Building Integrated Photovoltaics Market Estimated to Witness High Growth Owing to Increase in Demand for Carbon Neutral Buildings

 
Building Integrated Photovoltaics Market Trends

Building integrated photovoltaics (BIPV) products incorporate solar cells into various building components like roofing, glazing, and facades to generate renewable energy for on-site use. The products utilize thin-film solar cell technologies like crystalline silicon and thin-film solar modules that can be seamlessly integrated into the building envelope. BIPV provides an architectural aesthetic while enabling construction of net-zero energy buildings. With rising concerns around carbon emissions from buildings, there is increasing demand for energy-efficient and sustainable design and construction practices.

The Global Building Integrated Photovoltaics Market is estimated to be valued at US$ 28.13 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Building Integrated Photovoltaics are Sika AG, Tesla, Inc., Solaria Corporation, SunPower Corporation, First Solar, Inc., JinkoSolar Holding Co., Ltd., Hanwha Q CELLS, BASF SE, Canadian Solar Inc., LG Electronics, Kyocera Corporation, Trina Solar Limited, Sharp Corporation, REC Group, GAF Energy, Onyx Solar, Wacker Chemie AG, SolarWorld Industries, Renesola Ltd., and Ascent Solar Technologies, Inc.

The Building Integrated Photovoltaics Market Trends provides several opportunities such as rising demand for net-zero energy buildings and supportive policies and regulations regarding renewable power generation. Technological advancements in BIPV modules have led to the development of more efficient, aesthetically pleasing and affordable products.

Market Drivers

The key drivers contributing to growth of building integrated photovoltaics market include stringent regulations regarding energy efficiency of buildings and incentives encouraging adoption of clean energy. BIPV allows on-site power generation reducing dependency on power grids. Rising carbon emission concerns and increasing global warming has further augmented demand for sustainable construction practices like BIPV integration. Drop in solar component costs and continual technology innovation are supporting the market expansion.

Current challenges in Building Integrated Photovoltaics Market
The building integrated photovoltaics market is currently facing challenges related to high initial installation costs and lack of consumer awareness. As BIPV systems require extensive retrofitting of existing buildings or can add significantly to new construction costs, consumers hesitate to adopt these systems despite long term savings on energy bills. In addition, limited financing options and low priority given to renewable energy over other construction requirements also hamper the growth of this market currently. However, various government incentives and subsidies are helping to overcome these challenges to a large extent in recent years.

SWOT Analysis
Strength: BIPV systems provide architectural flexibility and aesthetic appeal to building designs. They can be seamlessly integrated into rooftops and facades without needing additional space.
Weakness: High initial costs compared to conventional building materials. Extensive redesigning may be required for existing buildings.
Opportunity: Growing focus on net-zero energy and green buildings provides huge growth opportunities. Supportive government policies promote quicker adoption of BIPV systems.
Threats: Fluctuations in raw material prices may increase costs. Conventional construction practices pose challenges for widespread acceptance of BIPV technology.

Geographical regions of concentration
In terms of value, the European region accounts for the major share in the global building integrated photovoltaics market currently. This is attributed to strong policy support for renewable energy in countries like Germany, Italy, France and the UK. Asia Pacific region is also emerging as another lucrative market led by China, Japan and India.

Fastest growing geographical region
The Asia Pacific region is poised to witness the fastest growth in the building integrated photovoltaics market over the forecast period. This is owing to rapidly growing construction activities, increasing investments in renewable projects, rising electricity demand and supportive government initiatives in the region's major economies. China, in particular, is driving the regional market growth with its ambitious targets for solar power installations on buildings.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191


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