Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 23.97 Billion | USD 151.11 Billion | 22.7% | 2023 |
According to a report from Zion Market Research, the global Building Integrated Photovoltaics (BIPV) Market was valued at USD 23.97 Billion in 2023 and is projected to hit USD 151.11 Billion by 2032, with a compound annual growth rate (CAGR) of 22.7% during the forecast period 2024-2032.
This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Building Integrated Photovoltaics (BIPV) industry over the next decade.
The conventional building materials that are in parts of the infrastructure such as the skylights, roof, or facades are replaced by photovoltaic materials that are known as building-integrated photovoltaics (BIPV). They are being widely adopted in the construction of new buildings as a chief source of electrical power. Owing to the numerous advantages that are provided by BIPV it has become the fastest growing segment in the photovoltaic industry
The building integrated photovoltaics (BIPV) market is globally segmented into application, technology, procedure, and regions. On the basis of application, the global market is segregated into industrial buildings, commercial buildings, and residential buildings. Based on the technology, the market is categorized into crystalline silicon PV and thin film PV. Depending on the procedure, the market is divided into roofing, cladding, glazing, shading, wall integrated, glass, and facades. The geographical segmentation of the BIPV market is diversified into Europe, Asia Pacific, North America, and Rest of the World.
The chief drivers of the building integrated photovoltaics market growth are the immense government support and the promotion strategies that are adopted by them in order to encourage energy conservation. Higher energy efficiency is ensured owing to the installation of BIPVs, which is the prime factor triggering its uptake across residential, commercial, and industrial sectors. In order to encourage the use of building integrated photovoltaics, governments of promising nations are offering several economic and financial benefits, thus expecting significant growth opportunities for the BIPV market. The improved efforts by the government agencies to persuade the use of solar energy among an increasing number of consumers are propelling the market growth. Furthermore, the diverse uses of BIPV modules along with technological advancements, expects the market to witness immense opportunities in the coming years. Conversely, BIPVs installation requires high initial investment. The technology that is used depends upon the various measurements and building codes. Lack of expertise and knowledge to guess the same is a chief restraint for the market.
Report Attributes | Report Details |
---|---|
Report Name | Building Integrated Photovoltaics (BIPV) Market |
Market Size in 2023 | USD 23.97 Billion |
Market Forecast in 2032 | USD 151.11 Billion |
Growth Rate | CAGR of 22.7% |
Number of Pages | 110 |
Key Companies Covered | CentroSolar AG., Schott Solar Ag., DOW Solar, First Solar, United Solar Ovonic, Wurth Solar GmbH., Ascent Solar Technologies Inc., PowerFilm Inc., Suntech Power Holdings Co. Ltd., Dyesol Ltd., and Kyocera Corp |
Segments Covered | By Application, By Technology, By Procedure And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The BIPV market in the Asia Pacific region expects to display the highest growth owing to factors such as constructive regulations for the increased use of integrated photovoltaics for energy generation along with the increased disposable income. Growing adoption of solar energy along with the rapidly rising construction sector in the developing economies such as India and China expects to propel market growth in the coming years. In Germany the BIPV market witnessed a strong growth owing to the favorable regulations imposed by the European Commission in regards to the use of BIPV. The reduction in the tax and the growing subsidies presented by governments expects to drive the demand of BIPV market.
Some of the key market players that are involved in the building integrated photovoltaics market include-
Global Building Integrated Photovoltaics (BIPV) Market: Application Segment Analysis
Global Building Integrated Photovoltaics (BIPV) Market: Technology Segment Analysis
Global Building Integrated Photovoltaics (BIPV) Market: Procedure Segment Analysis
Global Building Integrated Photovoltaics (BIPV) Market: Regional Segment Analysis
FrequentlyAsked Questions
global Building Integrated Photovoltaics (BIPV) Market was valued at USD 23.97 Billion in 2023 and is projected to hit USD 151.11 Billion by 2032
compound annual growth rate (CAGR) of 22.7% during the forecast period 2024-2032
The largest share of the Building Integrated Photovoltaics (BIPV) Market is held by Asia Pacific. Developing countries of Asia Pacific such as China, Japan, and India will be dominating the market scenario mainly due to the rising constructional activities. The growth of Asia-Pacific region is expected to be followed by the Middle East and North America. Also, significant growth is expected from Western Europe owing to the developments taking place in this region especially in countries such as Italy, Germany, the U.K, France, and Spain. However, growth in Africa, Latin America, and Eastern Europe is anticipated to be moderate over the forecast period.
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