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

Building-integrated Photovoltaics Market Growth Market Growth & Trends

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.

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.

Building-integrated Photovoltaics Market Report Highlights

• 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

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