Top Emerging Trends Of Building-integrated Photovoltaics Market Progress Forecast 2030 |Grand View Research, Inc.
Posted by Mrudula Karmarkar on September 29th, 2022
The global building-integrated photovoltaics market size is expected to reach USD 88.38 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 20.5% from 2022 to 2030. The rapid expansion of the solar photovoltaic (PV) installation capacities of different countries, coupled with increasing demand for renewable energy sources, is expected to drive the growth of the market across the world. The rising consumer awareness coupled with the product’s superior performance over the last decade has primarily driven the market for building-integrated photovoltaics (BIPV).
The crystalline silicon segment led the market in 2021 and had a market share of 71.02%. The crystalline silicon segment was the dominant segment in 2021 which is attributed to the high strength of crystalline silicon BIPV coupled with superior resistance to adverse weather conditions. This segment is driven by declining prices of crystalline silicon cells, which is expected to lower the installation cost in the coming years. Favorable government legislations, coupled with the unilateral obligation of countries such as Germany, Italy, France, the UK, the U.S., China, Japan, and India to the Kyoto Protocol, designated to reduce greenhouse gas (GHG) emissions, are also expected to promote the growth of the market in the coming years.
In application, roof installations led the market with a market share of 61.46% in 2021. Photovoltaics integrated with building roofs are known to exhibit efficiency due to improved incidence of light on the roof surface. The development of interlocking roof systems that use interlocked tiles, which provide a high conversion efficiency and a significant reduction in the weight of building integrated roofs, is likely to drive the market over the forecast period.
Based on the end-user, the industrial segment led the BIPV market in 2021 and had a market share of 40.13%. The demand for BIPV in industrial establishments is likely to grow as the consumers in this segment are not price-sensitive and emphasize on reducing the overall cost for companies. In addition, several industries, in a bid to project an environment-friendly image to their consumers, adopt these solutions. The demand for BIPV installations is anticipated to be fueled by the improvements observed in their operational efficiency. In addition, the growing affinity of multinationals toward the adoption of environment-friendly energy sources is likely to have a positive impact on the BIPV market.
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The rapid expansion of the solar photovoltaic (PV) installation capacities of different countries, coupled with increasing demand for renewable energy sources, is expected to drive the growth of the market across the world. Increased awareness for energy security and self-sufficiency and favorable government legislations, coupled with the unilateral obligation of countries such as Germany, Italy, France, the U.K., the U.S., China, Japan, and India to the Kyoto Protocol, designated to reduce greenhouse gas (GHG) emissions, are also expected to promote the growth of the market in the coming years.
Building-integrated Photovoltaics Market Report Highlights
The presence of a consumer base with high disposable income levels and the increasing affinity toward integrated installations in residential and commercial buildings in the country are anticipated to boost the demand for the product over the forecast period. In addition, the growing innovation in the domain is projected to increase the operational efficiency of the product, translating into market growth. The BIPV market in the U.S. is likely to be driven by the growing demand for alternate sources of energy. The demand for building-integrated photovoltaics is likely to be fueled by the high need for integrated roof systems in commercial and industrial establishments. Improvements in the manufacturing technology of thin-film BIPV modules and the rising efficiency of the product are expected to drive the market over the forecast period.
BIPV manufacturers have been implementing various strategies such as new product developments, partnerships, joint ventures, agreements, and collaborations, among others, to maximize their market penetration and to cater to the changing requirements of the architects and construction contractors. For instance, Hanergy Thin Film Power Group partnered with CSR Group to launch thin film flat SOLARtile, which is used as a roof application in building photovoltaics. First Solar, Inc. announced to invest USD 684 million in a new, fully vertically integrated photovoltaic (PV) thin-film solar module manufacturing facility in Tamil Nadu, India. Some of the prominent players operating in the global building-integrated photovoltaics market include
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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