Building integrated photovoltaics (BIPV) refers to solar cells or modules that are integrated into the structure of a building, such as the roof or façade and can provide clean renewable energy without disrupting the functionality or aesthetics of a structure. It functions as the building material rather than sitting on top of a building. Global building integrated photovoltaics market has witnessed substantial growth due to growing awareness about solar power generation and related technology advancements in terms of efficiency, durability and costs. Rising implementation of net-zero energy building codes across many countries has boosted demand for BIPV products. Increasing investments and supportive regulations and policies promoting renewable resources can drive the market growth.
Market Dynamics:
Global building integrated photovoltaics market growth is driven by growing focus on renewable energy integration, supportive government policies and incentives for solar power adoption. Rapid decline in the prices of solar panels due to economies of scale and technological advancements has made BIPV an attractive investment proposition for residential and commercial sector. Increasing adoption of net-zero energy building codes by many countries can boost demand for BIPV. However, high initial capital costs for BIPV installation and lack of standard product certification procedures can hamper the market growth. Moreover, lack of awareness among end users can also hamper the market growth. Innovation in crystalline silicon and thin-film technology can reduce costs and increase conversion efficiency of BIPV modules. This, coupled with rising environmental consciousness, represents an opportunity for the market players over the forecast period.
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