Building-integrated Photovoltaics Market size is anticipated to reach USD 136 billion by the end of 2035, growing at a CAGR of 20% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of building-integrated photovoltaics was over USD 20 billion. The ability of countries to install solar photovoltaics doubled with increasing demand for renewable energy sources is estimated to boost the market revenue in the projected period. In 2022, the percentage of solar photovoltaics installed in China was 100% and in India was 50% as per a report.
Increased awareness of energy security and self-sufficiency, favorable government legislation, as well as greenhouse gas (GHG) emissions reductions under the Kyoto Protocol by countries such as Germany, Italy, France, the United Kingdom, the United States, China, Japan, and India coupled with significant promise is projected to likely influence the building integrated photovoltaics market growth in the coming years. Moreover, increasing innovations in this area are expected to increase the operational efficiency of the products, which is predicted to raise market revenue.
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~20% |
Base Year Market Size (2022) |
~ USD 20 Billion |
Forecast Year Market Size (2035) |
~ USD 136 Billion |
Regional Scope |
|
Growth Drivers
Challenges
Type (Thin-Film, Crystalline)
The crystalline segment in the BIPV market is estimated to gain the largest revenue share of 60% in the year 2035. Most solar modules for roof exterior usages are manufactured with crystalline silicon. These are thick specs that generate more power compared to other technologies. Owing to its less price and maturity it is demanded by the consumers. In 2021, Spanish BIPV system organization Onyx Solar will begin construction of a massive Solar BIPV exterior for the renovation of Sterling Bank's headquarters in Lagos, Nigeria. The manufacturer is planning to install about 3,250 crystalline solar modules on the facade of the building.
Application (Industrial, Commercial, Residential Buildings)
Building-integrated photovoltaics market from the industrial segment is estimated to observe significant growth during the forecast period. The increasing adoption of building-integrated photovoltaics is the significant reason behind the growth of the market. Now less reliability on renewable resources for power consumption of industries is anticipated to offer lucrative growth opportunities for the market.
Our in-depth analysis of the global market includes the following segments:
Type |
|
Application |
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North American Market Forecast
The building-integrated photovoltaics market in the North America region is projected to hold the largest market share of 38% by the end of 2035. Many businesses and corporations in North America have adopted sustainability goals, including the integration of renewable energy sources like BIPV. A study found that 73% of surveyed businesses in the United States have adopted clean energy initiatives to reduce their environmental impact and meet sustainability targets. BIPV can enhance energy resilience and independence for buildings, making it an attractive option for regions susceptible to power outages or grid instability. Supportive government policies, tax incentives, and renewable energy targets have encouraged the adoption of BIPV solutions.
APAC Market Statistics
The building-integrated photovoltaics market in the Asia Pacific region is projected to hold the second largest share during the forecast period. The Asia-Pacific region has achieved great success with the most affordable adoption of solar technology across many industries. Technologies in the region have reached maturity and with novel advanced technologies for BIPV, rooftop prices are continuously falling. Countries such as China, India, Japan, and ASEAN countries have made their mark in the field of photovoltaics systems, and numerous other applications. In September 2021, AGC Co., Ltd., a Japanese company of glass, chemical compounds, and advanced technologies substances, declared that its BIPV glass was selected for installation at the Singapore Institute of Technology's latest Punggol campus, which is expected to open by 2024.
Author Credits: Payel Roy, Dhruv Bhatia
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