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Increasing Demand For Zero-Energy Buildings: Powering Innovation and Expansion in the Building-integrated Photovoltaics Market by 2025
Building-integrated Photovoltaics Market
What Is the Expected CAGR for the Building-integrated Photovoltaics Market Through 2025?
In recent times, the market size for building-integrated photovoltaics has seen a significant expansion. It is predicted to escalate from a value of $20.5 billion in 2024 to approximately $25.46 billion in 2025, showcasing a compound annual growth rate (CAGR) of 24.2%. The rising trend in the historical duration is owing to several factors like the surging mindfulness towards environmental safety, the growing call for eco-friendly building solutions, more stringent energy laws for buildings, the emphasis on green building certifications, urban progression coupled with the requirement for renewable energy generation within restricted spaces, the unpredictability of energy prices, as well as the increasing investment in research and development within the bipv product arena.
What's the Projected Size of the Global Building-integrated Photovoltaics Market by 2029?
The market for building-integrated photovoltaics is expected to experience remarkable growth in the coming years, soaring to a valuation of $58 billion by 2029. This equals a compound annual growth rate (CAGR) of 22.9%. The future growth can be attributed to factors such as increasing electricity costs and grid reliability considerations, the broadening of bipv applications beyond rooftops, increased demand for aesthetically appealing and tailored bipv solutions, backing from the architectural and construction sectors, and rising concerns over the environment. The forecast period is marked by key trends including the integration of bipv into intelligent buildings and IoT systems, advancements in solar technology, collaborations between solar manufacturers, architects, and construction companies, movement towards net-zero energy and carbon-neutral buildings, and innovative developments in bipv materials and designs.
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Top Growth Drivers in the Building-integrated Photovoltaics Industry: What's Accelerating the Market?
The surge in interest for zero-energy structures is predicted to stimulate expansion within the building-integrated photovoltaics market. Zero-energy establishments amalgamate energy efficacy with renewable energy creation to utilize only the volume of energy that can be locally generated from renewable sources within a determined timeframe. The mounting global concern regarding carbon emissions generated from the construction and maintenance of buildings is driving the need for zero-energy structures. Building-integrated photovoltaics materials serve as a viable alternative for building facades and are instrumental in achieving zero energy consumption in structures. For example, in November 2022, the United Nations Environment Programme reported a 16% increase in investment for building energy efficiency, reaching a staggering USD 237 billion. However, the overall expansion of square footage eclipsed the advancements made in energy efficiency on a global scale. Consequently, the escalating demand for zero-energy structures will positively influence the progression of the building-integrated photovoltaics market.
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What Trends Will Shape the Building-integrated Photovoltaics Market Through 2029 and Beyond?
Top companies in the global market for building-integrated photovoltaics are concentrating their efforts on technological breakthroughs like HPBC cell technology to boost energy efficiency, minimize expenses, and augment the aesthetic incorporation of solar panels into building blueprints. The High-Performance Back Contact (HPBC) cell technology is a form of solar cell that employs back contact design to enhance efficiency and minimize shading - thus improving overall performance. For instance, LONGI Green Energy Technology Co. Ltd, a solar module manufacturer headquartered in China, introduced a cutting-edge Building-Integrated Photovoltaics (BIPV) product referred to as ROOF 4.0 in September 2023. The ROOF 4.0 can produce a power output of 580 W and achieve an efficiency of up to 22.6%. Therefore, it ranks as a preferred choice in the BIPV market, notably for commercial and industrial applications.
What Are the Main Segments in the Building-integrated Photovoltaics Market?
The building-integrated photovoltaics market covered in this report is segmented -
1) By Product Type: Polyscrystaline, Thin-Film, Other Product Types
2) By Application: Roof, Facade, Glass, Other Applications
3) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Polyscrystalline: Standard Polyscrystalline Panels, Advanced Polyscrystalline Modules
2) By Thin-Film: Amorphous Silicon (a-Si), Cadmium Telluride (CdTe), Copper Indium Gallium Selenide (CIGS)
3) By Other Product Types: Monocrystalline, Hybrid Photovoltaics, Organic Photovoltaics (OPV)
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Which Top Companies are Driving Growth in the Building-integrated Photovoltaics Market?
Major companies operating in the building-integrated photovoltaics market include First Solar Inc., Sharp Corporation, Yingli Solar, Solar Frontier, SunPower Corporation, Hanwha Solar, 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., Mitsubishi Electric 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
Which Regions Will Dominate the Building-integrated Photovoltaics Market Through 2029?
Asia-Pacific was the largest region in the building-integrated photovoltaics market in 2024. The regions covered in the building-integrated photovoltaics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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