The Building Integrated Photovoltaic Market Size is valued at USD 11.27 Bn in 2023 and is predicted to reach USD 37.19 Bn by the year 2031 at an 16.4% CAGR during the forecast period for 2024-2031.
The increasing proportion of the global energy supply to be more renewable presents a huge opportunity for BIPV systems. To achieve carbon neutrality, the regional governments intend to shift toward energy policies focused on renewables. There are even incentives for the business and industrial sectors to switch to greener energy production techniques. Building Integrated Photovoltaics (BIPV) refers to solar panels seamlessly integrated into the walls, ceilings, and skylights of buildings. Unlike traditional solar panels mounted on top of a building, BIPV systems serve as both a structural component and a source of renewable energy. BIPV technology is gaining popularity as building owners and architects seek sustainable, energy-efficient solutions.
The demand for the product is expected to increase during the forecast period due to the country's growing preference for integrated installations in residential and commercial structures and the existence of a consumer base with high levels of disposable income. Furthermore, it is anticipated that the increasing innovation in the field will boost the product's operational effectiveness, which will spur market expansion. The industry will probably be driven worldwide by the increasing need for alternative energy sources. The increasing need for integrated roof systems in commercial and industrial buildings is expected to drive demand for building-integrated photovoltaics. The thin film BIPV module industry is anticipated to be driven throughout the forecast period by advancements in manufacturing technology and increasing product efficiency.
Competitive Landscape
Some of the Major Key Players in the Building Integrated Photovoltaic Market are
- Sharp Corporation
- Trinasolar
- Waaree Energies Ltd.
- Longi
- Canadian Solar Inc
- AGC Inc.
- Ja Solar Technology Co., Ltd.
- Wuxi Suntech Power Co., Ltd
- Jinkosolar
- Talesun Solar Co., Ltd.
- Kaneka Corporation
- Risen Energy Co., Ltd.
- Chint New Energy Technology Co., Ltd.
- Changzhou Almaden Co., Ltd.
- Heliatek
- Solarscape Enterprises Llp
- Polysolar Ltd
- Baoding Jiasheng Photovoltaic Technology Co., Ltd.
- Metsolar
- Sphelar Power Corporation
- Novergy Energy Solutions Pvt. Ltd.
- Auxin Solar Inc.
- Avancis Gmbh
- Ertex Solar
- Merck KGaA
- CertainTeed, LLC. (Compagnie de Saint-Gobain SA)
- Tesla
- Hanergy Thin Film Power Group
- Kyocera Corp.
- Onyx Solar Group LLC.
- Suntegra
- Scheuten Solar
- Wurth Solar
- Dow Solar
- Suntech Power
- Belectric
- Carmanah Technologies Corporation
- Dyesol Ltd.
- Hanergy Holding Group Limited
- Ertex Solartechnik GmbH
Market Segmentation
The Building Integrated Photovoltaic Market is segmented based on the technology application, and end-user. Based on the technology, the market is divided into crystalline silicon and crystalline silicon. Based on the application, the market is divided into roofing, facades, and externally integrated systems (EIS). Based on the end user, the market is categorized into residential, commercial, and industrial.
The Crystalline Silicon Segment is Expected to Have the Highest Growth Rate During the Forecast Period
Based on the technology, the market is divided into crystalline silicon and crystalline silicon. Among these, the crystalline silicon segment is expected to have the highest growth rate during the forecast period. crystalline silicon cells generally have higher energy conversion efficiency compared to thin-film cells, meaning they can produce more electricity per unit area. Crystalline silicon cells can be easily integrated into various building components, such as roofs, walls, and skylights. This versatility allows for a wide range of BIPV applications, making it suitable for different building types and architectural styles. Crystalline silicon technology is scalable, meaning it can be used for both small-scale residential projects and large-scale commercial installations. This makes it a versatile option for a variety of BIPV applications.
The Roof-Integrated Systems Segment Dominates the Market
Based on the application, the market is divided into roofing, facades, and externally integrated systems (EIS). Among these, the roof-integrated systems segment dominates the market. Roofs typically provide the largest continuous surface area on a building, making them ideal for installing solar panels. Rooftops are therefore the best place to produce solar energy. By incorporating solar panels into their roofs, buildings can produce clean electricity on-site and lessen their need on conventional grid power. In the long run, this can result in significant energy cost reductions. Roof-integrated solar systems have been around for longer, resulting in a more mature and established market with a wider range of products and installation options.
Europe Has the Largest Market Share During the Forecast Period.
Environmental laws in European countries are very strict when it comes to reducing carbon emissions and using renewable energy sources. As a result, the building-integrated photovoltaic market in the area is expanding. Furthermore, state regulations governing the use of renewable energy in buildings and the European Green Deal also contribute to the market's expansion. Large financial incentives, subsidies, and tax breaks are extended to renewable energy technologies, such as BIPV, by the European Union and individual nations. Building owners and developers find BIPV more financially appealing as a result of these incentives. Europe has a long history of sustainability and environmental consciousness. As a result, companies and customers prioritize environmentally responsible options. The demand for and widespread knowledge of sustainable building practices is fueling the BIPV market's expansion.
Recent Developments:
- In January 2024, LONGi and Ferroglobe PLC signed a long-term supply contract that will take effect on January 1, 2024, with a focus on providing high-grade quartzite and silicon supply of metallurgical grade for solar technology. By supporting the transition to sustainable energy and international collaboration in solar technology, LONGi hopes to solidify its position as a top supplier of environmentally friendly solar solutions.
- In December 2023, AGC Inc. declared the installation of Sunjoule, a photovoltaic glass integrated into the building, on the top of the Shizuoka Station North Exit Square bicycle parking lot. This roof was installed by TOKAI Cable Network Corporation, enabling Sunjoule to generate solar power with a maximum output of 3.7 kW.
- In April 2023, Canadian solar company Mitrex declared that it plans to build a 2.5 GW solar panel facility in the US. The plant is intended to have an annual capacity of 2.5 GW, with the majority initially devoted to conventional solar panels. Because Mitrex produces its glass, it has control over the production of its unique range of colored solar panels. The American facility would also implement this vertical integration. The dealer channel operations and solar panel patent portfolio of Complete Solaria, which pertains to shingled cell solar panel technology, were announced to be acquired by Maxeon Solar Technologies, Ltd. in September 2023.
Building Integrated Photovoltaic Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 11.27 Bn |
|
Revenue Forecast In 2031 |
USD 37.19 Bn |
|
Growth Rate CAGR |
CAGR of 16.4% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
The Technology Application, and End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; South East Asia |
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Competitive Landscape |
Sharp Corporation, Trinasolar, Waaree Energies Ltd., Longi, Canadian Solar, AGC Inc., Ja Solar Technology Co., Ltd., Wuxi Suntech Power Co., Ltd, Jinkosolar, Talesun Solar Co., Ltd., Kaneka Corporation, Risen Energy Co., Ltd., Chint New Energy Technology Co., Ltd., Changzhou Almaden Co., Ltd., Solitek., Heliatek , Solarscape Enterprises Llp, Polysolar Ltd, Baoding Jiasheng Photovoltaic Technology Co., Ltd., Metsolar, Sphelar Power Corporation, Novergy Energy Solutions Pvt. Ltd., Auxin Solar Inc., Avancis Gmbh, Ertex Solar, Merck KGaA, CertainTeed, LLC. (Compagnie de Saint-Gobain SA), Tesla, Hanergy Thin Film Power Group, Kyocera Corp., Onyx Solar Group LLC., Suntegra, Scheuten Solar, Wurth Solar, Dow Solar, Suntech Power, Belectric, Carmanah Technologies Corporation, Dyesol Ltd., Hanergy Holding Group Limited, Ertex Solartechnik GmbH, Canadian Solar Inc |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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