Building-integrated Photovoltaic Market Growth & Trends
The global building-integrated photovoltaic market size is expected to reach USD 56.2 billion by 2027 registering a CAGR of 23.1% over the forecast period, according to a new report by Grand View Research, Inc. Favorable government policies and guidelines regarding enhanced renewable installations are projected to strengthen the building-integrated photovoltaic (BIPV) market growth over the forecast period.
Building-integrated photovoltaics offer an effective and sustainable solution for retrofitting structure exterior while providing an aesthetic appeal to the building. It improves the building energy efficiency by offering significant savings on conventional electricity consumption. In addition, the rising awareness about green infrastructure is expected to contribute to market growth.
High initial investment along with the intermittent nature of renewable solar energy is among the primary factors negatively influencing the industry landscape. However, significant funding boosting the R&D efforts aimed at reducing the overall costs of BIPVs and providing technological advancements in newly manufactured modules is expected to drive the industry growth over the forecast period.
Industry participants have undertaken strategic initiatives, such as new product development and M&A, to enhance their global presence and meet the rising demand for customized BIPVs across various commercial establishments. Market players are focusing on local manufacturing of BIPV equipment to optimize logistics costs, minimize emissions, and offer local employment.
Building-integrated Photovoltaic Market Report Highlights
- Crystalline silicon segment occupied a dominant position in 2019 owing to the high-grade silicon offering enhanced space efficiency when compared to the thin-film technology
- The thin-film segment is expected to register the fastest CAGR from 2020 to 2027 as a result of high demand for this technology owing to its narrow design, strong durability, and manufacturing from lightweight and flexible materials
- Roofs was the largest application segment in 2019 owing to the availability of a larger installation area for BIPV panels. Roof installations are expected to witness a high adoption rate across the residential sector
- Glass segment is anticipated to attain the highest CAGR over the forecast period owing to the improved integration of photovoltaic energy systems with glass and the better aesthetic appeal of the product
- Commercial segment is expected to expand at a significant growth rate over the forecast period
- BIPV installations provide major savings on electricity consumption, thereby increasing product deployment across commercial buildings
- Europe accounted for the largest revenue share in 2019 owing to supportive directives and financial incentives by the European Commission for enhancing the BIPV installations across the region