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Building-integrated Photovoltaics Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | First Solar Inc., Sharp Corporation, Yingli Solar, Solar Frontier, SunPower Corporation, Hanwha Solar, Renewable Energy Corporation
Building-integrated Photovoltaics Market Size
The Business Research Company offers in-depth market insights through Building-integrated Photovoltaics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The building-integrated photovoltaics market size has grown exponentially in recent years. It will grow from $16.65 billion in 2023 to $20.81 billion in 2024 at a compound annual growth rate (CAGR) of 25.0%. The growth in the historic period can be attributed to increased environmental awareness and demand for sustainable building solutions, stricter building energy codes and green building certifications, urbanization and the need for space-efficient renewable energy generation, energy price volatility, and growing investment in research and development of bipv products.
The building-integrated photovoltaics market size is expected to see exponential growth in the next few years. It will grow to $48.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The growth in the forecast period can be attributed to rising electricity prices and grid resilience considerations, expansion of bipv applications beyond rooftops, growing demand for aesthetically pleasing and customizable bipv solutions, support from architectural and construction industries, and increasing environmental concerns. Major trends in the forecast period include integration of bipv into smart building and iot systems, advances in solar technology, partnerships between solar manufacturers, architects, and construction firms, net-zero energy and carbon-neutral building trends, and technological innovations in bipv materials and designs..
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Market Segmentation:
The main product types of building-integrated photovoltaics are polycrystalline, thin-film, and others. Thin-film products typically consist of very thin layers of photovoltaically active material put on a glass substrate or a metal substrate using vacuum-deposition manufacturing techniques similar to those used in the architectural glass coating. The various applications include roof, facade, glass, and others used in residential, commercial, and industrial buildings.
Major Driver - Increasing Demand For Zero-Energy Buildings
The increasing demand for zero-energy buildings is expected to fuel the growth of the building-integrated photovoltaics market going forward. Zero-energy buildings combine energy efficiency and renewable energy generation to consume only the amount of energy that can be produced onsite using renewable resources over a certain period of time. The global concern regarding the carbon emissions from buildings and buildings construction is the rising demand for zero-energy buildings. Building-integrated photovoltaics materials provide a reasonable option for building skins and help in achieving zero energy levels in buildings. For instance, in November 2022, according to United Nations Environment Programme, investments in building energy efficiency rose by 16% to reach USD 237 billion, but the expansion of floor space outstripped the progress in energy efficiency measures globally. The sector's 2021 operational energy-related CO2emissions were up 5 per cent over 2020 and 2 per cent over the pre-pandemic peak in 2019. Therefore, the growing demand for zero-energy buildings will contribute to the growth of the building-integrated photovoltaics market.
Competitive Landscape:
Major companies operating in the building-integrated photovoltaics market include First Solar Inc., Sharp Corporation, Yingli Solar, Solar Frontier, SunPower Corporation, Hanwha Solar, Renewable Energy Corporation, Panasonic Corporation, Kyocera Document Solutions Company, Canadian Solar Inc., Suntech Power Holdings Co. Ltd., Harsha Abakus Solar Private Limited, Ascent Solar Technologies Inc., Greatcell Energy Limited, Global Solar Energy Inc., Hanergy Holding Group Ltd., Onyx Solar Energy S.L., ISSOL SA, Solarcentury Holdings Limited, Trina Solar Limited, Hanwha Q CELLS Co. Ltd., GAF Energy LLC, RGS Energy, NanoFlex Power Corporation, Tesla Inc., Jinko Solar Holding Co. Ltd., LG Electronics Inc., SolarWorld Americas Inc., Sanyo Electric Co. Ltd., Mitsubishi Electric Corporation, SolarCity Corporation, REC Solar Holdings AS, Enphase Energy Inc., SolarEdge Technologies Inc., SMA Solar Technology AG, ABB Ltd., Schneider Electric SE, Siemens AG, General Electric Company
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Top Trend - Government-Led Solar Energy Panel Adoption Initiatives Fuels The Growth Of The Building-Integrated Photovoltaics
The favourable government initiatives to support the adoption of solar energy panel is promoting the growth of the building-integrated photovoltaics system market. Governments around the world are introducing initiatives and investments to support the clean energy transition and reduce the dependency on non-renewable energy sources, including coal and petroleum. Building-integrated photovoltaics systems are integrated into a building during construction and help to capture solar energy and convert it into electricity. For instance, in May 2021, The US Department of Energy (DOE) announced a slew of new initiatives, including $15.5 million in new funding, to assist underrepresented communities in adopting solar energy and developing a diverse and capable workforce. Hence, the supportive government initiatives to adopt solar panels will contribute to the growth of the building-integrated photovoltaics system market going forward.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Building-integrated Photovoltaics Market Characteristics
3. Building-integrated Photovoltaics Market Trends And Strategies
4. Building-integrated Photovoltaics Market - Macro Economic Scenario
5. Building-integrated Photovoltaics Market Size And Growth
…..
27. Building-integrated Photovoltaics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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