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Building Integrated Photovoltaics Market - Forecast(2024 - 2030)
Building Integrated Photovoltaics Market Overview
The Building Integrated Photovoltaics Market is projected to reach USD42.20 billion by
2027, growing at a CAGR of 18.5% during the forecast period 2022-2027. BIPV (Building Integrated Photovoltaics) consists of
solar integrated modules into the
building envelope. The use of renewable energy for sustainable living and the adoption
of smart cities to attain the goal of a zero-energy
building are driving the market growth. The
BIPV consists of modules, inverters, cables and possibly additional string diodes between the PV modules or power optimizers. The PV cell energy is absorbed from short wavelength
electromagnetic radiation. The gallium arsenide
and its alloys are frequently used materials for PV cells. The BIPV is widely adopted owing to its low electricity
production cost, adaptability and modern architecture. This is driving the market growth. In August 2022, GAC Bahrain announced the installation of PV solar
panels on the rooftop of its warehouse in Al Hidd as part of the GAC
Group’s commitment to reduce its carbon footprint. The Al Mannai Projects by
GAC Bahrain, partnered with local renewable energy Construction Company, would install
552 solar panels to generate approximately 300 KW of power to meet the
electricity needs. This would lead to the Global Building Integrated Photovoltaics
market growth.
Report Coverage
The “Building Integrated Photovoltaics
Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth
analysis of the following segments in the Global Building Integrated
Photovoltaics Market.
By Technology: Crystalline silicon and Thin
Film Technologies [Amorphous silicon, Copper Indium Gallium Selenide (CIGS),
Cadmium Telluride (CdTe), Dye-sensitized Solar Cells (DSSCs) and Organic
Photovoltaic (OPV)].
By Application:
Wall
Integrated Solution, Roofing (Tiles, Shingles, Laminates, Metal seams), Windows,
Glass, Facades, Glazing and Cladding.
By End-users: Industrial buildings,
Residential buildings and Commercial buildings.
By Geography: North America (the US, Canada and Mexico), Europe (Germany, the UK, France, Italy, Spain and Others), APAC (China,
Japan, South Korea, India, Australia and Others), South America (Brazil,
Argentina and Others) and RoW (the Middle East and Africa).
Key Takeaways
- The Roofing segment by application in the Global Building Integrated Photovoltaics Market is expected to grow the fastest at a CAGR of 19.6% during the forecast period 2022-2027.
- The Industrial buildings segment by end-users in the Global Building Integrated Photovoltaics Market is expected to grow at the fastest CAGR of 19.8% during the forecast period 2022-2027. Industries in various countries are investing more in integrated Photovoltaics, intending to switch to modes that reduce electricity consumption and improve the aesthetic of the building.
- Asia-Pacific is expected to grow the fastest at a CAGR of 19.2% in the Global Building Integrated Photovoltaics Market during the forecast period 2022-2027. Governments in this region are taking initiatives to spread awareness about the advantages of zero-energy buildings and encouraging consumers to adopt BIPV solutions.
- The incentives implemented by the governments to promote the adoption of PV modules and raise awareness about the benefits of using renewable resources are driving the growth of the global Building Integrated Photovoltaics market.
Building Integrated Photovoltaics Market Value Share, By Region, 2021 (%)
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Building Integrated Photovoltaics Market Segment Analysis - by Application
The Global
Building Integrated Photovoltaics Market by application has been segmented
into Wall Integrated Solution, Roofing (Tiles, Shingles,
Laminates and Metal seams), Windows, Glass, Facades, Glazing and Cladding. The
Roofing segment by application in the Global Building Integrated
Photovoltaics Market is expected to grow the fastest at a CAGR of 19.6% during
the forecast period 2022-2027. The increase in the adoption of PV modules that
are integrated into building roofs is due to their high output, minimal
maintenance, adaptability and energy-saving characteristics. It also provides great strength due to its
features such as waterproof, resistance to climatic conditions and system
auto-shutdown to avoid fire. It also improves the aesthetics of the building.
These factors are driving the market growth. In July 2022, GoodWe launched its
advanced BIPV solution which could be integrated with inverters, EV chargers and
SEMS. It provides a 100% waterproof effect and auto-shutdown feature to avoid fire
outbreaks and can withstand harsh climatic conditions. The advanced roofing
solution can help annual savings of about $0.18 per sq. ft. in commercial buildings. The
new BIPV solution also encourages users in becoming carbon neutral. These
factors are driving the growth of the Global Building Integrated Photovoltaics market
size.
Building Integrated Photovoltaics Market Segment Analysis - by End-users
The Global
Building Integrated Photovoltaics Market by end-users can be segmented into
Industrial buildings, Residential buildings and Commercial
buildings. The Industrial buildings segment by end-users in the Global Building Integrated Photovoltaics Market is expected to grow the fastest
at a CAGR of 19.8% during the forecast period 2022-2027. The BIPVs are widely adopted
in industrial buildings to achieve the goal of a zero-energy building by reducing the use of
non-renewable energy sources. Industries in developed countries are investing
more in integrated Photovoltaics intending to switch to modes that reduce
electricity consumption and improve the aesthetic of the building. All these
factors are driving the market growth. In January 2022, Mitrex stated that it was
in the process of installing Ontario's largest building-integrated vertical
photovoltaic wall at Etobicoke, Toronto. The wall would cover an area of over 7,000
SQFT of customized solar facade panels and is expected to produce 90,000 kWh
power annually while lowering the carbon footprint. The above factors are
driving the growth of the Global Building Integrated Photovoltaics market size.
Building Integrated Photovoltaics Market Segment Analysis - by Geography
The Global Building Integrated Photovoltaics Market by geography is segmented into North America, Europe, APAC, South America and the Rest of the World. Asia Pacific is expected to grow at the fastest CAGR of 19.2% during the forecast period 2022-2027. Developing countries such as China, Japan, South Korea and India are adopting the BIPV to reduce the impact of non-renewable energy resources on the environment. The production of PV modules in this region has also increased with the rapid use of solar resources. The government is also taking initiatives to spread awareness about the advantages of zero-energy buildings and encouraging consumers to adopt BIPV solutions. This is driving the market growth. In May 2022, a report by China Photovoltaic Industry Association stated that the country added 55 gigawatts of power in 2021, accounting for 33% of the global capacity. China also got the tag of largest PV maker as 58% of the world’s PV modules are manufactured in China. All these factors are driving the growth of the Global Building Integrated Photovoltaics industry.
Building Integrated Photovoltaics Market Drivers
The government’s initiatives to adopt and spread awareness about the advantages of green resources:
The governments of various countries are introducing incentives to encourage the adoption of PV modules and also to spread awareness about the advantages of using renewable resources. The BIPV is economical in long run and also maintains the appearance of the building which is attracting consumers to adopt the solution. All these factors are driving the market growth. In August 2022, the Bahamas Government announced a budget of $1.9 million for the solar rooftop program for clinics, schools and public libraries. The government also invested $14.2 million in installing a 25 MW battery energy storage at the Baillou Hill Power plant to take the nation towards cleaner energy. All these factors would drive the growth of the Global Building Integrated Photovoltaics industry.
The improved efficiency of the c-Si module:
Crystalline
silicon cells are widely used in roofing as they don’t need a large investment
and provide high efficiency. The c-Si offers the highest energy
conversion efficiency. It typically converts 13%-21% of the incident sunlight
into electricity. The Crystalline silicon cells are highly reliable as they can
reach a module lifetime of 25+ years and exhibit little long-term degradation. All
these factors are driving the market growth. In March 2021, the US National Renewable
Energy Laboratory stated that crystalline
silicon cells were the most commonly used technology. The lifecycle analysis of
the c-Si cells shows superior performance and it also holds more than 90% of
the global market. All these factors are driving the growth of the Global
Building Integrated Photovoltaics market size.
Building Integrated Photovoltaics Market Challenges
High Deployment costs and limited efficiency of PV modules:
The initial deployment cost of the Building Integrated Photovoltaics modules is
quite high. The developing countries would face problems while investing in such
expensive solutions. The efficiency of the PV modules is also limited. Scientists
are also working to enhance efficiency for years but there have not been many positive outcomes. All these factors would restrict the market growth. In May 2022, Trina
Solar PV solution provider in their recent research report stated that they
observed a maximum of 25.5% cell efficiency in real production this year which
is the highest value to date. The low efficiency of the cells would decrease the
production of electricity which would directly affect the availability of power
supply to consumers. All these factors would restrict the growth of the Global
Building Integrated Photovoltaics industry.
Building Integrated Photovoltaics Industry Outlook
Product launches, collaborations and R&D activities are key strategies adopted by players in the Global Building Integrated Photovoltaics market. The top 10 companies in the Global Building Integrated Photovoltaics market include:
1. Scheuten Solar Technology GmbH
2. AGC Inc.
3. Suntech Power Holdings Co. Ltd.
4. Carmanah Technologies Corporation
5. Dyesol Ltd.
6. Hanergy Holding Group Ltd.
7. Ertex Solartechnik GmbH
8. Canadian Solar Inc.
9. Tesla Inc.
10. NanoPV Solar Inc.
Recent Developments
- In March 2022, Intelligent Living, in their article, stated that PV technology absorbs solar radiation (also known as electromagnetic radiation) and converts it into usable energy. The PV device is a small cell that alone can produce 1-2 Watts of power by absorbing electromagnetic radiation.
- In January 2022, PV magazine stated that SolarEdge uses a power optimizer in the new PV modules to enable independent operation and increase energy production. The in-built SafeDC function detects high temperatures and disconnects the power optimizer from the inverters for safety.
- In November 2021, Photon Energy stated that it was teaming up with Australian technology provider and project developer RayGen Resources to develop a facility. This facility would deliver 300 MW of solar generation and 3.6 GWh of energy storage.
Relevant Reports:
Report Code: ITR 95341
Report Code: ESR 0668
Report Code: ITR 95341
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