Increasing incentivization for using building-integrated photovoltaics is expected to bode well for market growth.
Wilmington, Delaware, United States, May 27, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The Global Building–Integrated Photovoltaics Market is anticipated to grow at a 22.8% CAGR from 2023 to 2031. A market valuation of US$ 99.7 billion is expected by the end of the forecast period.
The increasing expansion of the solar photovoltaic (PV) installation capacities of various countries and rising demand for renewable energy sources are anticipated to drive market growth during the forecast period.
Rising awareness for energy security and self-sufficiency and favorable government legislations, along with the unilateral commitment of countries such as Italy, Germany, France, the United Kingdom, the United States, China, Japan, and India to the Kyoto Protocol, aimed at reducing greenhouse gas (GHG) emissions, is further expected to fuel market growth during the forecast period.
Increasing incentives for using renewable energy sources are attracting people’s attention toward building-integrated photovoltaics. They not only maintain but also enhance the exterior appearance of the building. The building-integrated photovoltaics generate power that can be utilized to meet the energy requirements of the building. Due to these factors, the market is expected to witness continuous growth in the coming years.
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Key Takeaways from the Market Report
- The global building-integrated photovoltaics market is expected to be worth US$ 19.28 billion as of 2023.
- From 2023 to 2031, the market is expected to grow with a CAGR of 22.8%
- By module type, the polycrystalline segment is expected to grow with a significant CAGR of 24.1% during the forecast period.
- By application, the rooftop segment is expected to lead the market by accumulating over 63% market share in 2023 and with a CAGR of 23% during the forecast period.
- As per TMR projections, the demand for building-integrated photovoltaics in China is projected to grow at a CAGR of 22.6% during the forecast period.
Building-integrated Photovoltaics Market: Regional Analysis
- Europe dominated the global building-integrated photovoltaics market in 2022 and accounted for a revenue share of over 37.4%. The region is expected to grow with a significant CAGR of 22.4% throughout the forecast period. The market is poised for growth in the forecast period, driven by a positive stance on renewable energy and growing consumer awareness in European countries. Germany and Italy are actively prioritizing solar energy, which is anticipated to increase the adoption of building integrated photovoltaics, stimulating industry expansion during the forecast period.
- North America is expected to grow with a CAGR of 22.5% CAGR during the forecast period. The region is expected to witness a surge in demand for building-integrated photovoltaics due to the increasing adoption of visually appealing solar energy systems. Moreover, the region’s affluent consumers, particularly in the United States and Canada, along with advancements in building-integrated photovoltaic solar panel production technologies, are anticipated to drive the demand for this product over the next seven years.
- The market in Asia Pacific is expected to grow with a CAGR of 22.7% during the forecast period. The demand for building integrated photovoltaics is anticipated to remain stable in the economies of Japan and China due to the rising efforts by governments to adopt these systems. Consumers in the region are witnessing a high demand for renewable energy sources to minimize the effect of non-renewable energy sources on the environment.
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Building-integrated Photovoltaics Market: Growth Drivers & Trends
- The high need for integrated roof systems in commercial and industrial establishments is expected to drive market growth during the forecast period.
- The market is expected to experience continuous growth during the forecast period due to advancements and enhancements in the manufacturing technology of thin film building-integrated photovoltaic modules, as well as the rising efficiency of the product.
- A strong presence of a consumer base with high disposable income levels and the rising inclination toward integrated installations in residential and commercial buildings are projected to propel market growth.
- The increasing operational efficacy of building-integrated photovoltaics, supported by a surge in innovation within the sector is expected to drive market growth
Building-integrated Photovoltaics Market: Prominent Players
The global market for building-integrated photovoltaics is characterized by several regional and global entities. Some key Building-integrated Photovoltaics providers profiled by TMR include:
- SunPower Corporation
- Onyx Solar
- Trina Solar
- Hanwha Q CELLS
- GAF Energy
- First Solar
- Canadian Solar
- RGS Energy
- NanoFlex Power
Prominent developments in the building-integrated Photovoltaics market domain by key players are as follows:
- In October 2022, SunPower Corp., a leading residential solar technology & energy services provider, partnered with General Motors to create a new home energy system that would allow GM electric vehicles to provide backup energy to a house when properly equipped.
- In 2021, Onyx Solar, a Spanish manufacturer of building-integrated photovoltaics solar systems, initiated construction on a building-integrated photovoltaics solar facade for restoring Sterling Bank’s Nigerian headquarters.
- In October 2021, the Swiss PV modules manufacturer, Meyer Burger, has purchased the rights to grow its business portfolio to build integrated photovoltaic systems. The company will provide in-roof solar systems. They presented their first self-made solar tiles at the Smarter-E-Europe fair held in 2021.
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Building-integrated Photovoltaics Market- Key Segments
- Thin Film
- Roof Top
- Curtain Wall
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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