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Building-integrated Photovoltaics Market Analysis, Trends And Insights 2024-2033
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the building-integrated photovoltaics industry. This report on building-integrated photovoltaics market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The building-integrated photovoltaics market size has grown exponentially in recent years. It will grow from $16.65 billion in 2023 to $20.81 billion in 2024 at a compound annual growth rate (CAGR) of 25.0%. The growth in the historic period can be attributed to increased environmental awareness and demand for sustainable building solutions, stricter building energy codes and green building certifications, urbanization and the need for space-efficient renewable energy generation, energy price volatility, and growing investment in research and development of BIPV products.
The building-integrated photovoltaics market size is expected to see exponential growth in the next few years. It will grow to $48.44 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The growth in the forecast period can be attributed to rising electricity prices and grid resilience considerations, expansion of BIPV applications beyond rooftops, growing demand for aesthetically pleasing and customizable BIPV solutions, support from architectural and construction industries, and increasing environmental concerns.
Major trends in the forecast period include integration of BIPV into smart building and IoT systems, advances in solar technology, partnerships between solar manufacturers, architects, and construction firms, net-zero energy and carbon-neutral building trends, and technological innovations in BIPV materials and designs.
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Key Market Players:
First Solar Inc., Sharp Corporation, Yingli Solar, Solar Frontier, SunPower Corporation, Hanwha Solar, Renewable Energy Corporation, Panasonic Corporation, Kyocera Document Solutions Company, Canadian Solar Inc., Suntech Power Holdings Co. Ltd.
Market Drivers:
The increasing demand for zero-energy buildings is expected to fuel the growth of the building-integrated photovoltaics market going forward. Zero-energy buildings combine energy efficiency and renewable energy generation to consume only the amount of energy that can be produced onsite using renewable resources over a certain period of time. The global concern regarding the carbon emissions from buildings and buildings construction is the rising demand for zero-energy buildings. Building-integrated photovoltaics materials provide a reasonable option for building skins and help in achieving zero energy levels in buildings.
More information about the Global Building-Integrated Photovoltaics Market Report - https://www.thebusinessresearchcompany.com/report/building-integrated-photovoltaics-global-market-report
Market segments for building-integrated photovoltaics include:
1) By Product Type: Polycrystalline, Thin-Film, Other Product Types
2) By Application: Roof, Facade, Glass, Other Applications
3) By End-User: Residential, Commercial, Industrial
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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