Building Integrated Photovoltaics Market Size, Share, Opportunities, And Trends By Technology (Crystalline Silicone, Thin Film, Others), By Application (Roof, Facades, Others), By End-User (Industrial, Commercial, Residential), And By Geography - Forecasts From 2024 To 2029

  • Published : Oct 2024
  • Report Code : KSI061617112
  • Pages : 142

The building-integrated photovoltaic market is expected to grow from US$5.787 billion in 2024 to US$11.403 billion in 2029 at a 14.53% (CAGR).

A building-integrated photovoltaic (BIPV) is a solar module that envelops a set of emerging solar energy applications used in residential, commercial, and industrial establishments. The system replaces traditional building components such as glass and siding with solar-integrated materials, thereby enhancing the level of power generation.

The ongoing shift towards sustainable sources for electricity generation and the establishment of carbon neutrality initiatives by the major governing organizations have positively impacted the demand for emerging power-generating technology, bolstering the BIPV market growth. Likewise, implementing various BIPV-associated projects by global players has further augmented the overall market expansion.

However, the high costs associated with researching, designing, and installing building-integrated photovoltaic systems compared to traditional solar panels can hamper the overall market expansion.

Building Integrated Photovoltaics Market Drivers:

  • The growing shift towards renewable sources for electricity generation has propelled the market growth.

Rapid urbanization, improvement in living standards, and growing economies globally have accelerated the scale of electricity consumption, especially in industrial and residential establishments. Since electricity is produced through various sources, including fossil and non-fossil, the growing pollution and carbon emissions have shifted developers towards more sustainable sources.

According to the “International Energy Outlook 2023” issued by the U.S. Energy Information Administration, global electricity generation will reach up to 76% by 2050, thereby representing a 305% growth in comparison to 2022. Moreover, the same source specified that from 2022 to 2050, nearly 81% to 95% of new electric generation capacity will be based on zero-carbon technologies.

BIPV has provided a new framework for end-users to optimize their electricity usage. As renewable sources are used more extensively for power generation, the demand for photovoltaics will also increase, thereby propelling the overall market expansion.

  • Implementation of BIPV-associated projects will drive market expansion.

Building integrated photovoltaics has provided a new concept for green energy production without polluting the environment. With ongoing industrial developments and establishments, the energy demand has escalated, boosting the overall production scale.

With the ongoing shift towards renewable energy production, various projects are being implemented, including building integrated photovoltaic ones. For instance, in August 2023, Panasonic Corporation announced the initiation of its long-term implementation demonstration project, which involved the development of building-integrated perovskite photovoltaic glass. The project aimed to showcase technologies that will improve energy conversion.

Likewise, in March 2024, the European Commission published its “Horizon Europe Strategic Plan 2025-2027” plan, which involved forming a strategy with the European Technology and Innovation Platform and aimed at developing advanced technologies, including BIPV. Such an initiative will improve the competitiveness of the European solar industry on a global scale.

Building Integrated Photovoltaics Market Segment Analysis

  • Industrial end-user is expected to account for a considerable share.

The building-integrated photovoltaic market, based on end-users, is divided into the industrial, commercial, and residential sectors. The industrial sector is anticipated to have a remarkable market share.

Major economies, namely China, the USA, and Europe are witnessing constant industrial growth, with investments related to new establishments in the pipeline. Such rapid industrialization has increased global industrial consumption. The ‘International Energy Outlook 2023’ states that from 2022 to 2050, global industrial energy consumption will grow between 9% and 62%.

Additionally, the residential area is poised for constant growth fueled by the rapid increase in population and investment in new housing unit construction. Similarly, the commercial is predicted to show positive growth during the given timeframe owing to the favorable investment inflows in malls, offices, and shopping centers establishments.

Asia Pacific is estimated to constitute a significant market share.

Region-wise, the building-integrated photovoltaic market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The latter is poised for positive expansion and will account for a considerable market share.

Energy demand is significantly growing in China, and with the ongoing energy transition, the economy has invested in improving its renewable energy production. As per the International Energy Agency, the country accounted for 40% of the global renewable energy capacity expansion between 2019 and 2024.

Similarly, other major nations, namely Japan, India, and South Korea, are emphasizing expanding their renewable power generation capacity through government initiatives and investments. These initiatives have provided new growth prospects for new power generation concepts, such as building-integrated photovoltaics, in Asia, thereby augmenting the market growth.

Likewise, the North American and European markets will also show significant growth fueled by the various zero-carbon emission policies being implemented in the major regional economies and strategic investments in solar projects. The South America, Middle East, and African regions will account for a minimal market share.

Building Integrated Photovoltaics Market Restraints:

  • The high associated cost will restrain market growth.

Building-integrated photovoltaics plays a pivotal role in energy optimization. However, for such a new concept to perform at its fullest, certain technicalities need to be met. For instance, the photovoltaic design should comply with the building, the power generation system should be efficient, and the overall cost associated with researching and designing appropriate solar panels is also high. Fulfilling such technical aspects can pose a challenge to developers and hamper overall market expansion.

Building Integrated Photovoltaics Market Key Developments:

  • In November 2023, AGC showcased its building-integrated photovoltaic product, “SunEwat,” at the 28th UN Climate Change Conference held in Dubai. The product offers sustainable management and complies with the UN Framework Convention on Climate Change (UNFCC), which aims to support global decarbonization.
  • In October 2023, SP Group unveiled its first BIPV project in Guangdong, China, where the company installed its photovoltaic at the Guangdong Lingxiao Pump Industry Co. Ltd., which will provide a power output of 4MW. The project aimed to demonstrate how industrial & commercial users can improve their energy efficiency.
  • In September 2022, Solvay formed a collaboration with Chinese building material manufacturer 3TREES which aimed for the development of a building-integrated photovoltaic thermoplastic polyolefin roofing membrane. The product would support China’s ambition of achieving carbon neutrality by 2060.

The Building Integrated Photovoltaics market is segmented and analyzed as follows:

  • By Technology
    • Crystalline Silicone
    • Thin Film
    • Others
  • By Application
    • Roof
    • Facades
    • Others
  • By End-User
    • Industrial
    • Commercial
    • Residential
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Others

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits for the Stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Supplier

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. BUILDING INTEGRATED PHOTOVOLTAICS MARKET BY TECHNOLOGY 

5.1. Introduction

5.2. Crystalline Silicon

5.3. Thin Flim

5.4. Others 

6. BUILDING INTEGRATED PHOTOVOLTAICS MARKET BY APPLICATION  

6.1. Introduction

6.2. Roof

6.3. Facades

6.4. Others

7. BUILDING INTEGRATED PHOTOVOLTAICS MARKET BY END-USER

7.1. Introduction

7.2. Industrial

7.3. Commercial

7.4. Residential 

8. BUILDING INTEGRATED PHOTOVOLTAICS MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. UK

8.4.2. Germany

8.4.3. France

8.4.4. Italy

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. Israel

8.5.3. Others 

8.6. Asia Pacific

8.6.1. Japan

8.6.2. China

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Thailand

8.6.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Trinasolar 

10.2. Dow Inc.

10.3. Onyx Solar Group LLC

10.4. AGC

10.5. Solarday

10.6. Mitrex

10.7. Polysolar

10.8. Kyocera

10.9. MetSolar

10.10. SunTegra Solar


Trinasolar 

Dow Inc

Onyx Solar Group LLC

AGC

Solarday

Mitrex

Polysolar

Kyocera

MetSolar

SunTegra Solar


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