Building Integrated Photovoltaic Solar Market is expected to expand at a CAGR of 17% forecast to 2031

Building Integrated Photovoltaic Solar Market

The Building Integrated Photovoltaic Solar Market is a growing and rapidly expanding industry. In recent years, the global solar photovoltaic (PV) market has seen dramatic growth, with an estimated annual compound growth rate of 17%. This significant growth in the Building Integrated Photovoltaic Solar Market has been driven by falling costs of PV modules, increasing adoption of renewable energy sources and government incentives that support renewable energy deployment.

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Key Companies- 

• Polysolar
• BIPV Specialists
• ROMAG
• Onyx Solar Energy S.L.
• SolarGy Pte Ltd
• AGC Solar
• SOLARNOVA GMBH
• Philadelphia Solar
• Atlantis Energy Systems
• ertex solartechnik GmbH and more

Building Integrated Photovoltaic Solar Market: Dynamics

The increasing use of renewable resources is beneficial for the health and the environment as compared to the use of non-renewable energy resources. These factors drive the growth of global building integrated PV solar market. The PV modules can be installed after the construction of the building (which is called Building Added PV Solar), but it leads to increased construction cost and design issues for mounting separate PV modules on a constructed building, which can bolster the growth of global building integrated PV solar market.

The building integrated PV solar embedded constructions are more pleasing aesthetically, which attracts the builders and architects and will lead to significant growth of global building integrated PV solar market.

The codes and regulations of building integrated PV solar systems are not properly defined as it is the amalgamation of two separate industries i.e. solar electric power generation and construction, which could hamper the growth of global building integrated PV solar market. The PV modules generate less electricity as compared to the conventional PV module due to its internal composition, however with advanced technology, this challenge will be overcomed during the forecast period.

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Building Integrated PV Solar Market: Segmentation

On the basis of installation type
• Utility Grid Interactive BIPV Systems
• Stand Alone BIPV Systems

On the basis of components
• Photovoltaic (PV) modules
• Charge Regulator
• Power Storage Module ( Grid (in utility grid interactive systems), Batteries (in stand-alone systems))
• Power Converters
• Hardware Mounting System
• Support System (safety and wiring disconnects)

On the basis of PV module type
• Crystalline Silicon
• Thin Semiconductor Film Module
• Amorphous Silicon

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Building Integrated Photovoltaic Solar Market: Regional Outlook

The global building integrated PV solar market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East & Africa (MEA). Western Europe holds major share in global building integrated PV solar market because of the increasing government grants and investments in the region.

The high feed-in tariff in France, Switzerland and Austria has promoted the implementation of BIPV systems. Eastern Europe and Asia Pacific Excluding Japan (APEJ) are also expected to account for a significant share in the global building integrated PV solar market. The countries located near equatorial belt such as Malaysia and Singapore are expected to register a remarkable growth rate in the global building integrated PV solar market due to the largest solar yield in this region. The growth of building integrated PV solar market in Japan has expanded due to increased commercialization of BPIV systems.

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