Tuesday Dec 06, 2022

Building-integrated Photovoltaics Market is Estimated to Expand at a CAGR of 23.2% during the Forecast Period, TMR Report – GlobeNewswire

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Wilmington, Delaware, United States, July 28, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The value of the global building-integrated photovoltaics market stood at US$ 11.7 Bn in 2021. The global market is projected to rise at a CAGR of 23.2% during the forecast period, from 2022 to 2031. The global building-integrated photovoltaics market is anticipated to attain value of US$ 94.4 Bn by 2031. Global population growth, an expansion in infrastructural development, and overall industrial expansion are all likely to driving up power requirement. The market for building-integrated photovoltaics (BIPV) is likely to be driven by the increase in usage of electricity and building integrated photovoltaics advantages.

Due to the implementation of strict government legislation surrounding greenhouse gas emissions, building integrated photovoltaics manufacturers are focusing on developing low-cost renewable energy production options. New plants are being installed in nations all over the world to increase their capacity for producing electricity. In order to meet the increasing demand for electricity, they are also bolstering the capacity of the existing facilities. In addition to that, it is anticipated that lucrative opportunities are expected to arise for businesses to engage in the BIPV sector due to the construction sector’s rapid growth. Besides, market players are anticipated to benefit from the profitable opportunities and are engaging in the building-integrated photovoltaics market due to the construction industry’s planned rapid growth.

In 2021, Europe accounted for 43.06% of the building integrated photovoltaics market shares based on volume. The Europe market is expected to be driven by a positive outlook for renewable energy as well as customer perception about the same in nations across Europe during the forecast period. Solar energy utilization is being emphasized more and more in Italy and Germany. Consequently, usage of building-integrated solar panel is anticipated to increase in these nations.

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Key Findings of Market Report

  • Owing to the unavailability of suitable ground space as well as the existence of underutilized roof space, rooftop solar photovoltaic (PV) systems are becoming more and more common. Since BIPVs don’t need brackets or rails, BIPV technology lowers the overall cost of building materials, which is likely to boost growth of building integrated photovoltaics market. Besides, the costs of building-integrated photovoltaics are low, which is why its popularity has been steadily increasing.
  • Based on technology, the crystalline silicon category is likely to account for a 68 % of the overall revenue of the market in 2021. Utilizing clever mounting techniques that replace the roof’s sections whilst maintaining structural integrity, crystalline silicon cells are fitted into building roofs. This kind of integration is highly effective and does not require huge investments, which is likely to render is segment an important revenue generating building integrated photovoltaics market segmentation.
  • Depending on application type, the facades category commanded about 48% of the global building-integrated photovoltaics market. BIPV facade demand is very strong, especially in developed nations with well-established electricity distribution systems. As photovoltaic installations rise in the business world, there is a rising demand for their incorporation into facades.

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Global Building-integrated Photovoltaics Market: Growth Drivers

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