SAN FRANCISCO, March 9, 2021 /PRNewswire/ — The global building-integrated photovoltaics market size is expected to reach USD 59.5 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 20.0% from 2021 to 2028. The market has witnessed significant product adoption in recent years due to the high aesthetic appeal of integrated solar panels. Various regulations enacted by the European Commission mandate the size and specifications of the installations to be used for commercial, residential, and industrial applications. Increased efforts taken by the national governments toward the use of renewable sources of energy are likely to drive the market over the forecast period.
Key suggestions from the report:
- By technology, the crystalline silicon segment occupied a dominant position in 2020 owing to the abundant product availability. In addition, C-Si offers high conversion efficiency on a commercial scale, which leads to high demand for the installation
- Based on application, roofs held the largest revenue share in 2020 on account of the ease of product installation, coupled with their high-performance characteristics
- The commercial application segment held a considerable share in 2020. The high emphasis on the aesthetic appeal of solar energy-harnessing systems primarily in commercial establishments is likely to fuel the demand for the product in commercial applications
Read 90 page research report with ToC on «Building-integrated Photovoltaics Market Size, Share & Trends Analysis Report By Technology (Crystalline Silicon, Thin Film), By Application (Roofs, Glass), By End Use (Industrial, Commercial), And Segment Forecasts, 2021 – 2028» at: https://www.grandviewresearch.com/industry-analysis/building-integrated-photovoltaics-bipv-market
Research and development efforts are increasingly being taken in the market in order to improve the efficiency of cells used in BIPV installations. Technological advancements have also led to the introduction of organic photovoltaics with higher bandgap and increased efficiency. Both these factors are expected to result in an increased demand for BIPV over the forecast period.
Companies operate through a well-established distribution network, which enables them to charge a higher price for the installation as compared to manufacturers. BIPV manufacturers are generally forward integrated for the distribution and installation of the modules onto buildings. Market players such as Suntech are involved in the manufacturing of BIPV modules that are supplied to end users. Such companies benefit from higher profit margins due to the elimination of distributors.
Grand View Research has segmented the global building-integrated photovoltaics market on the basis of technology, application, end use, and region:
- BIPV Technology Outlook (Revenue, USD Million, 2016 – 2028)
- Crystalline Silicon
- Thin Film
- Others
- BIPV Application Outlook (Revenue, USD Million, 2016 – 2028)
- Roofs
- Walls
- Glass
- Facade
- Others
- BIPV End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Residential
- Commercial
- Industrial
- BIPV Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Central & South America
- Brazil
- Middle East & Africa
List of Key Players of Building-Integrated Photovoltaics Market
- AGC Solar
- Belectric
- Heliatek GmbH
- Carmanah Technologies Corp.
- Dyesol Ltd. (Greatcell Solar Ltd.)
- Ertex solartechnik GmbH
- ISSOL SA
- Canadian Solar Inc.
- Onyx Solar Energy S.L.
- Tesla Inc.
Find more research reports on Distribution & Utilities Industry, by Grand View Research:
- Building-integrated Photovoltaics Facade Market – The global building-integrated photovoltaics facade market size is expected to reach USD 3.96 billion by 2025, expanding at a CAGR of 25.3% from 2019 – 2025.
- Europe Building-integrated Photovoltaics Market – The Europe building-integrated photovoltaics market size is expected to reach USD 20.4 billion by 2027, expanding at a 27.2% CAGR from 2020 – 2027.
- Distributed Energy Generation Market – The increasing need for energy and the high costs of grid expansion are the major factors driving the market growth. Low prices of Distributed Energy Generation (DEG) as compared to the conventional power generation methods are expected to provide a boost to the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
