The global building-integrated photovoltaics market is estimated to garner a large amount of revenue by growing at a CAGR of ∼15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing efforts by governments of several nations to install solar energy panels and increasing awareness to design buildings in an energy efficient way. Along with these, rising emphasis of developed nations associated with green infrastructure is also expected to drive growth to the market in the near future. According to the European Commission, developing green infrastructure is a key step towards the success of the EU 2020 Biodiversity Strategy. The Strategy's target requires that ecosystems and their services are maintained and enhanced by establishing green infrastructure and restoring at least 15% of degraded ecosystems. Furthermore, building integrated photovoltaics or BIPVs are becoming widely popular around the world as a result of their effectiveness in sustainably retrofitting building envelopes and improving the energy efficiency of buildings. This is considered to be a crucial factor projected to offer ample growth opportunities to the market in the forthcoming years.
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The market is segmented by type into thin-film, and crystalline, out of which, the crystalline segment is anticipated to hold the largest share in the global building-integrated photovoltaics market during the forecast period on account of the largescale usage of crystalline material to produce BIPV. In addition, crystalline silicone has high strength and exceptional resistance to difficult weather conditions, which is also assessed to boost the growth of the market segment in the coming years. Moreover, on the basis of application, the industrial buildings segment is predicted to occupy the largest share by the end of 2030, owing to the increasing number of utility scale projects across several countries, and rising use of renewable energy sources in the industrial sector globally.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global building-integrated photovoltaics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe is estimated to acquire the largest share over the forecast period on the back of the high reduction in the levelized cost of electricity of solar installations, growing emphasis on the use of clean energy, and rise in number of financial incentives offered by the European Commission for photovoltaic integration. For instance, the European Union launched the EU-China Energy Cooperation Platform on 15 May 2019 to support the implementation of activities announced in the “Joint Statement on the Implementation of EU-China Energy Cooperation”. This enhanced cooperation will help increase mutual trust and understanding between EU and China and contribute to a global transition towards clean energy on the basis of a common vision of a sustainable, reliable and secure energy system. Additionally, the market in North America is also evaluated to grab a significant share during the forecast period, which can be credited to the presence of favorable regulations regarding installation of BIPVs and growing investments for the development of innovative building technologies by prominent market players.
The global building-integrated photovoltaics market is further classified on the basis of region as follows:
Our in-depth analysis of the global building-integrated photovoltaics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing government efforts to install solar panels and growing focus of developed countries on green infrastructure.
The market is anticipated to attain a CAGR of ∼15% over the forecast period, i.e., 2022 – 2030.
Less awareness about BIPVs in lower economic regions is estimated to hamper the market growth.
Europe will provide more business opportunities to the market owing to the high reduction in the levelized cost of electricity of solar installations in the region.
The major players in the market are Merck KGaA, ONYX Solar Group LLC, AGC Inc., Changzhou Almaden Co. Ltd, Heliatek GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The industrial buildings segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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