The building-integrated photovoltaics market is expected to grow at a 21% value CAGR, during the forecast period 2022-2032. Previously, in the year 2021, this market was projected to have a global market size worth US$ 16.5 Billion and is expected to increase rapidly and reach a sum of US$ 134.31 Billion by 2032.
With the rapid expansion of PV (photovoltaic) capacity across various countries and the rise in renewable energy demand, the Building-integrated Photovoltaics market around the world is anticipated to grow rapidly.
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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.
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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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.
Key Segments Covered In The Building-Integrated Photovoltaics Market Report
Building-integrated Photovoltaics Market by Technology:
- Thin Film Building-integrated Photovoltaics
- Crystalline Silicon Building-integrated Photovoltaics
- Other Building-integrated Photovoltaics Technology
Building-integrated Photovoltaics Market by Application Type:
- Building-integrated Photovoltaics for Roofs
- Building-integrated Photovoltaics for Walls
- Building-integrated Photovoltaics for Façades
- Building-integrated Photovoltaics for Glass
- Building-integrated Photovoltaics for Other Applications
Building-integrated Photovoltaics Market by End-User:
- Industrial Building-integrated Photovoltaics
- Residential Building-integrated Photovoltaics
- Commercial Building-integrated Photovoltaics
Building-integrated Photovoltaics Market by Region:
- North American Building-integrated Photovoltaics Market
- Europe Building-integrated Photovoltaics Market
- Asia Pacific Building-integrated Photovoltaics Market
- Middle East & African Building-integrated Photovoltaics Market
- Latin America Building-integrated Photovoltaics Market
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