Building Integrated Photovoltaics Market Estimated to Expand at a Robust CAGR by 2028
According to our 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.
The integration of solar power generation equipment directly into building areas could improve material efficiency and reduce product costs. In addition, growing awareness about the need for improving the energy efficiency of buildings has been promoting the use of clean or renewable energy technologies. The region exhibits a rise in initiatives and action plans for improving energy efficiencies. For instance, the government of Canada is committed to making homes and buildings more energy-efficient with the help of its low-carbon economy fund and other infrastructure initiatives. In addition, in the three-year Growth Plan launched by Canada Infrastructure Bank (CIB) in October 2020, an investment of US$ 10 billion will be collectively directed toward clean power generation and building green infrastructure.
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.
Impact of COVID-19 Pandemic on building integrated photovoltaics market
The COVID-19 pandemic has shaken the industries such as energy & power, aerospace & defense, electronics & semiconductors, automotive, manufacturing, and construction. Lockdown imposed by countries worldwide to minimize the transmission of SARS-CoV-2 has disrupted the supply chain activities and reduced the production of commodities, goods, and services. Manufacturing declined massively During the first few months of the pandemic. The automotive, consumer electronics, construction materials, aerospace & defense, mining, glass, and chemicals industries observed a decline in their production activities. In the third quarter of 2021, businesses restarted their operations with limited capacities to keep a check on the spread of the virus. Many companies started using automatic technologies and methodologies requiring less human labor to follow proper measures. Adverse effects on the construction industry, especially during the initial period, led to a sharp decline in the sale of integrated photovoltaics worldwide. The market analysis is primarily focused on upcoming developments, introduction of new technologies, new expansion of manufacturing plants and micro & macro factors that influences the market dynamics.
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