The new report by Expert Market Research titled, ‘Global Building-Integrated Photovoltaics Market Report and Forecast 2024-2032’, gives an in-depth analysis of the global building-integrated photovoltaics market, assessing the market based on its segments like technology, application, end use, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2022): USD 20.3 billion
- Forecast CAGR (2024-2032): 19.2%
The growth of the global building-integrated photovoltaic system is driven by the shifting trend towards renewable energy sources. The increasing utilisation of solar energy solutions globally along with increasing sustainability in supply chains is expected to bolster the market growth. Additionally, the rising awareness for green building and zero-emission structures is anticipated to bolster the market growth.
Moreover, the research and development activities in the renewable energy sources will likely push the growth further. However, the reduction of effectiveness of BIPV systems due to high initial cost and limitation of solar energy such as intermittency and shadows may constrain the growth over the forecast period.
Building-Integrated Photovoltaics Industry Definition and Major Segments
A building-integrated photovoltaic (BIPV) system refers to an important component of the building skin utilised in converting solar energy into electricity along with protecting the structure from the environmental elements. BIPV is one of the fastest growing segments of the solar photovoltaic industry.
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Based on technology, the global building-integrated photovoltaics market can be divided into:
- Crystalline Silicon (C-SI)
- Thin Film
- Others
Building-integrated photovoltaics market on the basis of application can be divided into:
- Roofs
- Walls
- Glass
- Façade
- Windows
- Others
The industry based on end use, is categorised into:
- Residential
- Commercial
- Industrial
The regional markets for building-integrated photovoltaics include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Building-Integrated Photovoltaics Market Trends
Regionally, Europe is expected to hold the largest share in terms of installed capacity in the global market for building-integrated photovoltaic systems. This can be attributed to due to stringent environmental regulations policies, higher customer willingness to adopt environmental-friendly practices, along with increasing pressure for reducing net energy consumption from buildings. Additionally, the EU’s target to achieve 27% share for renewable energy consumption is anticipated to increase the growth further. Meanwhile, North America is expected to show a significant growth over the forecast period due to increasing awareness for the integration renewable energy sources.
Key Market Players
The major players in the market are AGC Solar, Belectric, Heliatek GmbH, Carmanah Technologies, Corporation, Dyesol Ltd. (Greatcell Solar Limited), Hanergy Holding Group Limited, Ertex solartechnik GmbH, and few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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