According to a new report published by UnivDatos Markets Insights, the Building-Integrated Photovoltaics Market was valued at USD 15 billion and is expected to grow at a CAGR of 20% from 2022-2028. The analysis has been segmented into Technology (Crystalline Silicon, Thin Film, Others); Application (Roof, Glass, Wall, Façade, Others); End-Use (Industrial, Commercial, Residential); Region/Country.
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The building-Integrated Photovoltaics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the building-integrated photovoltaics market. The building-Integrated Photovoltaics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the building-Integrated Photovoltaics market at the global and regional levels.
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Market Overview
Building integrated photovoltaics (BIPV) offers an aesthetical, economical, and technical solution to integrate solar cells harvesting solar radiation to produce electricity within the climate envelopes of buildings. The BIPVs integration with the building envelope limits the costs by serving dual purposes. In addition, BIPVs have a great advantage compared to non‐integrated systems because there is neither need for the allocation of land nor stand‐alone PV systems.
Moreover, BVIP can reduce the total building material cost owing to its on‐site electricity-producing PV modules and achieve significant savings in terms of mounting costs. Furthermore, no additional assembly components require such as brackets and rails and the BIVP system simply makes electricity out of sunlight, silently with no pollution which in turn is driving the market size of BIPV products. Furthermore, factors such as increased awareness for energy security coupled with the rapid expansion of solar photovoltaics and investment in solar energy in various countries is accentuating the growth of the building-integrated photovoltaics (BIPV) market.
Scheuten Solar, Wurth Solar, Dow Solar, Suntench Power, Belectric, Carmanah Technologies Corporation, Dyesol Ltd., Hanergy Holding Group, Canadian Solar Inc., Tesla Inc.
COVID-19 Impact
During Coronavirus Pandemic in 2020, the building-Integrated Photovoltaics market was also impacted. It is mainly owing to the shutdown of the manufacturing industry and restriction by the government to maintain social distancing that has disrupted the production and supply chain of photovoltaics components which in turn had disrupted the market growth of the building-Integrated Photovoltaics market.
The global Building-Integrated Photovoltaics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the technology, the building-integrated photovoltaics market is segmented into crystalline silicon, thin film, and others. The crystalline silicon segment caters substantial share of the market. By using smart mounting systems, crystalline silicon cells can be integrated into building roofs by replacing the sections of the roof while keeping its integrity intact. This type of integration does not account for large investments and provides high efficiency. In addition, crystalline silicon has the highest energy conversion efficiency at present; commercial modules typically convert 13%-21% of the incident sunlight into electricity.
· Based on the application, the building-integrated photovoltaics market is classified into roof, glass, wall, façade, and others. The roof segment caters significant share of the market. As pitched roofs at a specific angle are known to offer the best energy harvesting. Building-integrated photovoltaics (BIPV) roof solutions make use of thin film as well as C-Si technologies. However, the glass segment also acquired a considerable presence in the market. The industrial buildings sector is expected to expand at the quickest rate during the projected period, owing to the increasing use of solar systems to reduce reliance on non-renewable energy sources for power generation which in turn will positively influence the growth of glass segment in the building-integrated photovoltaics market.
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Building-Integrated Photovoltaics Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the supportive directives of the European Commission in the form of financial incentives and subsidies and declining the price of photovoltaic components is driving the market growth. For instance: The European Union (EU) established the Directive on Energy Usage in Buildings (EPBD) (Directive 2010/31/EU) and the Renewable Power Directive (1/77/EC), opening the path for near-zero and positive energy buildings. Moreover, 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 major players targeting the market include
· Scheuten Solar
· Wurth Solar
· Dow Solar
· Suntench Power
· Belectric
· Carmanah Technologies Corporation
· Dyesol Ltd.
· Hanergy Holding Group
· Canadian Solar Inc.
· Tesla Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the building-Integrated Photovoltaics market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the building-Integrated Photovoltaics market?
• Which factors are influencing the building-Integrated Photovoltaics market over the forecast period?
• What are the global challenges, threats, and risks in the building-Integrated Photovoltaics market?
• Which factors are propelling and restraining the building-Integrated Photovoltaics market?
• What are the demanding global regions of the building-Integrated Photovoltaics market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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