Press release
Building-integrated Photovoltaics Market Poised to Hit $56.16 Billion by 2029 with Accelerating Growth Trends
Building-integrated Photovoltaics Market
Building-integrated Photovoltaics Market Size Growth Forecast: What to Expect by 2025?
The market size for building-integrated photovoltaics has seen a remarkable expansion in recent times. It's projected to catapult from $20.5 billion in 2024 to $25.13 billion in 2025, representing a compound annual growth rate (CAGR) of 22.6%. Factors credited for this growth in the historical duration include heightened environmental consciousness along with an augmented demand for eco-friendly building options, the adoption of more stringent energy regulations for buildings, and the prerequisites for green building credentials. The surge in urbanization along with the requirement for renewable energy generation that optimizes space, fluctuations in energy pricing, and significant investments in the research and development of bipv products also contributed significantly.
How Will the Building-integrated Photovoltaics Market Size Evolve and Grow by 2029?
Anticipated to witness a significant surge in the forthcoming years, the market size of building-integrated photovoltaics is expected to reach $56.16 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 22.3%. This predicted surge during the forecasting period can be ascribed to factors such as increasing electricity costs, considerations regarding grid resilience, extended applications of BIPV beyond rooftops, a growing preference for visually appealing and customizable BIPV solutions, strong backing from construction and architectural sectors, and escalated concerns about the environment. The period's major trends include the incorporation of BIPV into IoT and intelligent buildings systems, advancements in solar technology, collaborative ventures among solar manufacturers, construction firms, and architects, a move towards net-zero energy and carbon-neutral building trends, and innovative breakthroughs in designs and materials of BIPV.
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What Drivers Are Propelling the Growth of Building-integrated Photovoltaics Market Forward?
The burgeoning need for zero-energy structures is anticipated to propel the expansion of the building-integrated photovoltaics market. Such buildings harmonize energy conservation and renewable energy production to only utilize energy that can be generated onsite from renewable sources within a given timeframe. The escalating global interest concerning carbon discharges from both buildings and construction processes prompts a surge in zero-energy buildings demand. Building-integrated photovoltaics materials surface as a promising answer for building exteriors and aid in accomplishing zero energy states in buildings. For example, investments in building energy efficiency inflated by 16% to touch USD 237 billion, as per the United Nations Environment Programme's November 2022 report. However, the enlargement of floor space globally went beyond the advancement in energy efficiency measures. As a result, the escalating need for zero-energy structures is poised to favor the growth of the building-integrated photovoltaics market.
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Which Emerging Trends Are Transforming the Building-integrated Photovoltaics Market in 2025?
Leading global businesses in the building-integrated photovoltaics market are concentrating on technological enhancements like HPBC cell technology to increase their products' energy efficiency, cut costs and create a better aesthetic integration of solar panels into the architectural framework. The HPBC (High-Performance Back Contact) cell technology is a solar cell variant which features a back contact design that boosts efficiency and reduces shading, thus improving the overall performance. For example, in September 2023, LONGI Green Energy Technology Co. Ltd., a firm based in China, specializing in manufacturing solar modules, introduced a new generation of Building-Integrated Photovoltaics (BIPV) product called ROOF 4.0. With the ability to generate an output of 580 W and an efficiency rate of up to 22.6%, the ROOF 4.0 stands out as a top choice in the BIPV market, particularly for commercial and industrial use.
What Are the Key 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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Who Are the Key Players Shaping the Building-integrated Photovoltaics Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Building-integrated Photovoltaics Market?
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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