The Global Building Integrated Photovoltaics (BIPV) Market was valued at US$ 24.54 billion in 2023 and is projected to reach US$ 78.82 billion by 2029, growing at a CAGR of 26.29% from 2024 to 2029.
Market Overview:
The elevations that these BIPV products are offering like smart solutions for the inexpensive way of building architecture, and at the same time acting as a primary electric power source are making people adopt them in the construction field.
Building Integrated Photovoltaics(BIPV) is the photovoltaic material that is used to get integrated with buildings and architecture, replacing the building enveloped roofs, facades, and skylights. These products are getting popular day by day, replacing the typical no-integrated photovoltaics that is attributed to their advantages like the decrease in the initial cost of building them, and their uses such as for the principal or ancillary source of electric power for a building. Also, these building-integrated photovoltaics can be retrofitted to an existing building with ease.
The growth of the Building Integrated Photovoltaics Market is also attributed to the categories that these BIPV products are offered like thin-film solar panels, flexible thin-film solar panels or crystalline-based solar panels, and semi-transparent solar panels that encourage the end-users to use according to their compatibility. Also, an increase in the awareness of these BIPV products and their application to the people living in developed countries is fuelling the need for these products across the globe.
Building Integrated Photovoltaics Market is getting hampered because of the generation gap between the developments of the most common conventional solar panels and BIPV solar panels. Also, the inexpensiveness of traditional solar panels, when compared to a BIPV solar panel, is one of the restraints of the global building-integrated photovoltaics market.
Market Drivers and Restraints:
One of the main driving points for the Global Building Integrated Photovoltaics Market is the contribution of the governments of prosperous countries. These governments' efforts towards the awareness of the advantages of adopting solar panels and the financial benefits from the government side are driving the growth of the BIPV market.
The advantages of these Building Integrated Photovoltaics products such as acting as a primary source of electric power, with the ease of installation or adoption are an advantage for the BIPV business.
Increase in the number of forms, factors, and applications of these BIPV products such as thin-film solar panels, flexible thin-film solar panels or crystalline-based solar panels, and semi-transparent solar panels in types and applications, integrating facade and roof PV panels, legal, fulfilling, technical and architectural demand are also the major critical factors for the growth of Global Building Integrated Photovoltaics Market.
Although, the BIPV market is witnessing a surge in its growth, because of the lack of technological advancements of BIPV products over conventional solar panels, and the expense at which they are offered is hampering the Global Building Integrated Photovoltaics Market. However, the investments in the R&D teams of the biggest BIPV product manufacturers to find the solutions for the features their products are lacking are looking promising for the expansion of this BIPV market.
Market Recent Developments:
REPORT METRIC |
DETAILS |
Market Size Available |
2023 – 2029 |
Base Year |
2023 |
Forecast Period |
2024 - 2029 |
CAGR |
26.29% |
Segments Covered |
By Technology, Application, End User, and Region. |
Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Archer Daniels Midland Company, Associated British Foods plc, Bakels Group, Cargill, Incorporated, Dawn Food Products Inc, E. I. du Pont de Nemours and Company, Ingredion Incorporated, Kerry Group plc, Koninklijke DSM N.V, Lallemand Inc, and Others. |
Market Segmentation:
In the technological segmentation, C-Si BVIP is going to dominate the global BIPV market owing to its wide range of applications, and way better technological advancements. Due to the higher performance and combination of significant innovations in material technology, C-Si is expected to witness substantial demand in the future. C-Si is followed by a thin-film segment because of the better aesthetics and ease of application or installation and usage like applying on a window.
In the application segmentation, it is believed that the glass segment will be the game-changer. The ease of its application and the growing number of glass facades for commercials or office spaces are augmenting the demand for these glass BIPVs in end-user applications. The other segment is expected to have a significant role because of its shapes like conical, concave, and convex.
Meanwhile, in end-user segmentation, the industrial segment has taken a considerable market share for a couple of years. The growth of the industrial sector in the BIPV market is attributed to the awareness of the uses and applications and the subsidies available from the government side.
Market Regional Analysis:
In the regional segmentation, the Asia-Pacific building integrated photovoltaics market is estimated to witness significant growth in the global business in the forecast period. The rise in the awareness of concerns about environmental pollution and the ease of availability to buy these products is fueling market growth. An increase in the construction field and urbanization in growing economies like China, and India is the critical element in the forecast growth of BVIP products. Also, the encouragement from the governments to use renewable energy by decreasing the tax on them are the further drivers of the rise of the Building Integrated Photovoltaics Market in the Asia Pacific.
Europe Building Integrated Photovoltaics Market has acquired a significant market share in the global marketplace. It is expected that Europe is going to continue to conquer the BVIP market in the forecast period because of the government's aid towards renewable energy and the awareness of the people about the concerns of environmental pollution. The stringent environmental regulations and rising pressure to minimize the net energy consumption from buildings to reduce CO2 emissions are making people adopt eco-friendly products. The commitment of the European Union to score a share of 27% of renewable energy by 2030 and to get all new buildings as nearly zero buildings (NZEB) is creating a pavement for the growth of the Building Integrated Photovoltaics Market in this area.
Market Key Players:
FAQ's
The Global Building Integrated Photovoltaics Market is expected to grow with a CAGR of 26.29% between 2024-2029.
The Global building integrated photovoltaics market size is expected to reach a revised size of US$ 78.82 billion by 2029.
Belectric, Heliatek GmbH, and Dyesol Ltd. are the three building integrated photovoltaics market key players.
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