NEW YORK, April 25, 2019 (GLOBE NEWSWIRE) -- The global building integrated photovoltaics (BIPV) market is likely to expand from USD 6.7 billion to USD 32.2 billion by 2024, witnessing a CAGR of 23.4% over the forecast period. The growth can be primarily attributed to the presence of various government initiatives to promote renewable energy in light of growing environmental concerns. In order to deal with issues such as climate change, key regions across the globe are developing policies towards the construction of ultra-low energy buildings. As a result, BIPV technology has emerged as a hotspot of solar PV technology.
Moreover, significant growth in construction activities across the globe is further expected to propel the market demand over the forecast period. The key advantage of building integrated photovoltaics over non-integrated PV systems is that BIPV components offer multiple functions such as thermal insulation, privacy protection, noise prevention, and on-site electricity production, among others. Also, BIPV modules are capable of offsetting the initial system costs, and are therefore expected to emerge as the most promising future energy systems.
Key findings from the report:
Roof integrated photovoltaics drive the demand for the global market
BIPV modules may be used across a wide range of applications including roofs, walls, facades, glazing, and windows, among others. The roof segment accounted for the largest share of the global market in 2017, and the trend is expected to continue over the coming years. Roof integrated photovoltaic installations offer higher effective operational area. The segment is likely to witness considerable growth over the forecast period due to rising demand from residential installations.
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Building integrated photovoltaics (BIPV) market - Regional insight
Europe dominated the global market for building integrated photovoltaics (BIPV) in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the increasing investments in solar technology along with the rising government incentives towards renewable energy. However, Asia-Pacific is expected to emerge as the fastest growing region owing to the presence of key markets such as China, India and Japan as well as growing number of solar PV installations across the region.
The report segments building integrated photovoltaics (BIPV) market on the basis of technology, application, end-use, and region
By Technology
By Application
By End-Use
By Region
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