At CAGR of 16.0%, Building Integrated Photovoltaics Market is expected to grow from US$ 4,605.97 Million in 2021 to US$ 13,023.97 Million by 2028

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.

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis - https://bit.ly/3PHFl1L

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. At the end of 2020, the European Union mandated all new buildings in EU member countries to be nearly zero-energy buildings (nZEB) through its Energy Performance of Buildings Directive (EPBD). In addition, in July 2020, The Italian Government extended a new incentive program for homeowners that will reimburse up to 110% super-bonus of the cost of building improvements that increase energy efficiency till December 2022. Thus, supportive initiatives for promoting the use of sustainable construction materials are fueling the building-integrated photovoltaics market size to grow.

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.

Click here to avail lucrative discounts on our latest reports. We offer student, enterprise, and special periodic discounts to our clientele. Please fill out the inquiry form below to know more - https://bit.ly/3sYlSAd

The rising demand for renewable energy, combined with the electrification of transportation and increased involvement of oil and gas companies in the electricity value chain, is accelerating the convergence of the end-use industries. A surge in initiatives among states, cities, and utilities to pursue decarbonatization plans over the years is bolstering the demand for renewable energy. The development of renewable energy is expected to accelerate over the forecast period as the government bodies worldwide is adopting an agenda that includes the favor of rejoining the Paris Climate Agreement, which is meant to invest US$ 2 trillion in renewable energy, and fully decarbonize the power sector by 2035 to reach a larger goal of zero-carbon net emissions by 2050. Such initiatives are aiding market growth over the long run. The strategic initiatives by key players in developing new product developments, expansions, and mergers & acquisitions are also propelling and supporting the building-integrated photovoltaics market growth.

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.

Immediate delivery of our off-the-shelf reports and prebooking of upcoming studies, through flexible and convenient payment methods - https://bit.ly/3M4pVBT

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

This release was published on openPR.