North America Building-integrated Photovoltaics Market to See Incredible Growth by 2031

Building-integrated Photovoltaics Market Outlook 2031

The global building-integrated photovoltaics market was valued at US$ 11.7 Bn in 2021

It is estimated to advance at a CAGR of 23.2% from 2022 to 2031

The global building-integrated photovoltaics market is expected to reach US$ 94.4 Bn by the end of 2031

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Global Building-integrated Photovoltaics Market Introduction

Building-integrated Photovoltaics (BIPV) is the integration of photovoltaics (PV) into the building envelope. PV modules serve the dual function of building skin, i.e. replacing conventional building envelope materials and power generators. BIPV is widely adopted in the construction of new buildings as a principal source of electrical power. Increasing number of countries are accepting the Paris Climate Change Agreement. This is fueling the demand for building-integrated PV systems.

The Paris Climate Change Agreement mandates countries to increase the share of renewable sources of energy in their total power generation, thereby providing ample opportunities for the adoption of the BIPV technology. According to the International Energy Outlook 2017, total energy consumption in the world is expected to rise from 575 quadrillion British thermal units (BTUs) in 2015 to 736 quadrillion BTUs in 2040, an increase of 28%. Thus, surge in demand for electricity across the globe, rise in consumer awareness about renewable energy, and increase in adoption of BIPV products and solutions across the world are some of the major growth factors of building-integrated photovoltaics market.

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Supportive Government Initiatives and Policies Fueling Building-integrated Photovoltaics Market
Countries in major regions across the world are enacting policies to move toward ultra-low energy buildings in order to address climate challenges. The European Union (EU) Energy Performance of Buildings Directive (EPBD) requires all new buildings to be nearly zero-energy buildings (nZEB) in all EU member countries by the end of 2020. The U.S., Japan, and Korea have also established ZEB policies and goals, and some leading subnational governments, most notably the States of California and Massachusetts in the U.S., have set ambitious ZEB targets.

For instance, the U.S. State of California has set an ambitious goal that 'all new residential buildings in California would be zero net energy (ZNE) by 2020, and all new commercial buildings would be ZNE by 2030'. Japan has established targets for ZNE in new public buildings by 2020 and all newly constructed buildings by 2030. In 2014, Korea established the 'Activation Plan of Zero Energy Buildings' and a roadmap to achieve targets, along with a financing strategy and subsidies for pilot projects. Such supportive policies are driving the building-integrated photovoltaics market.

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Building-integrated Photovoltaic System Enhances Esthetic Value of Buildings

Building-integrated Photovoltaic (BIPV) products provide additional functionalities to a building as compared to traditional construction materials. BIPV technology converts a building from being an energy consumer to an energy producer. Construction technology is required to be merged with BIPV technology in order to achieve this. Photovoltaic modules serve the purpose of building exteriors such as roofs, façades, or skylights. BIPV helps buildings in terms of weather protection, thermal insulation, and noise protection.

Rooftop solar photovoltaic (PV) systems are gaining popularity due to the scarcity of ground space and the availability of unused roof space. BIPV technology reduces total building material costs, as BIPVs do not require brackets and rails. Hence, its popularity has been rising consistently due to affordable building-integrated photovoltaics costs. Designers and architects are using these products with innovative methods, while building-integrated photovoltaics manufacturers are creating new products to cater to market requirements. Companies such as Sanyo, SCHOTT Solar, Sharp, and SUNTECH are working on new BIPV products for facades, skylights, and windows.

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High Demand for BIPV Facades to Augment Global Building-integrated Photovoltaics Market

In terms of application, the global building-integrated photovoltaics market has been split into roofs, facades, windows, and others. The facades segment held around 48% share of the global market in 2021. Demand for BIPV facades is significantly high, primarily in developed countries with a well-established electricity distribution system.

Rise in Number of Retrofit Projects Bolstering

Demand for BIPV in Commercial Establishments
In terms of end-user, the global building-integrated photovoltaics market has been divided into residential, commercial, and industrial. The commercial segment accounted for around 68% share of the global market in 2021.

Demand for building-integrated photovoltaics in commercial establishments is increasing due to the rise in number of retrofit projects using these installations. High emphasis on the esthetic appeal of solar energy harnessing systems, primarily in commercial establishments, is likely to fuel the demand for BIPV. Demand for building-integrated photovoltaics in industrial applications is expected to be driven by their rise in usage in order to reduce the reliance on non-renewable energy sources.

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