Building Integrated Photovoltaics (BIPV) Market - 2030
The global building integrated photovoltaics market was valued at $14.0 billion in 2020, and is projected to reach $86.7 billion by 2030, growing at a CAGR of 20.1% from 2021 to 2030. Building-integrated photovoltaics are photovoltaic materials, which are used as substitutes to certain conventional building materials. They are used in building parts, which include roof, skylights, and facades. Building-integrated photovoltaics is also known as solar panels, which are incorporated into the construction sector. It offers different categories such as thin-film solar panels, flexible thin-film solar panels, thin-film or crystalline based solar panels, and semi-transparent solar panels. BIPV is currently one of the rapidly expanding segments of the global solar PV industry.
Rise in demand for building integrated photovoltaic materials can be attributed to increase in integration of solar energy solutions in commercial infrastructures for architectural optimization and energy conservation. Moreover, growth in environmental concerns toward depleting non-renewable power resources, such as oil and coal further propel demand for solar power generation. In addition, rapid modernization in the construction and building sector along with increase in focus on clean energy has led to rise in demand for green or zero-emission buildings. Furthermore, rise in consumer awareness toward several ecological benefits of BIPV has resulted in rise in adoption of solar energy harnessing systems in the residential sector. Apart from this, implementation of favorable government policies supported by several initiatives for promoting the need for reducing carbon footprints have also catalyzed demand for building-integrated photovoltaics on a global level. Furthermore, rise in demand for BIPV components in developed regions, such as North America and Europe, is primarily driven by supporting infrastructural developments in the form of optimum grid-parity of photovoltaic solutions supported by several financial incentives offered by regional governments. On the other hand, several emerging economies, such as India, China, and Vietnam are experiencing high product demand due to reduced solar installation costs and wide availability of BIPV materials across these countries. Moreover, various technological advancements, coupled with rise in penetration of wireless connectivity have led to introduction of automated BIPV components, which propels the building integrated photovoltaics market growth. In addition, rise in investments in several R&D activities for superior integration of advanced module technologies also propel the product demand.
However, high initial cost of investments is expected to hamper growth of the building integrated photovoltaics market during the forecast period. Furthermore, heat generation from BIPV modules is expected to provide growth opportunities for the building integrated photovoltaics market during the forecast period.
The global building integrated photovoltaics market size is segmented on the basis of technology, application, end-use, and region. By technology, it is analyzed across crystalline silicon, thin film, and others. By application, it is segmented into roofs, walls, glass, façade, and others. By end-use, it is divided into residential, commercial, and industrial. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Global Building Integrated Photovoltaics Market, By Region
Europe accounted for a major market share in 2020. Countries such as the UK, Italy, Spain, and France significantly contribute to regional growth. The European Commission's supportive directives in the form of financial incentives, such as subsidies on photovoltaic integration, are expected to further accelerate the regional market growth. In addition, Europe has been drastically reducing levelized cost of electricity (LCOE) of its solar installations, thus offering lucrative growth opportunities to the industry.
North America would exhibit an CAGR of 20.7% during 2021-2030
Global Building Integrated Photovoltaics Market, By Technology
The crystalline silicon segment accounted for a major share in the building integrated photovoltaics market in 2020, which is attributed to its superior resistance to adverse weather conditions and high strength. The global market is expected to be driven primarily by declining price of crystalline silicon cells, which, in turn, is expected to lower installation cost during the forecast period.
Crystalline Silicon is projected as the most lucrative segment.
Global Building Integrated Photovoltaics Market, By Application
The roof segment accounted for a major share in the building integrated photovoltaics market in 2020, owing to the availability of a larger panel installation area for BIPV. Countries such as the U.S., the UK, Germany, and France are expected to witness increased demand for roof installations in the residential sector. In addition, growing deployment of energy storage systems is expected to facilitate demand for off-grid solar PV systems during the forecast period.
Roofs is projected as the most lucrative segment.
Global Building Integrated Photovoltaics Market, By End-use
The commercial segment accounted for a major building integrated photovoltaics market share in 2020 owing to the increasing awareness about zero-emission green infrastructure. BIPV installations improve the aesthetic appeal of commercial establishments and provide major savings on electricity consumption, thereby driving the product deployment across the commercial segment.
Commercial is projected as the most lucrative segment.
The building integrated photovoltaics market is expected to decline in 2020, mainly due to the impact of COVID-19. Governments of several major economies have enforced lockdowns to curb the spread of COVID-19. With lockdown in place, manufacturing activities have been affected significantly. For instance, in January 2020, the Chinese government announced a lockdown of more than 30 days to tackle COVID-19. As the majority of the PV modules are manufactured in China, the production and supply chain has taken a significant hit. For instance, India imports ~80% of its solar value chain supplies from China.
Lockdown had drastically affected manufacturing capacity of China as all major ship container companies had also stopped functioning out of Chinese ports and transporting goods from China to other countries.
This resulted in supply chain disruptions in March and April 2020. In addition, lockdown implemented in other countries caused supply chain disruptions and labor shortages in the PV industry. Companies were not able to source the required labor for their operations due to travel restrictions. Though the market is expected to be impacted in 2020, recovery is expected to commence in 2021, with full recovery by 2022.
Key benefits for stakeholders
- The global building integrated photovoltaics market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides in-depth analysis of the global building integrated photovoltaics market forecast for the period 2021–2030.
- The report outlines the current global building integrated photovoltaics market trends and future scenario of the global building integrated photovoltaics market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- Key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global building integrated photovoltaics market study.
Building Integrated Photovoltaics (BIPV) Market Report Highlights
Key Market Players
CANADIAN SOLAR INC., Ertex Solartechnik GmbH, TESLA INC., BELECTRIC, AGC SOLAR, SOLARIA CORPORATION, HANERGY HOLDING GROUP LIMITED, CARMANAH TECHNOLOGIES CORPORATION, HELIATEK GMBH, GREATCELL SOLAR LIMITED
According to the analyst, the global building integrated photovoltaics market is anticipated to witness growth during the forecast period, driven by growing efforts of governments to install solar energy panels. Rise in awareness regarding infrastructure development, particularly energy-efficient buildings, is projected to increase demand for building-integrated photovoltaics. BIPV is a long-term and cost-effective option for improving structure's fuel efficiency, retrofitting structure's façade, and offering considerable savings in conventional power usage. Furthermore, greater consumer conscious of health benefits of BIPV has resulted in increase in household adoption of solar energy harvesting systems. In addition, introduction of favorable government regulations backed up by a number of efforts stressing the need to reduce carbon footprints has spurred worldwide demand for the building-integrated photovoltaics market growth.
However, high initial costs of investments is expected to hamper growth of the building integrated photovoltaics market during the forecast period. Furthermore, heat generation from BIPV modules is expected to provide growth opportunities for the building integrated photovoltaics market during the forecast period.