, France, the U.K., the U.S., China, Japan, and India to the
Kyoto Protocol, designated to reduce greenhouse gas (GHG) emissions, are also
expected to promote the growth of the market in the coming years.
Building-integrated Photovoltaics Market Report Highlights
- Roof
installations segment accounted for 61.46% of revenue share in the overall
market. The demand for building integrated roofs is expected to increase
over the forecast period due to the development of superior products
- The Industrial
segment accounted for about 40.13% of revenue share in 2021. companies in
developed economies in Europe exhibit an increased tendency toward the use
of integrated photovoltaics in a bid to improve the aesthetic appeal of
buildings
- As of 2021,
Europe accounted for about 37.68% revenue share in the overall market.
Countries like Germany and Italy are increasingly emphasizing the use of
solar energy, which is expected to translate into higher adoption of BIPV,
thus promoting industry growth over the forecast period
The presence of a
consumer base with high disposable income levels and the increasing affinity
toward integrated installations in residential and commercial buildings in the
country are anticipated to boost the demand for the product over the forecast
period. In addition, the growing innovation in the domain is projected to
increase the operational efficiency of the product, translating into market
growth. The BIPV market in the U.S. is likely to be driven by the growing
demand for alternate sources of energy. The demand for building-integrated
photovoltaics is likely to be fueled by the high need for integrated roof
systems in commercial and industrial establishments. Improvements in the
manufacturing technology of thin-film BIPV modules and the rising efficiency of
the product are expected to drive the market over the forecast period.
BIPV
manufacturers have been implementing various strategies such as new product
developments, partnerships, joint ventures, agreements, and collaborations,
among others, to maximize their market penetration and to cater to the changing
requirements of the architects and construction contractors. For instance,
Hanergy Thin Film Power Group partnered with CSR Group to launch thin film flat
SOLARtile, which is used as a roof application in building photovoltaics. First
Solar, Inc. announced to invest USD 684 million in a new, fully vertically
integrated photovoltaic (PV) thin-film solar module manufacturing facility in
Tamil Nadu, India. Some of the prominent players operating in the global
building-integrated photovoltaics market include
- SolarWindow
Technologies, Inc.
- AGC Inc.
- Hanergy Mobile
Energy Holding Group Limited
- The Solaria
Corporation
- Heliatek GmbH,
- Carmanah
Technologies Corp.
- Greatcell
- Tesla
- BELECTRIC
- ertex
solartechnik GmbH
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