Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "Building Integrated Photovoltaics Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The building-integrated photovoltaic market is expected to grow from US$25.750 billion in 2024 to US$89.652 billion in 2029 at a 28.34% CAGR.
A building-integrated photovoltaic (BIPV) is a solar module that envelops a set of emerging solar energy applications used in residential, commercial, and industrial establishments. The system replaces traditional building components such as glass and siding with solar-integrated materials, thereby enhancing the level of power generation.
The ongoing shift towards sustainable sources for electricity generation and the establishment of carbon neutrality initiatives by the major governing organizations have positively impacted the demand for emerging power-generating technology, bolstering the BIPV market growth. Likewise, implementing various BIPV-associated projects by global players has further augmented the overall market expansion.
However, the high costs associated with researching, designing, and installing building-integrated photovoltaic systems compared to traditional solar panels can hamper the overall market expansion.
Building Integrated Photovoltaics Market Drivers:
The growing shift towards renewable sources for electricity generation has propelled the market growth.
Rapid urbanization, improvement in living standards, and growing economies globally have accelerated the scale of electricity consumption, especially in industrial and residential establishments. Since electricity is produced through various sources, including fossil and non-fossil, the growing pollution and carbon emissions have shifted developers towards more sustainable sources.
According to the "International Energy Outlook 2023" issued by the U.S. Energy Information Administration, global electricity generation will reach up to 76% by 2050, thereby representing a 305% growth in comparison to 2022. Moreover, the same source specified that from 2022 to 2050, nearly 81% to 95% of new electric generation capacity will be based on zero-carbon technologies.
BIPV has provided a new framework for end-users to optimize their electricity usage. As renewable sources are used more extensively for power generation, the demand for photovoltaics will also increase, thereby propelling the overall market expansion.
Building Integrated Photovoltaics Market Geographical Outlook:
Asia Pacific is estimated to constitute a significant market share.
Region-wise, the building-integrated photovoltaic market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The latter is poised for positive expansion and will account for a considerable market share.
Energy demand is significantly growing in China, and with the ongoing energy transition, the economy has invested in improving its renewable energy production. As per the International Energy Agency, the country accounted for 40% of the global renewable energy capacity expansion between 2019 and 2024.
Similarly, other major nations, namely Japan, India, and South Korea, are emphasizing expanding their renewable power generation capacity through government initiatives and investments. These initiatives have provided new growth prospects for new power generation concepts, such as building-integrated photovoltaics, in Asia, thereby augmenting the market growth.
Likewise, the North American and European markets will also show significant growth fueled by the various zero-carbon emission policies being implemented in the major regional economies and strategic investments in solar projects. The South America, Middle East, and African regions will account for a minimal market share.
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Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $25.75 billion |
| Forecasted Market Value (USD) by 2029 | $89.652 billion |
| Compound Annual Growth Rate | 28.3% |
| Regions Covered | Global |
Report Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments)
Some of the key companies profiled in this Building Integrated Photovoltaics Market report include:
- Trinasolar
- Dow Inc
- Onyx Solar Group LLC
- AGC
- Solarday
- Mitrex
- Polysolar
- Kyocera
- MetSolar
- SunTegra Solar
The Building Integrated Photovoltaics market is segmented and analyzed as follows:
By Technology
- Crystalline Silicone
- Thin Film
- Others
By Application
- Roof
- Facades
- Others
By End-User
- Industrial
- Commercial
- Residential
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
For more information about this report visit https://www.researchandmarkets.com/r/zf4wr4
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