Pune, India, June 06, 2022 (GLOBE NEWSWIRE) -- The global Building Integrated Photovoltaics Market is set to experience a healthy growth trajectory owing to the technological developments taking place in the field of renewable energy. Increasing weather anomalies resulting from global warming is the leading cause for the innovations in renewable energy, especially in harnessing and storing solar energy. This can give the necessary push to the global building integrated photovoltaics market demand during the forecast period.
For example, in Barbados, old car batteries are being reused to enable grid-energy storage. Moreover, grid-parity in performance as well as cost in solar has been achieved in many countries, which makes building integrated photovoltaics an economically feasible and environmentally sustainable energy option.
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The report published by Fortune Business Insights, titled “Building Integrated Photovoltaics Market Size, Share and Global Trend By Module Type (Monocrystalline, Polycrystalline, Thin Film, Others), By Application (Roof Top, Curtain Wall, Glass, Façade, Others), By End User (Residential, Commercial, Industrial) and Geography Forecast Till 2026”, contains a detailed analysis and evaluation of the different factors and trends that will influence and shape the market during the forecast period.
Aesthetic Appeal of Building-Integrated Photovoltaics (BIPV) to Drive the Market
Building-Integrated Photovoltaics (BIPV) are PV systems that are built into the architectural design and integrated into the structure during the early construction phases. They serve a two-fold purpose – one, they form the outer layer of a building and second, they generate electricity which can be exported to a grid or used on-site. Their most distinct advantage is their aesthetic appeal, a high priority in residential and commercial spaces.
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As they are integrated into sides of buildings, they can replace traditional windows and use a larger real estate to capture sunlight. PVs that get retrofitted can be smartly utilized to hide or cover degraded or corroded building exteriors. This is the prime factor that is expected to fuel the global building integrated photovoltaics market revenue during the forecast period.
Global Commitment to Clean Energy to Favour the Market
Clean energy production is gaining traction globally, with many international organizations taking proactive steps to build clean energy markets in the developing nations. For example, the World Bank and the Sustainable Energy for All (SEforALL) initiative are taking solid efforts to facilitate access to clean energy sources in developing economies. This is crucial since more than a billion people live in developing countries and are the worst-affected by climate change and global warming, augmenting the global building integrated photovoltaics market growth in the coming years.
High Populations in India and China to Boost the Market in Asia-Pacific
Rapid expansion of the global building integrated photovoltaics market size is expected in Asia-Pacific due to increasing construction for housing and commercial needs in India and China. North America is slated to hold the dominant chunk in the global building integrated photovoltaics market share on account of rising construction of commercial spaces in the region, along with growing use of sustainable materials for construction. Fast-developing tourism industry will be the key driver for BIPV in Africa and the Middle East during the forecast period.
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Increasing Investment in Innovation to Spur Competition
Serious players in the global building integrated photovoltaics market are doubling down their investment in R&D to bring out novel products in the market. For example, Tesla created the Tesla Solar Roof, which is a BIPV product that integrates the functions of solar panels into roof shingles, simultaneously serving its aesthetic purpose. Similarly, Midsummer, a Swedish PV company, installed its first BIPV solar cell roof in Sweden in June 2019. Furthermore, ICC Evaluation Services is playing a key role in promoting innovations in BIPVs through regular certifications.
Fortune Business Insights identifies some of the major companies in the global building integrated photovoltaics market:
- Rayners
- TS Solar GmbH
- Onyx Solar Group LLC
- Topsun Energy Limited
- BIPV Limited
- Tesla Inc.
- Polysolar Ltd
- Hangzhou Boyang Solar Technology Co
- Spark International
- ViaSolis
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Global Building Integrated Photovoltaics Market Segmentation:
By Module Type
- Monocrystalline
- Polycrystalline
- Thin Film
- Others
By Application
- Roof Top
- Curtain Wall
- Glass
- Facade
- Others
By End-User
- Residential
- Commercial
- Industrial
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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