Building Integrated Photovoltaics Market is Set to Register Exponential Growth Owing to Increasing Demand for Eco-Friendly Buildings
The building integrated photovoltaics (BIPV) market is a rapidly growing construction material which involves the integration of photovoltaic modules into building components such as roof, curtain walls, skylights and facades that functions as cladding or glazing. BIPV technology provides clean energy for buildings while serving as constructive building material. It helps conserve both energy and natural resources by reducing the need for roofing material and mechanical cooling in buildings.
The Global BIPV Market is estimated to be valued at US$ 28.13 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the building integrated photovoltaics are Sika AG, Tesla, Inc., Solaria Corporation, SunPower Corporation, First Solar, Inc., JinkoSolar Holding Co., Ltd., Hanwha Q CELLS, BASF SE, Canadian Solar Inc., LG Electronics, Kyocera Corporation, Trina Solar Limited, Sharp Corporation, REC Group, GAF Energy, Onyx Solar, Wacker Chemie AG, SolarWorld Industries, Renesola Ltd., and Ascent Solar Technologies, Inc. Major players are focused on developing highly efficient BIPV products and establishing strategic partnerships with construction companies to increase market share.
The growing Building Integrated Photovoltaics Market Trends for eco-friendly buildings provides numerous opportunities in the BIPV market. Governments across countries are implementing favourable policies to promote renewable energy adoption which will boost market revenue. Leading players are expanding globally to capture untapped demand, especially in Asia Pacific and Middle East regions where infrastructural development is thriving.
Market Drivers and Restrain
The increasing need for renewable sources of energy across the commercial and residential sectors is a major driver for the BIPV market. Buildings account for around 40% of global energy use and integrating solar technology can help offset this consumption significantly. Furthermore, the rising ecological awareness among builders and home owners has augmented the replacement of conventional materials with BIPV modules.
High initial costs of BIPV components act as a key market restraint. Their prices are nearly three times that of traditional building materials which deters widespread adoption. Uncertainty in customers payback periods also discourages investors. Lack of standard product certification and interconnection regulations in many regions pose additional challenges to market growth.
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