Global Building Integrated Photovoltaics (BIPV) Market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. BIPV is a photovoltaic component that is used to replace conventional building materials, mainly in building features like skylights, facades, or roof, and provide solar power for the building.
The factors that are playing a major role in the growth of the BIPV market are government initiative in the form of regulation and funding, energy efficacy, and enhanced aesthetics. However, lack of expertise, high investment, and building codes are the factors that could restrain overall market growth in the years to come. Building integrated photovoltaics market is segmented based on product type, technology, application, and region.
Windows, roofing, facades, glazing, glass, shading, wall integrated solution, and cladding are the product types that could be explored in BIPV in the forecast period. Based on technology, thin film and crystalline silicon technologies could classify BIPV in the forecast period. Thin film technology is sub-segmented into organic photovoltaic (OPV), amorphous silicon, dye-sensitized solar cells (DSSCs), copper indium gallium selenide (CIGS), and cadmium telluride (CdTe). Whereas, crystalline silicon technology is sub-segmented into multicrystalline and monocrystalline silicon.
The thin film technology sector accounted for the substantial market share of BIPV industry and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be its aesthetic factor, physical flexibility, and low in cost. The market may be categorized based on applications like commercial buildings, industrial buildings, residential buildings, and others that could be explored in the forecast period.
Globally, North America accounted for the substantial market share of BIPV and is estimated to lead the overall market in the years to come. The reason could be developed infrastructure and the presence of key manufacturers in this region. The United States is a major consumer of BIPV in the region. Europe and the Asia Pacific are also estimated to have a positive influence on future growth. Europe is the second largest region with significant market share.
However, Asia Pacific is estimated to grow at the highest CAGR in the forecast period. The aspects that could be ascribed to the growth comprise the increasing use of integrated photovoltaics for energy generation, rising acceptance of solar energy, growing disposable income, and growing demand from the construction sector. The developing countries like India and China are the major consumers of BIPV in this region.
The key players of the BIPV market are Suntech Power, Scheuten Solar, Dow Solar, and Würth Solar. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
Technology Outlook (Revenue, USD Million, 2013 - 2024)
• Crystalline Silicon (C-Si)
• Thin Film
Application Outlook (Revenue, USD Million, 2013 - 2024)
End-Use Outlook (Revenue, USD Million, 2013 - 2024)
Regional Outlook (Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Research Support Specialist, USA