Building Integrated Photovoltaics Market size is set to grow by USD 36.17 bn from 2024-2028, rising demand to reduce … – PR Newswire

NEW YORK, May 13, 2024 /PRNewswire/ — The global building integrated photovoltaics market size is estimated to grow by USD 36.17 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 21.25% during the forecast period. 

For more insights on the forecast market size and historic data (2018 – 2022) – Buy Report

Market Driver

Building Integrated Photovoltaics (BIPV) is a significant market segment in the construction industry, addressing the pressing need for energy efficiency in buildings. With energy consumption accounting for 40% of the global total and buildings being the largest greenhouse gas emitters, BIPV systems offer a solution. These systems integrate solar panels into building structures, such as roofs and walls, to generate electricity and reduce reliance on conventional power sources. BIPV systems include Crystalline PV, Thin-film PV, and Organic Photovoltaics. The residential, commercial, and industrial sectors are adopting BIPV, driven by factors like energy bills, carbon footprint reduction, and health benefits. The solar panel market is growing, with increasing disposable income levels and the availability of renewable energy sources. BIPV systems are installed using integrated roof systems, solar walls, and building-integrated walls, with shading and membranes for optimal performance. The industrial segment is a major contributor to the BIPV market’s growth. 

Market Challenges

• The intermittent nature of solar power poses a significant challenge to market growth despite the declining prices of solar energy.
• Increased adoption of photovoltaic (PV) systems has led to numerous installations, but the intermittent nature of solar power remains a key issue.
• Solar PV power output depends on factors like panel efficiency, solar irradiation, and shading levels, which vary throughout the day and due to cloud cover.
• Additionally, solar energy systems are often connected to the electricity grid, further complicating management.
• Grid operators face challenges in managing fluctuations in power supply caused by the intermittent nature of solar energy.
• This intermittency also impacts power systems, making a 100% standalone solar power system impractical.
• The misalignment between energy production and demand timing further complicates the situation.
• Consequently, the intermittent nature of solar power is expected to hinder market growth during the forecast period.

Research report provides comprehensive data on impact of trend, driver and challenges – Request a sample report!

Segment Overview 

This building integrated photovoltaics market report extensively covers market segmentation by

1. End-user 
• 1.1 Commercial
• 1.2 Residential
• 1.3 Industrial
2. Panel Type
• 2.1 Crystalline panel
• 2.2 Thin-film panel
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Commercial- The Building Integrated Photovoltaics (BIPV) market is experiencing significant growth, particularly in the commercial sector. With the increasing awareness of the depletion of non-renewable power resources, such as oil and coal, there is a pressing need for clean energy solutions. Solar power generation, a key component of BIPV systems, offers ecological benefits and reduces carbon footprints. BIPV components, including solar energy panels, can be integrated into roofs, walls, glass, and façades, providing wireless connectivity and heat generation. Governments worldwide are promoting the adoption of BIPV systems as part of their initiatives to improve energy management in buildings. These initiatives include financial incentives for the development of alternative energy sources and the promotion of energy-efficient buildings. The recovery from the economic downturn has led to a renewed focus on fuel efficiency and a reduction in conventional power usage. Moreover, the health benefits associated with BIPV systems, such as reduced energy bills and a smaller carbon footprint, have led to household adoption. The residential sector is following the commercial and industrial sectors in the adoption of BIPV systems, with thin-film PV and crystalline PV being popular choices. However, labor shortages in the installation and maintenance of these systems pose a challenge to the industry’s growth. Despite this, the future of BIPV systems looks promising as they continue to offer significant energy savings and contribute to a cleaner environment.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Research Analysis

The Building Integrated Photovoltaics (BIPV) market represents the growing trend of incorporating solar panels into building structures, specifically in residential and commercial buildings. Renewable energy sources, such as solar panels, have gained significant traction due to increasing disposable income levels and favorable government regulations. BIPV systems, which include Thin-film PV and Crystalline PV, offer an integrated solution by combining roofs, skylights, facades, and solar panels. These systems not only reduce energy bills but also decrease a building’s carbon footprint. The construction sector has embraced BIPV technology, leading to the adoption of integrated roof systems, building-integrated photovoltaics, and photovoltaic materials as alternatives to conventional building materials. Solar panels, a crucial component of BIPV systems, are being integrated into various building components, leading to the expansion of the market.

Market Research Overview

The Building Integrated Photovoltaics (BIPV) market is experiencing significant growth as more structures integrate solar technology into their design. Solar panels are no longer just standalone systems; they are becoming an essential component of modern architecture. The integration of solar panels into roofs and walls is known as Building Integrated Photovoltaics (BIPV). This approach offers numerous benefits, including energy savings, reduced carbon footprint, and the potential for net-zero energy buildings. The use of BIPV is becoming increasingly common in commercial and residential sectors. Crystalline silicon and thin-film solar technologies dominate the BIPV market. The market is driven by factors such as government incentives, increasing energy prices, and the need for sustainable energy solutions. The future of BIPV looks bright, with advancements in technology leading to more efficient and cost-effective systems. The global BIPV market is expected to grow at a compound annual growth rate (CAGR) of over 10% between 2021 and 2026.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Commercial
• Residential
• Industrial
• Panel Type
• Crystalline Panel
• Thin-film Panel
• Geography
• Europe
• APAC
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

This post was originally published on 3rd party site mentioned in the title of this site