Dublin, Sept. 06, 2024 (GLOBE NEWSWIRE) -- The "Building Integrated Photovoltaic Market by Technology (c-Si (Monocrystalline, Polycrystalline), Thin Film), Application (Roofing, Facades, Externally Integrated Systems), End User (Residential, Commercial, Industrial), Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The building integrated photovoltaic market is expected to grow from an estimated USD 12.49 billion in 2024 to USD 27.41 billion by 2029, at a CAGR of 17.0%
Environmental restrictions on carbon reduction are becoming more stringent across the world, and governments are rewarding this, giving a boost to numerous goods and technologies, like BIPV systems, for sustainable construction practices. Improved efficiency, flexibility, and aesthetic aspects in photovoltaic technology are making BIPV products more viable for home and commercial applications. These are the key factors driving the growth of the building integrated photovoltaic market.
Asia Pacific is expected to be the fastest-growing region in the building integrated photovoltaic market
These countries in the Asia Pacific region are urbanizing at a rapid rate and have new construction markets on a large scale, hence providing much potential for integration of BIPV systems in modern buildings to meet their energy demands in a sustainable way. Another reason is that, in countries like the Asia Pacific region, especially China, Japan, and India, a lot of encouraging policies and financial incentives have been worked out in support of renewable energy and green building technologies, including BIPV. Strong economic growth in Asia Pacific countries drives investments into infrastructure and real estate development. On its side, such growth supports the adoption of state-of-the-art technologies like BIPV in new buildings.
As a leading innovation hub for photovoltaic technologies, major manufacturers from the Asia Pacific region keep coming up with advanced BIPV technology, hence making it more efficient and attractive. Ambitious targets in the diffusion of renewable energy set by countries in this region are viewed as a way in which BIPV systems will spur growth in the market. Growing awareness about climate change and environmental sustainability influences building practices. The regional efforts to reduce carbon footprint and green building practices are aligned with the BIPV systems.
Thin-film solar cells permit a large degree of flexibility, which allows them to integrate into much more surfaces and architectural designs, including curved or irregular surfaces, which is a demand that becomes more frequent in modern building designs. Being lighter than crystalline silicon, thin-film panels are easier to install on various structures without significant structural reinforcement. Their sleek, low-profile design also enhances the aesthetic appeal of buildings.
Thin film technology works better in low-light conditions and with varied angles of sunlight, so it is more suitable for any urban setting where buildings may not always be exposed to direct sunlight throughout the day. It can be observed that thin-film solar cells have a lower temperature coefficient compared to crystalline silicon, which essentially means they have less efficiency loss at higher temperatures. This characteristic is particularly advantageous in hot climates.
Facades, by application, is expected to be the fastest-growing market from 2024 to 2029
Facades have a larger and more vertical surface area than roofing, allowing them to capture sunlight throughout the day at a variety of angles. This may be particularly relevant in urban locations where roof space is relatively small. Having innovative facades that are able to integrate photovoltaic cells in such a way that they enhance the aesthetic appeal of a building while carrying out their practical function of energy generation may speak well to architects and developers.
BIPV systems in building facades - aside from their insulation, which contributes to an energy-efficient reduction of both heating and cooling loads - have the added ability to generate electricity, thus being cost-effective for energy management. Looking at the high rise of buildings in cities, the facade is a gigantic, unexploited field of potential for the integration of solar technology, as most buildings have very small roof surfaces but very large vertical fields.
Residential segment, by end user, is expected to be the fastest-growing market from 2024 to 2029
Homeowners are more sensitive to environmental impact that comes from the consumption of energy. This drives the demand for sustainable energy solutions; hence BIPV, which enables the production of clean energy straight from their homes. For residential consumers, ways of reducing or minimizing the energy bills under relentless upward pressure in terms of the cost of energy used have been a front-burner concern.
The BIPV system makes it a long-term solution since a home can independently produce a huge electric power amount that greatly reduces expenses on utilities. BIPVs are designed to fit various building materials; hence, it is also a friendly aesthetic option to homeowners for whom the appearance of their homes is critical. As consumer behavior is growing pro-environment, residential consumers now also wish to fulfill an inner whim of cutting on their carbon footprint. BIPV enables householders to contribute towards reduced greenhouse gas emission while using clean, renewable energy.
Research Coverage
- Increasing emphasis on net zero emissions and supporting government regulations are just a few of the primary drivers propelling the building integrated photovoltaic market. Regulatory and legislative uncertainties, as well as costly initial capital expenditure, limit the market's expansion. The ongoing energy shift to reduce carbon emissions is likely to provide attractive prospects for building integrated photovoltaic market participants.
- Product Development/ Innovation: The building integrated photovoltaic market is seeing substantial product development and innovation, driven by rising environmental concerns. Companies are investing in improved building integrated photovoltaic technology.
- Market Development: LONGi and Ferroglobe PLC have entered a long-term supply agreement starting January 1, 2024, emphasizing high-quality quartzite and metallurgical grade silicon supply for solar technology. LONGi aims to strengthen its position as a leading provider of eco-friendly solar products worldwide, promoting sustainable energy transformation and global cooperation in solar technology.
- Market Diversification: JinkoSolar has partnered with RELC and Vision Industries to establish a joint venture in Saudi Arabia. This venture will build a high-efficiency solar cell and module manufacturing facility with a USD 1 billion investment. Expected to produce 10 GW annually of solar cells and modules, the project aims to advance Saudi Arabia's renewable energy efforts and global competitiveness, integrating JinkoSolar's advanced technology with local expertise.
- Competitive Assessment: In-depth analysis of market share, growth plans, and service offerings of top companies in the stations market, including LONGi (China), JinkoSolar (China), JA SOLAR Technology Co.,Ltd. (China), AGC Inc. (Japan), and Canadian Solar (Canada) among others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 214 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $12.49 Billion |
| Forecasted Market Value (USD) by 2029 | $27.41 Billion |
| Compound Annual Growth Rate | 17.0% |
| Regions Covered | Global |
Companies Featured
- Longi
- Jinkosolar
- Ja Solar Technology Co. Ltd.
- Agc Inc.
- Canadian Solar
- Solarscape Enterprises Llp
- Tesla
- Kaneka Corporation
- Risen Energy Co. Ltd.
- Waaree Energies Ltd.
- Chint New Energy Technology Co. Ltd.
- Talesun Solar Co. Ltd.
- Bipvco
- Issol SA
- Onyx Solar Group LLC
- Certainteed, LLC
- Vitro Architectural Glass
- Novergy Energy Solutions Pvt. Ltd.
- Avancis GmbH
- Wuxi Suntech Power Co. Ltd.
- Metsolar
- Ertex Solar
- Miasole
- Heliatek
- Solitek
- Changzhou Almaden Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/2sw5vv
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
