At CAGR of 16.0%, Building Integrated Photovoltaics Market is projected to reach US$ 13,023.97 Million by 2028 - The Insight Partners

Building Integrated Photovoltaics Market: Key Insights

According to our latest market study on "Building Integrated Photovoltaics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Technology, Type, Application, and End-Use," the market is projected to reach US$ 13,023.97 million by 2028 from US$ 4,605.97 million in 2021; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.

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Photovoltaics (PV) is an elegant way of generating power on-site from solar energy. PV power systems for individual buildings are the most common of these distributed applications. BIPV systems can help save money on materials and electricity by acting as both a building envelope material and a power generator, reducing the use of fossil fuels and lowering the release of ozone-depleting gasses while also adding architectural beauty to the structure. Major countries around the world are introducing plans to shift toward ultra-low-energy buildings to overcome the challenges presented by climate change. The increasing focus of the European Union on setting regulatory standards related to energy performance in buildings and supportive investments in augmenting renewable power generation are the key factors driving the demand for BIPV across European countries.

The integration of solar power generation equipment directly into building areas could improve material efficiency and reduce product costs. In addition, growing awareness about the need for improving the energy efficiency of buildings has been promoting the use of clean or renewable energy technologies. The region exhibits a rise in initiatives and action plans for improving energy efficiencies. For instance, the government of Canada is committed to making homes and buildings more energy-efficient with the help of its low-carbon economy fund and other infrastructure initiatives. In addition, in the three-year Growth Plan launched by Canada Infrastructure Bank (CIB) in October 2020, an investment of US$ 10 billion will be collectively directed toward clean power generation and building green infrastructure.

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The growth of the construction sector in North American countries, coupled with an increase in commercial spaces, is the key factor driving the building-integrated photovoltaics market growth in the region. The integration of solar power generation equipment directly into building areas could improve material efficiency and reduce product costs. In addition, the growing awareness about the need for improving the energy efficiency of buildings has been promoting the use of clean or renewable energy technologies. North America exhibits a rise in initiatives and action plans for improving energy efficiencies. For instance, the government of Canada is committed to making homes and buildings more energy-efficient with the help of its low-carbon economy fund and other infrastructure initiatives. In May 2021, the government launched the Canada Greener Homes initiative to upgrade homes, buildings, and commercial complexes for improving their energy efficiencies. As per the research conducted by American Council for an Energy-Efficient Economy, an increase in energy efficiency can halve the energy usage and GHG emissions in the US by 2050. Thus, these factors are contributing to the growth of the building integrated photovoltaics market.

Building Integrated Photovoltaics Market: Competitive Landscape and Key Developments

The key players operating in the building-integrated photovoltaics market include Heliatek, AGC Inc., ertex solartechnik GmbH, ISSOL sa, MetSolar, Onyx Solar Group LLC., ClearVue Technologies Limited, ASCA SAS, Saule Technologies, and Waaree Energies Ltd.

Players operating in the building-integrated photovoltaics market are mainly focused on the development of advanced and efficient products.

1. In 2021, Pholtec GmbH from Schöngrabern in northern Lower Austria is ertex solartechnik GmbH's new distribution partner. With this, the company has broadened its service offering, which now includes not only PV terrace roofs and carports, but also custom-designed PV balcony railings and fences.

2. In 2020, ClearVue signed a Letter of Intent with Jinmao Green Building Technology Co. in China (a subsidiary of Fortune 500 Sinochem) to build a demonstration villa in Hebei Province of the country with the goal of eventually forming a distribution agreement or joint venture to distribute ClearVue's products in Mainland China.

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