Press release
BIPV Market to Expand Substantially Owing to Technological Innovations During 2021 - 2030
According to the report published by Allied Market Research, the global building integrated photovoltaics market generated $14.0 billion in 2020, and is projected to reach $86.7 billion by 2030, witnessing a CAGR of 20.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.The global demand for building integrated photovoltaics market is primarily driven by increase in efforts by national governments for installation of solar energy panels. Rise in awareness regarding green infrastructure, including buildings with energy efficiency, is expected to boost demand for building-integrated photovoltaics (BIPV). BIPV provides a sustainable and effective solution for enhancing energy efficiency of a structure, retrofitting exterior of a structure, and providing significant savings in conventional power consumption.
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In addition, rise in implementation of supportive government regulations including financial benefits and incentives to promote green infrastructure and rise in investments in the solar industry across the globe are expected to increase solar energy integration in residential and commercial sectors during the forecast period. However, high initial costs of investments is expected to hamper the building integrated photovoltaics market growth during the forecast period. Furthermore, heat generation from BIPV modules is expected to provide growth opportunities for the global market during the forecast period.
The report offers detailed segmentation of the global building integrated photovoltaics market based on technology, application, end use, and region.
Based on technology, the crystalline silicon segment held the highest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 20.4% from 2021 to 2030. Based on application, the roofs segment held the largest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the glass segment is projected to register the highest CAGR of 21.0% from 2021 to 2030.
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Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding around two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, North America is projected to manifest the fastest CAGR of 20.7% during the forecast period.
The major players studied and profiled in the global building integrated photovoltaics market are AGC Solar, Belectric, Heliatek GmbH, Carmanah Technologies Corporation, Greatcell Solar Limited, Hanergy Holding Group Limited, Ertex Solartechnik GmbH, Canadian Solar Inc., Tesla Inc., and Solaria Corporation.
Get detailed COVID-19 impact analysis on the Building Integrated Photovoltaics (BIPV) Market
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COVID-19 analysis:
The building integrated photovoltaics market is expected to decline in 2020, mainly due to the impact of COVID-19. Governments of several major economies have enforced lockdowns to curb the spread of COVID-19. With lockdown in place, manufacturing activities have been affected significantly. For instance, in January 2020, the government of China announced a lockdown of more than 30 days to tackle COVID-19. As majority of PV modules are manufactured in China, production and supply chain has taken a significant hit. For instance, India imports ~80% of its solar value chain supplies from China. Lockdown had drastically affected manufacturing capacity of China as all major ship container companies had also stopped functioning out of Chinese ports and transporting goods from China to other countries. This resulted in supply chain disruptions in March and April 2020. In addition, lockdown implemented in other countries caused supply chain disruptions and labor shortages in the PV industry. Companies were not able to source the required labor for their operations due to travel restrictions. Though the market is expected to be impacted in 2020, recovery is expected to commence in 2021, with full recovery by 2022.
Key findings of the study
• In 2020, Europe dominated the global building integrated photovoltaics market with around 39.8% share, in terms of revenue.
• North America is projected to grow at the highest CAGR of 20.7% in terms of revenue.
• The crystalline silicon segment dominated the global building integrated photovoltaics market with around 70.0% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 20.4% in terms of revenue.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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