NEW YORK , July 23, 2024 /PRNewswire/ -- The global building integrated photovoltaics market size is estimated to grow by USD 36.17 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 21.
25% during the forecast period. Rising demand to reduce energy costs is driving market growth, with a trend towards growing number of green building. However, intermittent nature of solar power poses a challenge.
Key market players include AGC Inc., BELECTRIC Solar and Battery GmbH, Canadian Solar Inc., ertex solar, First Solar Inc.
, Hanergy Thin Film Power EME BV, Harsha Abakus Solar Pvt. Ltd., Heliatek GmbH, Kyocera Corp.
, Meyer Burger Technology AG, Onyx Solar Group LLC, PowerFilm Solar Inc., Reliance Industries Ltd., SCHOTT AG , Sharp Corp.
, Solaria Corp., Trina Solar Co. Ltd.
, United Solar Ovonic Inc., Wuxi Suntech Power Co. Ltd.
, and Yingli Green Energy Holding Co. Ltd..
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report Building Integrated Photovoltaics Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 21.25% Market growth 2024-2028 USD 36.17 billion Market structure Fragmented YoY growth 2022-2023 (%) 20.
65 Regional analysis Europe, APAC, North America, Middle East and Africa, and South America Performing market contribution Europe at 41% Key countries US, China, Japan, Germany, and Italy Key companies profiled AGC Inc., BELECTRIC Solar and Battery GmbH, Canadian Solar Inc., ertex solar, First Solar Inc.
, Hanergy Thin Film Power EME BV, Harsha Abakus Solar Pvt. Ltd., Heliatek GmbH, Kyocera Corp.
, Meyer Burger Technology AG, Onyx Solar Group LLC, PowerFilm Solar Inc., Reliance Industries Ltd., SCHOTT AG, Sharp Corp.
, Solaria Corp., Trina Solar Co. Ltd.
, United Solar Ovonic Inc., Wuxi Suntech Power Co. Ltd.
, and Yingli Green Energy Holding Co. Ltd. Market Driver The construction industry consumes a significant amount of energy, with buildings accounting for approximately 40% of the world's energy consumption and being the largest emitters of greenhouse gases.
Buildings continuously consume energy without replenishment, leading to the depletion of natural resources and increased energy costs. Green buildings, designed to minimize energy consumption and efficiently utilize available energy, have emerged as a solution to this challenge. These buildings recycle their by-products and help conserve energy while operating efficiently.
The global green building market is expected to grow significantly during the forecast period due to increasing awareness about climate change and energy efficiency. Various green building associations and councils, including the Indian Green Building Council, Green Building Japan, The Emirates Green Building Council, US Green Building Council, Green Building Council of Australia , China Association of Building Energy Efficiency, and The German Green Building Association, are driving the adoption of new technologies to minimize energy consumption and reduce greenhouse gas emissions. Building Integrated Photovoltaics (BIPV) systems, which make buildings environmentally friendly by generating electricity using solar power, are expected to play a crucial role in this growth.
The Building Integrated Photovoltaics (BIPV) market is experiencing a significant recovery as businesses and homeowners prioritize energy efficiency and renewable energy sources. Labor shortages in the solar panel industry are driving innovation in BIPV systems, making installation more streamlined and cost-effective. Both residential and non-residential sectors are adopting BIPV, with household adoption increasing due to lower energy bills and reduced carbon footprint.
The commercial and industrial segments are also investing in BIPV, particularly in integrated roof systems and solar walls. Thin-film and crystalline PV technologies, including crystalline silicon and organic photovoltaics, are key players in the solar panel market. The BIPV market caters to various applications like BIPV facades, shading and membranes, and building integrated walls.
The trend towards energy-efficient buildings and fuel efficiency is expected to continue, making BIPV an attractive option for those seeking to reduce conventional power usage and improve health benefits. Discover 360° analysis of this market. For complete information, schedule your consultation - Book Here! Market Challenges For more insights on driver and challenges - Request a sample report! Segment Overview This building integrated photovoltaics market report extensively covers market segmentation by 1.
1 Commercial- The commercial segment dominates the global Building Integrated Photovoltaics (BIPV) market due to the higher energy consumption in commercial buildings compared to residential ones. BIPV systems enable these structures to generate their electricity on-site, reducing reliance on grid-connected power and resulting in substantial energy cost savings over time. Governments worldwide are promoting energy management systems and BIPV technologies to enhance overall building efficiency.
Financial incentives for alternative energy sources like solar power, which lower carbon emissions, make the BIPV market an attractive investment. Commercial end-users, including institutions, offices, hospitals, and small-medium enterprises, are investing heavily in solar energy to minimize their dependence on unreliable grid-connected power. The commercial sector's growth is anticipated during the forecast period due to increasing demand for office space, hospitals, and commercial organizations.
The US Better Building Program, aimed at improving commercial building energy efficiency by 20% by 2020, includes investments in clean energy technologies and cost-effective upgrades, further boosting the market. Government policies and incentives significantly influence the BIPV market's growth. Stimulus packages and green initiatives support could positively impact the market during the forecast period.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) - Download a Sample Report Learn and explore more about Technavio's in-depth research reports The global solar-photovoltaic-services market is experiencing significant growth, driven by increasing demand for renewable energy and government incentives. Key players are focusing on innovative solutions to improve efficiency and reduce costs. Concurrently, the global solar panel recycling market is expanding due to the rising need for sustainable disposal of decommissioned panels.
With the growing adoption of solar energy, the market for recycling services is projected to flourish, ensuring environmental sustainability and resource recovery. Major companies are investing in advanced recycling technologies to address the anticipated surge in end-of-life solar panels. Research Analysis Building-integrated photovoltaics (BIPV) is an innovative approach to harness solar energy by integrating solar panels into building structures.
This method offers several advantages over traditional solar panel installations, including aesthetic appeal, increased energy efficiency, and reduced installation costs. The BIPV market is witnessing significant growth due to the increasing adoption of renewable energy sources and the expanding solar panel market. Disposable income levels and energy efficiency concerns are driving the demand for BIPV systems in both residential and commercial buildings.
BIPV systems can be integrated into various building components such as roofs, skylights, facades, and even solar panels themselves. The construction sector is embracing BIPV as an alternative to conventional building materials, with thin-film photovoltaic materials gaining popularity due to their flexibility and cost-effectiveness. Favorable government regulations, decreasing energy bills, and the desire to reduce carbon footprint are further fueling the growth of the BIPV market.
BIPV systems come in two main types: thin-film PV and crystalline PV. Thin-film PV is popular for its flexibility and ease of integration into building structures, while crystalline PV is known for its high efficiency and durability. The BIPV market caters to the residential, commercial, and industrial sectors, with each segment presenting unique opportunities and challenges.
Market Research Overview Building Integrated Photovoltaics (BIPV) is an innovative approach to renewable energy generation, where solar panels are integrated into the fabric of buildings as roofing systems, walls, skylights, and facades. The Solar panel market is witnessing significant growth due to disposable income levels, energy conservation, and environmental concerns. BIPV systems are increasingly being adopted in residential and commercial buildings, as well as industrial segments.
Photovoltaic materials such as crystalline silicon, thin film, and Organic photovoltaics (OPV) are used in BIPV systems. Integrated roof systems, solar walls, building-integrated walls, BIPV facades, shading and membranes are some of the components of BIPV. The construction sector is embracing BIPV as an alternative to conventional building materials like roofs, walls, glass, and facade.
Thin-film solar panels and semi-transparent solar panels are popular choices for BIPV due to their flexibility and aesthetic appeal. BIPV offers ecological benefits, including reducing carbon footprints, energy conservation, and clean energy generation. However, labor shortages and recovery costs can be challenges.
The BIPV industry is also exploring wireless connectivity and heat generation to optimize energy usage and improve efficiency. The shift towards renewable energy sources is driven by concerns over non-renewable power resources like oil and coal, and the need to reduce energy bills and household adoption of solar energy panels. BIPV systems offer architectural optimization, fuel efficiency, energy-efficient buildings, health benefits, and commercial infrastructures.
Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries.
Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.
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