Technological advancements in the conventional photovoltaic modules will enhance the potential tapping capacity of newly manufactured modules. Moreover, significant technological advancements and R&D efforts to harness upcoming module technologies will drive the demand for the product over the forecast period.
Seattle, WA -- (SBWIRE) -- 03/20/2020 --
The global building-integrated photovoltaics market size was valued at USD 10.97 billion in 2018 and is expected to expand at a CAGR of 18.8% from 2019 to 2025. The growth can be attributed to the enhancement in demand for integrated solar energy solutions in commercial installations. The market is expected to witness high growth as the product is in the growth phase of its lifecycle and is likely to sustain high demand due to the superior integration coupled with increased adoption of solar energy harnessing systems.
Furthermore, rise in awareness of several infrastructure companies regarding zero emission buildings is projected to boost the demand BIPV. In contrast, high initial project costs along with intermittency nature of solar energy and shadowing effect can result to reduce efficiency of BIPV systems, which are likely to limit the growth. The market is expected to rise with enhancement in installation of BIPV systems in commercial installations due to increase in awareness regarding green buildings.
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Government from various countries have favourable policies and supportive regulations to enhance growth of BIPV market. They utilize policy tools such as financial incentives and benefits to promote utilization of renewable energy across the country. Countries such as U.S. and China have come up with specific policies for building-integrated photovoltaics with an objective to enhance BIPV installations in the respective country.
Based on module technology, the Building-integrated Photovoltaics (BIPV) market is classified into C-Si, thin film, and other technologies which comprises Dye Sensitised Solar Cell (DSSC), and Organic Photovoltaic (OPV). C-Si segment led the market in 2018 with a revenue of USD 7.64 billion due to use of these modules conventionally in solar energy installations.
Roofs segment accounted for the highest revenue share of over 61% in 2018 due to the availability of higher installation area for BIPVs. Increasing demand for such installations from the residential sectors in mature economies, such as U.S., Germany, France, and U.K., is anticipated to drive the growth over the forecast period.
End Use Insights:
The industrial held the largest market share of around 40% in 2018 due to rising adoption of solar installations to decrease their reliance on non-renewable sources of power generation. In addition, rise in awareness for application of renewable energy sources among the various industries is likely to enhance demand for BIPV products in the forecast period.
Key Players include First Solar Inc., Onyx Solar Group LLC, Sharp Solar, Sapa Soar, Ascent Solar Technologies, Inc., Pythagoras Solar, Ecotemis, Heliatek Gmbh, Power Film, Ertex Solartechnik.
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Asia Pacific is expected to witness the fastest growth due to the presence of favourable regulations and norms to enhance renewable energy installations in industrial as well as commercial establishments in countries such as China, India, Japan, and South Korea. Integrated residential solar installations in several countries such as India and China is likely to grow due to introduction of policies and programs for net metering. In addition, rise in awareness regarding construction of green building is expected to further fuel the growth.
Building-integrated Photovoltaics Market Share Insights:
Major market players utilize strategies such as new product development, with focus on enhancing the overall efficiency of BIPV installations coupled with mergers and acquisitions to enhance their presence geographically.
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global Building-integrated Photovoltaics market based on technology, application, end use, and region: Asia-Pacific, North America, Europe, South America, Middle East & Africa.
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