Global Building-integrated Photovoltaics market scope 2024, Forecast To 2033
25 Jan, 2024
The building-integrated photovoltaics (BIPV) market has experienced exponential growth, surging from $16.65 billion in 2023 to $20.81 billion in 2024, showcasing a compound annual growth rate (CAGR) of 25.0%. The historic period's growth is attributed to increased environmental awareness, demand for sustainable building solutions, stricter building energy codes, green building certifications, urbanization necessitating space-efficient renewable energy generation, energy price volatility, and investments in BIPV research and development. Foreseeing continued exponential growth, the market is projected to reach $48.44 billion in 2028, maintaining a robust CAGR of 23.5%. The forecasted growth is linked to rising electricity prices, considerations for grid resilience, expansion of BIPV applications beyond rooftops, growing demand for aesthetically pleasing and customizable BIPV solutions, support from architectural and construction industries, and increasing environmental concerns. Key trends in the forecast period encompass the integration of BIPV into smart building and IoT systems, advances in solar technology, partnerships between solar manufacturers, architects, and construction firms, net-zero energy and carbon-neutral building trends, and technological innovations in BIPV materials and designs.
Global Building-integrated Photovoltaics Market Key Driver
The building-integrated photovoltaics market anticipates growth due to the increasing demand for zero-energy buildings. Investments in building energy efficiency reached USD 237 billion in November 2022. However, the sector's 2021 operational energy-related CO2 emissions increased by 5%, emphasizing the need for zero-energy solutions. The rising demand for zero-energy buildings is expected to fuel the building-integrated photovoltaics market.
Get A Free Sample Of The Global Building-integrated Photovoltaics Market ReportGlobal Building-integrated Photovoltaics Market Segments
The global building-integrated photovoltaics market covered in this report is segmented –
1) By Product Type: Polyscrystaline, Thin-Film, Other Product Types
2) By Application: Roof, Facade, Glass, Other Applications
3) By End-User: Residential, Commercial, Industrial
By Geography: The regions covered in the Building-integrated Photovoltaics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Major Building-integrated Photovoltaics Industry Players
First Solar Inc., Sharp Corporation, Yingli Solar, Solar Frontier, SunPower Corporation, Hanwha Solar, Renewable Energy Corporation, Panasonic Corporation, Kyocera Document Solutions Company, Canadian Solar Inc., Suntech Power Holdings Co. Ltd., Harsha Abakus Solar Private Limited, Ascent Solar Technologies Inc., Greatcell Energy Limited, Global Solar Energy Inc., Hanergy Holding Group Ltd., Onyx Solar Energy S.L., ISSOL SA, Solarcentury Holdings Limited, Trina Solar Limited, Hanwha Q CELLS Co. Ltd., GAF Energy LLC, RGS Energy, NanoFlex Power Corporation, Tesla Inc., Jinko Solar Holding Co. Ltd., LG Electronics Inc., SolarWorld Americas Inc., Sanyo Electric Co. Ltd., Mitsubishi Electric Corporation, SolarCity Corporation, REC Solar Holdings AS, Enphase Energy Inc., SolarEdge Technologies Inc., SMA Solar Technology AG, ABB Ltd., Schneider Electric SE, Siemens AG, General Electric Company
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Building-integrated Photovoltaics Market Overview
The building-integrated photovoltaics refer to solar energy generating products that are perfectly integrated into the building envelope and are a part of building components such as facades, roofs, and windows. Building-integrated photovoltaics (BIPV) serve two main purposes; they act as the building structure's exterior layer while also generating power for on-site usage or export to the grid. This system can save money on materials and electricity, reduce pollution, and increase the architectural appeal of a building. BIPV systems are often introduced between the development phase of a building or deployed during a rebuild of an existing building when one of the wrap components is important to get replaced.
Building-integrated Photovoltaics Global Market Report 2023 provides data on the global building-integrated photovoltaics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The building-integrated photovoltaics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.