According to a new report by Expert Market Research titled, “Global Building-Integrated Photovoltaics Market Share, Size, Report and Forecast 2024-2032″, the global building-integrated photovoltaics market size grew substantially in 2023. Aided by the mounting global emphasis on sustainable building practices and the incessant push for renewable energy sources, the market is projected to further grow at a CAGR of 19.2% between 2024 and 2032.
Building-integrated photovoltaics (BIPV) represents an innovative fusion of the construction and renewable energy industries. BIPV systems are not merely an adjunct to a building’s structure but are seamlessly integrated into the building envelope itself, be it in the form of roofs, facades, or even windows. Beyond their aesthetic appeal, these systems efficiently harness solar energy, converting it into electricity, thus mitigating a building’s carbon footprint while also generating power.
A pivotal driver bolstering the global building-integrated photovoltaics market growth is the global imperative to combat climate change. As nations scramble to honour their Paris Agreement commitments and reduce greenhouse gas emissions, the construction sector, known for its sizable carbon footprint, is witnessing a paradigm shift. BIPV, with its dual promise of architectural finesse and energy efficiency, has emerged as an appealing solution in this context.
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As per the global building-integrated photovoltaics market analysis, the augmenting consumer and institutional predilection for green buildings is another force underpinning the BIPV market’s surge. Green building certifications, such as LEED and BREEAM, which prioritise sustainability and environmental stewardship, have galvanised the construction industry to adopt eco-friendly practices. Integrating BIPV systems, given their renewable energy generation capability, naturally aligns with these standards, further propelling their adoption.
Moreover, technological advancements have been one of the pivotal global building-integrated photovoltaics market trends. Enhanced efficiency, a broader spectrum of design options, and the advent of lightweight, flexible photovoltaic materials have facilitated the integration of BIPV systems into a plethora of architectural styles, from retrofitted historical edifices to cutting-edge modern designs.
Simultaneously, governmental policies and incentives play an instrumental role in BIPV’s market trajectory. Many nations, recognising the manifold benefits of BIPV, have introduced tax breaks, subsidies, and feed-in tariffs, thereby lowering the initial investment hurdle for developers and promoting the value of the global building-integrated photovoltaics market size.
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Market Segmentation
The market can be divided based on technology, application, end use, and region.
Market Breakup by Technology
• Crystalline Silicon (C-SI)
• Thin Film
• Others
Market Breakup by Application
• Roofs
• Walls
• Glass
• Façade
• Windows
• Others
Market Breakup by End Use
• Residential
• Commercial
• Industrial
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global building-integrated photovoltaics market. Some of the major players explored in the report by Expert Market Research are as follows:
• AGC Glass Europe SA
• BELECTRIC Solar & Battery GmbH
• Heliatek GmbH
• Carmanah Technologies Corporation
• Greatcell Energy Pty Ltd.
• Hanergy Holding Group Limited
• Ertex solartechnik GmbH
• Others
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