IMARC Group's report titled "Building Integrated Photovoltaics Market Report by Product Type (Polycrystalline, Thin Film, and Others), Application (Roof, Facades, Glass, and Others), End Use (Commercial, Residential, Industrial), and Region 2024-2032". The global building integrated photovoltaics market size reached US$ 23.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 95.1 Billion by 2032, exhibiting a growth rate (CAGR) of 16.6% during 2024-2032.
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Factors Affecting the Growth of the Building Integrated Photovoltaics Industry:
Sustainable Energy Demand:
The increasing demand for sustainable energy sources is impelling the growth of the market. Moreover, the growing consensus on the need for clean and renewable energy solutions is offering a favorable market outlook. Building integrated photovoltaics (BIPV), which seamlessly integrates solar panels into building structures, is emerging as a sustainable and eco-friendly alternative to conventional energy sources. Both commercial and residential users are increasingly prioritizing environmental sustainability when making energy-related choices. BIPV meets this demand by allowing buildings to generate their own electricity while reducing their carbon footprint. It not only provides an independent power source but also contributes to energy self-sufficiency.
Government Incentives and Policies:
The support provided by various governments through incentives and policies is strengthening the market growth. Governments across the world recognize the importance of transitioning to renewable energy sources to combat climate change and reduce reliance on fossil fuels. Moreover, governments are implementing a range of initiatives to encourage the adoption of the BIPV system. These include tax credits, rebates, grants, and subsidies for BIPV installations. Additionally, favorable net metering regulations allow BIPV system owners to sell excess electricity back to the grid, creating a financial incentive for people and businesses to invest in BIPV technology.
Technological Advancements:
Ongoing advancements play a crucial role in driving the demand for BIPV. Moreover, significant progress is made in the development of photovoltaic technology, leading to improvements in the efficiency, aesthetics, and overall performance of BIPV systems. Enhanced designs and manufacturing techniques are making BIPV modules more aesthetically pleasing and adaptable to various architectural styles. BIPV products come in a range of colors, shapes, and transparency options, allowing architects and builders to seamlessly integrate solar elements into building designs without compromising aesthetics. Furthermore, improvements in energy conversion rates are making BIPV systems more efficient at harnessing solar energy.
Leading Companies Operating in the Global Building Integrated Photovoltaics Industry:
- Ankara Solar AS
- Ertex Solartechnik GmbH
- Viasolis
- Hanergy Holding Group Ltd.
- HermansTechniglaz
- ISSOL sa
- Sphelar Power Corporation
- Navitas Green Solutions Pvt. Ltd.
- NanoPV Solar Inc.
- Polysolar Ltd.
Building Integrated Photovoltaics Market Report Segmentation:
By Product Type:
- Polycrystalline
- Thin Film
- Others
Polycrystalline exhibits a clear dominance in the market due to its durability and easy availability.
By Application:
- Roof
- Facades
- Glass
- Others
Roofs represent the largest segment driven by the increasing construction of residential and commercial buildings.
By End Use:
- Commercial
- Residential
- Industrial
Commercial accounts for the majority of the market owing to the rising focus on increasing the durability of buildings.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Europe's dominance in the building integrated photovoltaics market is attributed to investment in research and development (R&D), leading to the production of advanced building integrated photovoltaics.
Global Building Integrated Photovoltaics Market Trends:
Many businesses are now incorporating corporate social responsibility (CSR) initiatives into their operations, aiming to demonstrate their commitment to sustainability and environmental stewardship. Building integrated photovoltaics (BIPV) installations aligns well with CSR goals by reducing the carbon footprint of a company and showcasing its dedication to renewable energy. This not only enhances the reputation of a company but also appeals to environmentally conscious people. As a result, corporate entities are increasingly investing in BIPV as part of their broader sustainability strategies.
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