The global building integrated photovoltaics market is expanding growth at a CAGR of 20% from 2021 to 2030 and to reach over USD 86 billion by 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.
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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.
Citing an instance, in June 2020, European researchers from the Interdisciplinary Research Institute of Grenoble developed solar PV panels with changing colors that can automatically adjust to the intensity of light and the temperature level of buildings with glass exteriors and huge windows. The mini modules have a 3.68% efficiency rating and a 14 sq.cm. area, reducing costs of PV panel production significantly. Such innovations in solar technology will continue to enhance the overall BIPV (building integrated photovoltaic) industry remuneration scope.
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.
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Market By Region
As per expert analysts, Europe BIPV (building integrated photovoltaic) market accounts for a significant part of the overall share and is likely to showcase consistent growth throughout 2021-2027. Rise in customer inclination to adopt green practices due to increasingly stringent environmental regulations, in line with rising pressure to reduce net energy consumption from buildings to minimize CO2 emissions is favoring the regional market expansion.
Meanwhile, North America captured substantial market share in the recent past, with the U.S. and Canada majorly contributing to the revenue growth in the region. This can be ascribed to favorable laws and standards that foster the expansion of BIPV installations across industrial and commercial enterprises in the region.
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.
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.
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.
The major key players operating in the global building integrated photovoltaics industry include AGC Solar, Belectric, Heliatek GmbH, Carmanah Technologies Corporation, Greatcell Solar Limited, Hanergy Holding Group Limited, Ertex Solartechnik GmbH, Canadian Solar Inc., Tesla Inc., and Solaria Corporation. Other players operating in this building integrated photovoltaics market include ISSOL SA, Onyx Solar Energy S.L., NanoPV Solar Inc., BIPVco Limited, and Solaxess.
BIPV Technology Outlook
- Thin Film
BIPV Application Outlook
BIPV End Use Outlook
BIPV Regional Outlook
- North America
- Asia Pacific
- South Korea
- Central & South America (CSA)
- Middle East & Africa (MEA)
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