Building Integrated Photovoltaics Market to Surpass US$ 13,023.97 million by 2028

 According to The Insight Partners latest market study on “Building Integrated Photovoltaics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, Application, and End Use,” the market is projected to reach US$ 13,023.97 million by 2028 from US$ 4,605.97 million in 2021; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.

Photovoltaics (PV) is an elegant way of generating power on-site from solar energy. PV power systems for individual buildings are the most common of these distributed applications. BIPV systems can help save money on materials and electricity by acting as both a building envelope material and a power generator, reducing the use of fossil fuels and lowering the release of ozone-depleting gasses while also adding architectural beauty to the structure. Major countries around the world are introducing plans to shift toward ultra-low-energy buildings to overcome the challenges presented by climate change. The increasing focus of the European Union on setting regulatory standards related to energy performance in buildings and supportive investments in augmenting renewable power generation are the key factors driving the demand for BIPV across European countries. At the end of 2020, the European Union mandated all new buildings in EU member countries to be nearly zero-energy buildings (nZEB) through its Energy Performance of Buildings Directive (EPBD). In addition, in July 2020, The Italian Government extended a new incentive program for homeowners that will reimburse up to 110% super-bonus of the cost of building improvements that increase energy efficiency till December 2022. Thus, supportive initiatives for promoting the use of sustainable construction materials are fueling the building integrated photovoltaics market size to grow.

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The rising demand for renewable energy, combined with the electrification of transportation and increased involvement of oil and gas companies in the electricity value chain, is accelerating the convergence of the end-use industries. A surge in initiatives among states, cities, and utilities to pursue decarbonatization plans over the years is bolstering the demand for renewable energy. The development of renewable energy is expected to accelerate over the forecast period as the government bodies worldwide is adopting an agenda that includes in the favor of rejoining the Paris Climate Agreement, which is meant to investing US$ 2 trillion in renewable energy, and fully decarbonizing the power sector by 2035 to reach a larger goal of zero-carbon net emissions by 2050. Such initiatives are aiding the market growth over long run. The strategic initiatives by key players in developing new products developments, expansions, and mergers & acquisitions are also propelling supporting the building integrated photovoltaics market growth.

The new administration is required to exercise its executive power to facilitate the implementation of renewables. The implementation may require government land, procurement, foreign relations, trade, and agency appointments. Fossil fuels have been dominating the energy regime of most countries in the world since the industrial revolution. This significantly affects both the global climate and human health. The combustion of fossil fuels for electricity results in three-quarters of global greenhouse gas emissions. The air pollution caused by this combustion is responsible for health issues that contribute to at least 5 million premature deaths per year. To reduce global carbon dioxide emissions, renewable energy consumption has increased. According to the International Renewable Energy Agency, the top 10 countries in terms of renewable power and electricity generation capacity are the US, China, Brazil, Germany, the UK, Thailand, Japan, Italy, India, and Finland. Thus, rising investments in renewable power generation by major economies influence the uptake of photovoltaics and thus, impacting the building integrated photovoltaics market.

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Impact of COVID-19 Pandemic on Building Integrated Photovoltaics Market

During the first few months of the pandemic, manufacturing declined massively. The automotive, consumer electronics, construction materials, aerospace & defense, mining, glass, and chemicals industries, among others, observed a decline in their production activities. In Q3 2021, businesses restarted their operations in low capacity with a limited workforce to control the spread of the SARS-CoV-2. Many companies started using automatic technologies and methodologies requiring less human labor to follow proper measures. The Adverse effects on the construction industry was also highly affected during the pandemic, especially during the initial period. This led to a sharp decline in the sale of integrated photovoltaics worldwide, thereby hampering the global building integrated photovoltaics market. In 2021, with manufacturing plants commenced operating at full capacity, the demand for scalable, reliable, fast, and interoperable communication protocols has also increased, limiting the scope of industrial automation. Rising initiatives by governments worldwide to lower human involvement in commercial and industrial operations for controlling COVID spread would promote the adoption of industrial automation, which is influencing the building integrated photovoltaics market growth.

The building integrated photovoltaics market is segmented on the basis of technology, type, application, end use, and geography. Based on technology, the market is bifurcated into colored and regular. Based on type, the building integrated photovoltaics market is segmented into monocrystalline, polycrystalline, and thin film. In 2020, the monocrystalline segment accounted for the largest market share as this type of photovoltaics offers a larger surface to capture more solar energy. Based on application, the building integrated photovoltaics market is segmented into roofs, walls, glass, façade, and others. In 2020, façade segment accounted for the largest market share; The market growth of this segment is attributed to the light in weight, large-format designs of photovoltaics, which makes them suitable for the façade application. Moreover, they are simple to install and adaptable to a variety of applications. Based on end use, the building integrated photovoltaics market is segmented into industrial, commercial, and residential. In 2020, the residential segment accounted for the largest market share owing to a rise in investments in the development of residential complexes. Based on geography, the building integrated photovoltaics market is segmented into five key regions—North America, Europe, APAC, MEA, and SAM. Europe held the largest revenue share in 2020, followed by North America and APAC, respectively. APAC is projected to register the highest CAGR in the building integrated photovoltaics market from 2021 to 2028.

The key players operating in the building integrated photovoltaics market include Heliatek, AGC Inc., ertex solartechnik GmbH, ISSOL sa, MetSolar, Onyx Solar Group LLC., ClearVue Technologies Limited, ASCA SAS, Saule Technologies, and Waaree Energies Ltd.

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