Building integrated photovoltaics market worth $13Bn, globally, by 2028 at 16% CAGR

Building integrated photovoltaics market worth $13Bn, globally, by 2028 at 16% CAGR – Exclusive report by The Insight Partners

The building integrated photovoltaics market size is projected to reach $13.02 billion by 2028 from $4.60 billion in 2021; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.

New York – The Insight Partners published latest research study on “Building Integrated Photovoltaics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology (Colored, and Regular), Type (Monocrystalline, Polycrystalline, and Thin Film), Application (Roofs, Walls, Glass, Façade, and Others), and End Use (Industrial, Commercial, and Residential)”, the global building integrated photovoltaics (BIPV) market growth is driven by the rise in government initiatives to standardize building integrated photovoltaics products, and complexes increasing investment in construction of residential and commercial complexes, increasing demand for renewable power generation across industrial sector.

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Building Integrated Photovoltaics Market: Competitive Landscape and Key Developments
Heliatek, AGC Inc., ertex solartechnik GmbH, ISSOL sa, MetSolar, Onyx Solar Group LLC., ClearVue Technologies Limited, ASCA SAS, Saule Technologies, and Waaree Energies Ltd. are among the key market players profiled in this building integrated photovoltaics market report.

In addition, several other key market players were studied and analyzed during this research study to get a holistic view of the market and its ecosystem. The market analysis is focused on new developments from emerging players, upcoming investments opportunities, and micro & macro factors influencing the market dynamics over the forecast period.

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In May 2020, ClearVue introduced a new prototype design for its product that boosts peak power output to 40 watts per m², at a rise of 33%. D2 Solar completed the project in California. While there is still work to be done to integrate the enhancements into the core ClearVue product.

Europe is a major contributor to the building integrated photovoltaics market, followed by North America and APAC, respectively. In addition to regional diversification, increasing government incentives, renewable energy targets, and rising investments in solar technology are the major factors driving the market in this region. Countries such as the UK, Italy, Spain, and France are major contributors to the European building integrated photovoltaics market share. Supportive directives from the European Commission (EC) in the form of financial incentives, such as subsidies, drive the photovoltaic integration in the region. Furthermore, the EC has been significantly lowering the levelized cost of electricity (LCOE) of its solar systems, which is providing lucrative opportunities to the building integrated photovoltaics market in Europe. North America accounted for the second-largest market share in the global market in 2020. Increasing support from governments through financial benefits and incentives to encourage green infrastructure favors the market growth in this region.

Major factors driving the growth of the overall building integrated photovoltaics market include a rise in government initiatives to standardize this photovoltaics along with increasing investments in the construction of residential and commercial complexes. A surge in demand for renewable power generation across the industrial sector holds potential opportunities for the future growth of the building integrated photovoltaic market size.

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The development of renewable energy is expected to accelerate over the forecast period as government bodies worldwide are in the favor of rejoining the Paris Climate Agreement, which is meant to invest US$ 2 trillion in renewable energy, and fully decarbonizing the power sector by 2035 to reach a larger goal of zero-carbon net emissions by 2050. Strategic initiatives by key players in new product developments, expansions, and mergers & acquisitions are also supporting the market growth.

Integrating photovoltaics during the construction of new complexes is easier and more cost-effective than integrating the same in old constructions. For instance, a 40-story residential tower will be built as part of the Viadux Mixed-Use Community project in the UK. The construction began in Q3 2021 and is projected to be completed in Q3 2024. Similarly, the development of Sackville Road Residential Community in the UK was started in Q3 2021 and is expected to be completed in Q2 2025. Thus, the rising investments in developing advanced residential and commercial complexes are propelling the demand for building integrated photovoltaic modules, thereby driving the market growth.

In October 2021, Pholtec GmbH from Schöngrabern in Northern Lower Austria became a new distribution partner of ertex solartechnik GmbH. With this, the company has broadened its service offering, which now includes PV terrace roofs and carports, and custom-designed PV balcony railings and fences. Further in May 2020, ClearVue introduced a new prototype design for its product that boosts peak power output by 33%, to 40 watts per m². D2 Solar completed the project in California, while there is still work to be done to integrate the enhancements into the core ClearVue product, this is a significant step forward in the company’s product roadmap. Further research is expected to improve the findings. Thus, such booming expansion strategies, along with the development of new products, and is boosting the market growth over the coming years.

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Further, an increase in commercial spaces is the key factor driving the building integrated photovoltaics market growth in North America. Residential and commercial buildings account for more than one-third of the climate-altering carbon pollution in the US. As per the Climate Policy Initiative, overall investments in the construction of new, green-certified buildings were averaged ~US$ 206 billion annually in 2020 out of the US$ 5.9 trillion of total investments in construction and renovation of new buildings. For instance, in January 2022, the US government launched the Building Performance Standards Coalition of States and local governments to strengthen building performance standards. In December 2021, Mitrex, a Canadian building-integrated photovoltaics manufacturer, introduced its largest tandem solar panel with a total power output of up to 800 W, made by using its patented anti-reflecting Type. Thus, such advancements in technologies are further fueling the market growth.

Building Integrated Photovoltaics Market: Application Overview
Based on application, the building integrated photovoltaics market is segmented into roofs, walls, glass, façade, and others. The façade segment accounted for the largest market share in the market in 2020. The integration of BIPV solar panels is a cost-effective solution, which is attracting high investments from renewable energy sector.

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