Building-integrated photovoltaics (BIPV) Roofing is Estimated to Witness High Growth Owing to Growing Demand for Renewable Energy Alternatives
Building-integrated photovoltaics (BIPV) refers to the integration of photovoltaic material into various building components such as roofs. BIPV systems are used to generate on-site renewable electricity and offset building energy costs. They are lightweight and can be seamlessly integrated as part of the building envelope. Various technologies used for BIPV systems include crystalline silicone, thin-film solar cells, and organic photovoltaics which are incorporated into roof tiles, skylights, and facades. BIPV systems provide dual advantages of generating clean electricity as well as serving architectural purposes.
The global BIPV Roofing Market is estimated to be valued at US$ 23.98 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from renewable energy alternatives owing to increasing concerns about climate change is one of the key drivers propelling the BIPV roofing market growth. Various government policies and regulations provide incentives for adoption of renewable energy sources which has boosted investments in BIPV roofing systems. Additionally, BIPV roofing solutions provide various benefits over conventional roofing materials such as energy efficiency, reduced cooling costs, longevity, and easy integration. However, high initial installation costs of BIPV roofing systems compared to traditional roofing remains a challenging factor. Nevertheless, declining prices of solar photovoltaic modules and further technological advancements are expected to aid market development over the forecast period.
SWOT Analysis
Strength:
- BIPV roofing offers advantages over conventional building materials due to its multi-functionality of generating electricity along with providing roofing services. It reduces energy costs and has minimal environmental impact.
- Modern construction techniques and mass production of solar panels have significantly reduced the installation and purchasing costs of Global BIPV Roofing Market Size over time, making them more financially viable.
- Various government incentives and policies in different countries are encouraging the adoption of renewable energy solutions like BIPV roofs, which is boosting market growth.
Weakness:
- High upfront costs continue to be a major barrier for widespread acceptance of BIPV roofing compared to conventional alternatives. Significant investment is required for installation.
- Performance of solar panels used in BIPV systems degrades over time requiring periodic maintenance and replacement which adds to lifetime costs.
Opportunity:
- Rising global awareness about environmental issues and sustainable construction is fueling demand for green buildings integrated with renewable energy technologies like BIPV roofing.
- Emergence of new technologies and lightweight, shingled solar panels appropriate for rooftop applications is expanding the design flexibility of BIPV systems.
Threats:
- Availability of cheaper renewable energy sources like solar PV ground mounts and wind turbines poses competition to BIPV roofing market.
- Protectionist trade policies and tariffs can negatively impact the global supply chain and procurement of components.
Key Takeaways
The global BIPV roofing market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising focus on sustainable buildings and renewable energy initiatives worldwide. The market size for 2023 is estimated at US$ 23.98 Bn.
Regional analysis:
The European region currently dominates the global BIPV roofing market owing to supportive government policies and presence of leading manufacturers. Countries like Germany, Italy, France and Netherlands have emerged as major markets. Asia Pacific is anticipated to be the fastest growing region with China, Japan and Australia in the forefront on account rapid infrastructure development and renewable energy expansion plans.
Key players:
Key players operating in the BIPV roofing market are Hans Zipperle AG, Archer Daniels Midland Company, Kerry Group, Sensient Technologies, AGRANA Beteiligungs-AG, Kanegrade Natural Ingredients, Taura Natural Food Ingredients, Olam International Limited, Sunopta, Inc., Roquette Freres, Sensoryeffects Ingredient Solutions, Yaax International Ltd, Diana SAS, Svz International BV, DMH Ingredients Inc., Cargill Incorporated, Tate & Lyle PLC, and Dohler Group.
Get More Insights On This Topic: https://www.trendingwebwire.com/bipv-roofing-market-analysis-growth-forecast-outlook-2023-2030-2/
- Art
- Causes
- Crafts
- Dance
- Drinks
- Film
- Fitness
- Food
- Games
- Gardening
- Health
- Home
- Literature
- Music
- Networking
- Other
- Party
- Religion
- Shopping
- Sports
- Theater
- Wellness
- IT, Cloud, Software and Technology
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian