Building Integrated Photovoltaics Market worth USD 61.37 billion by 2028, registering a CAGR of 19.45% - Report by Market Research Future (MRFR)


New York, July 30, 2021 (GLOBE NEWSWIRE) -- Building Integrated Photovoltaics (BIPV) Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Building Integrated Photovoltaics Market Research Report, Product, Application, Technology and Region - Forecast till 2027” the market is projected to be worth USD 61.37 billion by 2028, registering a CAGR of 19.45% during the forecast period (2021 - 2028), The market was valued at USD 14.90 billion in 2020.

Increasing Number of Players Focusing on Building Integrated Photovoltaics (BIPV)

The building integrated photovoltaics market is garnering significant traction over the past few years. The market growth primarily attributes to the advantages that BIPV offers compared to traditional solar panels, serving a dual purpose of generating clean energy and defending against the elements. Besides, BIPVs offer appealing benefits of BIPV in addition to renewable energy, such as additional savings in materials and added architectural appeal.With the rising focus on transforming everything light touches into energy, the market is projected to garner huge traction in the years to come.

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Competitive Analysis

List of the Key Companies Profiled in the Building Integrated Photovoltaics (BIPV) Market Research Report are:

  • Wurth Solar (Germany)
  • Scheuten Solar (The Netherlands)
  • Dow Solar (US)
  • Belectric (Germany)
  • Suntench Power (China)
  • Carmanah Technologies Corporation (Canada)
  • Hanergy Holding Group Limited (China)
  • Dyesol Ltd. (Australia)
  • Ertex Solartechnik GmbH (Germany)
  • Tesla Inc. (US)
  • Canadian Solar Inc. (Canada)
  • NanoPV Solar Inc. (US)
  • ML System (Poland)
  • Solaria Corporation (US)

Increasing number of players focusing on BIPV and some important PV players are seen entering this market. However, these players also need to focus on fulfilling the market's needs for good BIPV products. The industry needs more BIPV products to match the scenarios better, including building walls as well. 

Also, little focus on improving the building power system is essential alongside the power generation and power storage & management. The BIPV market witnesses increasing projects executed with increasing strategic partnerships, collaborations, and mergers & acquisitions.

For instance, recently, on July 06, 2021, Mitrex (Canada), a leading solar technology manufacturer of BIPV technology, launched its new production factory in Toronto. 

Now fully operational, the new facility would incorporate the company's patented solar solution, including solar cladding and windows & railings. Mitrex will localize its production across the North American market while ramping up product offerings into other markets.

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Rise in BIPV Installations Boost Market Growth 

BIPV products help to maintain greenhouses in all weather conditions, allowing more vegetation all year long with absolutely no carbon footprints. There is a great opportunity to implement BIPV systems into wider applications, such as bus shelters, highway sound barriers, and even military applications, creating greener and healthier cities.

The building integrated photovoltaics market outlook appears promising mainly due to the continually growing energy demand worldwide. Additionally, growing government initiatives and awareness for BIPV installation benefits influence the building integrated photovoltaics market size. Also, substantial investments in driving technological upgrades are other major trends impacting the market growth.

Prohibitive Solar Power Installation Costs Restrict Market Growth

Lack of availability, higher upfront costs, and some technical & regulatory challenges are major barriers to the broader adoption of BIPVs. Also, high costs related to the production, installation, and maintenance of building integrated photovoltaics are major factors impeding the market growth.

Nevertheless, this scenario is changing rapidly as more people realize that BIPV is a viable technology, and the costs are coming down. Moreover, the continuously rising electricity prices and the cost-competency of BIPV technologies worldwide would support the market growth throughout the assessment period. 

COVID-19 Impacts on the Market

The onset of COVID-19 disruptions hit the building integrated photovoltaics industry measurably. Industry players faced many challenges, such as disrupted supply chains, attracting workers from quarantines, and logistic issues in delivering end products. However, the global energy demand remained robust throughout 2020, ensuring a significant renewable energy market. 

Resultantly, the building integrated photovoltaics market value kept growing steadily throughout 2020. In 2021, many BIPV manufacturers return to the solar scene, becoming serious PV players once again. BIPV manufacturers are seen fostering investments in upgrading PV module bases and module capacity. To support increased solar cell operations, they are investing in advancing Passivated emitter rear cell (PERC), heterojunction (HJT), and TOPCon (tunnel oxide passivated contact) technologies.

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The market is segmented into products, applications, technology, and regions. The product segment is sub-segmented into roofs, wall integrated solutions, glass, façade, and others. Among these, the roof segment holds the largest market share, while the glass segment grows at the fastest CAGR. 

The application segment is sub-segmented into industrial buildings, commercial buildings, and residential buildings. The technology segment is sub-segmented into crystalline silicon and thin-film technologies.

Regional Analysis

Asia Pacific is the largest market for building integrated photovoltaics globally. The availability of ample renewable/ natural resources and raw materials required for the production is the major building integrated photovoltaics market trend. Besides, Considerable investments in solar energy due to the rising focus on renewable energy sources, especially India, China, and a few South Asian countries, boost the region's building integrated photovoltaics markets share. 

India and China are major markets for solar energy and panels, witnessing extensive government support for renewable energy development. Furthermore, increasing investments in renewable energy to reduce the dependency on fossil fuels substantiate the building integrated photovoltaics market growth. 

Segmentation of Market covered in the research:

Information by Product (Roofs, Wall Integrated Solution, Glass, Façade and Others), Application (Industrial Buildings, Commercial Buildings and Residential Buildings), Technology (Crystalline Silicon and Thin Film Technologies) and Region (North America, Europe, Asia-Pacific and Rest of the World)

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