Building-integrated photovoltaics market is expected to grow at a 21% value CAGR during the forecast period 2022-2032, reaching US$ 134.31 Billion, as per a recently published study by Future Market Insights. The global market for building-integrated photovoltaics is expected to expand rapidly due to the rapid expansion of PV (photovoltaic) capacity in various countries and the growing demand for renewable energy.
From 2017 to 2021, the building-integrated photovoltaics industry grew at a CAGR of 14.5%. The green building movement and environmentally-conscious consumers are driving the demand for building-integrated photovoltaics. At the same time, governments of various countries encourage manufacturers to utilize these materials more.
The demand for building-integrated photovoltaics is predicted to increase as aesthetically pleasing solar harvesting systems become more popular in North America. Furthermore, evolving Building-integrated Photovoltaics solar panel production technologies, as well as a high level of disposable income among consumers in the region, primarily the U.S. and Canada, are also likely to boost demand over the next decade.
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Key Takeaways from the Market Study
- In 2021, the market was estimated to have a global valuation of US$ 16.5 Billion.
- In 2022, the market is estimated to have a global market size of US$ 19.97 Billion
- The building-integrated photovoltaics market in Europe occupied a market share of 37.68% in 2021.
- The crystalline silicon segment took over 72% of the global building-integrated photovoltaics market share.
- Nearly 62% of building-integrated photovoltaics sales to be for roof applications
- As of 2021, the industrial segment accounted for 40.5% of the global market.
Competitive Landscape
As a way to gain more market penetration and meet the changing needs of architects and construction contractors, Building-integrated Photovoltaics manufacturers have developed multiple joint ventures, partnerships, agreements, and collaborations.
- In October 2021, Meyer Burger, a Swiss manufacturer of PV modules, began offering BIPV systems. Meyer Burger will offer rooftop solar power systems.
- In 2021, Onyx Solar, a Spanish producer of BIPV solar systems, installed approximately 3,250 crystalline solar modules on the facade of Sterling Bank’s Nigerian headquarters.
- In September 2021, China Southeast Space Frame Group (SSFG) and First PV formed a joint venture to install 950 MW of solar PV in China over the next five years.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Building-integrated Photovoltaics Market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Technology Type (Thin Film, Crystalline Silicon, Others), by Application Type (Roof, Wall, Glass, Facade, Others), by End-User (Industrial Building-integrated Photovoltaics, Residential Building-integrated Photovoltaics, Commercial Building-integrated Photovoltaics) and by Region (North-America, Europe, APAC, MEA, Central and South America) Forecast- 2022 to 2032.
About the Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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