Building Integrated Photovoltaics Market Size & Analysis by 2028

The building integrated photovoltaics 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.

The rising demand for renewable energy, combined with the electrification of transportation and increased involvement of oil and gas companies in the electricity value chain, is accelerating the convergence of the end-use industries. A surge in initiatives among states, cities, and utilities to pursue decarbonatization plans over the years is bolstering the demand for renewable energy. The development of renewable energy is expected to accelerate over the forecast period as the government bodies worldwide is adopting an agenda that includes in the favor of rejoining the Paris Climate Agreement, which is meant to investing US$ 2 trillion in renewable energy, and fully decarbonizing the power sector by 2035 to reach a larger goal of zero-carbon net emissions by 2050. Such initiatives are aiding the market growth over long run. The strategic initiatives by key players in developing new products developments, expansions, and mergers & acquisitions are also propelling supporting the building integrated photovoltaics market growth.

The new administration is required to exercise its executive power to facilitate the implementation of renewables. The implementation may require government land, procurement, foreign relations, trade, and agency appointments. Fossil fuels have been dominating the energy regime of most countries in the world since the industrial revolution. This significantly affects both the global climate and human health. The combustion of fossil fuels for electricity results in three-quarters of global greenhouse gas emissions. The air pollution caused by this combustion is responsible for health issues that contribute to at least 5 million premature deaths per year. To reduce global carbon dioxide emissions, renewable energy consumption has increased. According to the International Renewable Energy Agency, the top 10 countries in terms of renewable power and electricity generation capacity are the US, China, Brazil, Germany, the UK, Thailand, Japan, Italy, India, and Finland. Thus, rising investments in renewable power generation by major economies influence the uptake of photovoltaics and thus, impacting the building integrated photovoltaics market.

Strategic Insights

Impact of COVID-19 Pandemic on Building Integrated Photovoltaics Market

During the first few months of the pandemic, manufacturing declined massively. The automotive, consumer electronics, construction materials, aerospace & defense, mining, glass, and chemicals industries, among others, observed a decline in their production activities. In Q3 2021, businesses restarted their operations in low capacity with a limited workforce to control the spread of the SARS-CoV-2. Many companies started using automatic technologies and methodologies requiring less human labor to follow proper measures. The Adverse effects on the construction industry was also highly affected during the pandemic, especially during the initial period. This led to a sharp decline in the sale of integrated photovoltaics worldwide, thereby hampering the global building integrated photovoltaics market. In 2021, with manufacturing plants commenced operating at full capacity, the demand for scalable, reliable, fast, and interoperable communication protocols has also increased, limiting the scope of industrial automation. Rising initiatives by governments worldwide to lower human involvement in commercial and industrial operations for controlling COVID spread would promote the adoption of industrial automation, which is influencing the building integrated photovoltaics market growth.

Lucrative Regions for Building Integrated Photovoltaics Market

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Market Insights – Building Integrated Photovoltaics Market

The growth of the construction sector in North American countries, coupled with an increase in commercial spaces, is the key factor driving the building integrated photovoltaics market growth in the region. The integration of solar power generation equipment directly into building areas could improve material efficiency and reduce product costs. In addition, the growing awareness about the need for improving the energy efficiency of buildings has been promoting the use of clean or renewable energy technologies. North America 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 May 2021, the government launched the Canada Greener Homes initiative to upgrade homes, buildings, and commercial complexes for improving their energy efficiencies. As per the research conducted by American Council for an Energy-Efficient Economy, an increase in energy efficiency can halve the energy usage and GHG emissions in the US by 2050. Thus, these factors are contributing to the growth of the building integrated photovoltaics market.

End Use-Based Insights

Based on end user, the building integrated photovoltaics market share is segmented into residential, commercial, and industrial. The residential segment accounted for the largest share of the building integrated photovoltaics market in 2020. The residential sector across the world is increasingly spending on the adoption of new and advanced technologies for generating power. Additionally, both developed and developing countries have experienced a rise in investments in the development of residential complexes. For instance, the construction of Viadux Mixed-Use Community in UK. Aa 40-story residential tower will be built as part of the Viadux Mixed-Use Community project in the UK project. The Construction began in the third quarter of Q3 2021 and is projected to be completed in the third quarter of Q3 2024. Similarly, the development of Sackville Road Residential Community in the UK was also started its construction in Q3 2021 and is expected to be completed in Q2 2025. Thus, the rising investments in developing advanced residential and commercial complexes are propelling the demand for building integrated photovoltaic modules, thereby driving the global building integrated photovoltaics market growth.

The building integrated photovoltaics market is segmented on the basis of technology, type, application, end use, and geography. Based on technology, the building integrated photovoltaics market is segmented into colored and regular. Based on type, the building integrated photovoltaics market is categorized into monocrystalline, polycrystalline, and thin film. By application, the building integrated photovoltaics market is bifurcated into roofs, walls, glass, façade, and others. On the basis of end use, the building integrated photovoltaics market is divided into residential, commercial, and industrial. On the basis of geography, the building integrated photovoltaics market is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. ClearVue Technologies Limited, AGC Inc., Onyx Solar Group LLC, Metsolar, Heliatek are a few players profiled during the study of the building integrated photovoltaics market.

Players operating in the building integrated photovoltaics market are mainly focused on the development of advanced and efficient products.

• In 2021, Pholtec GmbH from Schöngrabern in northern Lower Austria is ertex solartechnik GmbH's new distribution partner. With this, the company has broadened its service offering, which now includes not only PV terrace roofs and carports, but also custom-designed PV balcony railings and fences.

• In 2020, ClearVue signed a Letter of Intent with Jinmao Green Building Technology Co. in China (a subsidiary of Fortune 500 Sinochem) to build a demonstration villa in Hebei Province of the country with the goal of eventually forming a distribution agreement or joint venture to distribute ClearVue's products in Mainland China.