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Building-integrated Photovoltaics Market Analysis, Trends, Growth, Research And Forecast 2033
Building-integrated Photovoltaics Market
According to The Business Research Company's, 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.
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Market Drivers and Trends:
Rise in cost saving construction projects is expected to drive the growth of the building-integrated photovoltaics market going forward. The rise in cost-saving construction projects can be attributed to increased economic uncertainties, intense competition, technology-driven efficiencies, and the need for sustainability and responsible resource management in construction. Building-integrated photovoltaics (BIPV) reduce long-term energy costs by generating on-site renewable electricity, enhancing energy efficiency, and leveraging incentives while seamlessly integrating with the building's architecture. For instance, in May 2021, according to a report published by DAWNBREAKER, a US-based business consulting firm, BIPV offers a better aesthetic compared to traditional solar PV panels. Adaptation of solar shingles which is also known as photovoltaic shingles is a cost saving initiative during the building construction stage. Even though the installation cost of photovoltaic shingles is higher, it offers multiple benefits to the customers such as reducing the annual energy cost by 40%-60%, and additionally the building owners who install these shingles qualify for the federal solar tax credit. Therefore, rise in cost saving construction projects will continue to contribute to drive the growth of the building-integrated photovoltaics market in the forecast period.
The introduction of new production facilities has emerged as a major trend gaining popularity in the building-integrated photovoltaics market. Major manufacturers operating in the building-integrated photovoltaics sector are focused on introducing new production facilities to meet the growing demand. For instance, in July 2021, Mitrex, a Canada-based solar technology producer of building-integrated photovoltaics (BIPV), has officially opened its new production facilities in Toronto, Ontario. The new facility, which is fully operational, will be the world's largest structure to date to incorporate Mitrex's proprietary solar technology, which includes solar cladding, windows, and railings. The new manufacturing facility features a fully automated production line as well as a custom-built 3D outside wall of the company's cladding technology that spans 100,000 square feet. The first-of-its-kind facility will help Mitrex cement its position as a significant player in the North American and global markets, owing to its R&D activities, production capabilities, and extended supply chain capacity.
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Major Key Players of the Market:
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.; Harsha Abakus Solar Private Limited; Ascent Solar Technologies Inc.; Greatcell Energy Limited; Global Solar Energy Inc.; Hanergy Holding Group Ltd.; Onyx Solar Energy S.L.; ISSOL SA; Solarcentury Holdings Limited; Trina Solar Limited; Hanwha Q CELLS Co. Ltd.; GAF Energy LLC; RGS Energy; NanoFlex Power Corporation; Tesla Inc.; Jinko Solar Holding Co. Ltd.; LG Electronics Inc.; SolarWorld Americas Inc.; Sanyo Electric Co. Ltd.; Mitsubishi Electric Corporation; SolarCity Corporation; REC Solar Holdings AS; Enphase Energy Inc.; SolarEdge Technologies Inc.; SMA Solar Technology AG; ABB Ltd.; Schneider Electric SE; Siemens AG; General Electric Company
Building-integrated Photovoltaics Market 2024 Key Insights:
• 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%.
• Cost-Saving Construction Initiatives Driving The Growth Of The Building-Integrated Photovoltaics Market
• Expansion Of Production Facilities
• Asia-Pacific was the largest region in the building-integrated photovoltaics market in 2023.
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