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.
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Building Integrated Photovoltaics Market: Strategic Insights
Market Size Value in US$ 4,605.97 million in 2021 Market Size Value by US$ 13,023.97 million by 2028 Growth rate CAGR of 16.0% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Building Integrated Photovoltaics Market: Strategic Insights
| Market Size Value in | US$ 4,605.97 million in 2021 |
| Market Size Value by | US$ 13,023.97 million by 2028 |
| Growth rate | CAGR of 16.0% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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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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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Type, Application, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The global building integrated photovoltaics market is primarily driven by the rise in government initiatives to standardize building integrated photovoltaics products, and complexes increasing investment in construction of residential and commercial complexes are some of the major factors supporting the growth of the building integrated photovoltaics market.
Increasing demand for renewable power generation across industrial sector has created a lucrative opportunity for the building integrated photovoltaics market. For instance, 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 are expected to influence the uptake of building integrated photovoltaics during the forecast period.
The residential segment led the building integrated photovoltaics market with a market share in 2020. The residential sector across the globe have increased their spending on adoption of new and advanced technologies for generating power. Additionally, both developed and developing countries have experienced a rise in investment in the development of residential complexes.
Europe dominated the building integrated photovoltaics market in 2020. 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 Europe.
AGC Inc.; Heliatek, Ertex Solartechnik GmbH; Issol SA; Metsolar; Onyx Solar Group LLC; and ClearVue Technologies Limited. The companies engage themselves in designing and developing new building integrated photovoltaics with competitive pricing which enables the manufacturers to attract customers, thereby, gaining market share.
The monocrystalline agencies segment led the building integrated photovoltaics market in 2020. The monocrystalline BIPV solar panel also has long longevity that is up to 30 years and these panels have greater heat resistance. This has influenced the manufacturers to invest in the development of the type of BIOV solutions over the years.
- Heliatek
- AGC Inc.
- ertex solartechnik GmbH
- ISSOL sa
- MetSolar
- Onyx Solar Group LLC
- ClearVue Technologies Limited
- ASCA SAS
- Saule Technologies
- Waaree Energies Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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