The building integrated photovoltaics market size is projected to reach US$ 20.29 billion by 2031 from US$ 5.34 billion in 2023. The market is expected to register a CAGR of 16.0% during 2023–2031. The integration with smart buildings is likely to remain a key trends in the market.
The rising demand for renewable energy, combined with the electrification of transportation and increased involvement of oil and gas companies in the electricity value chain, is accelerating the convergence of the end-use industries.
Building-integrated photovoltaics (BIPV) are solar power generation products or systems that are seamlessly incorporated into the building envelope and function as building components such as façades, roofs, and windows. A building integrated photovoltaic (BIPV) system turns solar energy into electricity while also providing weather protection, thermal insulation, noise reduction, daylight lighting, and safety. BIPV systems can be installed during a building's construction phase or deployed as part of a retrofit of an existing building when one of the outer components requires replacement. The constructed environment provides for a variety of BIPV integration options.
The worldwide building integrated photovoltaics market is being driven by efforts to promote renewable energy. For instance, The Biden administration intends to phase out fossil fuels as a source of energy generation in the United States by 2035. The White House announced a goal of 80% renewable energy generation by 2030 and 100% carbon-free power five years later. Building-integrated photovoltaics create solar electricity by replacing traditional building elements, including roofs, skylights, and facades. The growing emphasis on renewable energy and sustainability is contributing to the expansion of the BIPV industry.
The rise in construction activity, particularly in emerging nations, is propelling the building integrated photovoltaics (BIPV) industry. Rapid urbanization and the construction of new buildings are presenting prospects for the implementation of BIPV systems. The rising need for new buildings is driving the expansion of the BIPV industry. The American Institute of Architects estimates that construction sector investment in 2024 will grow by 6% overall, with a 3% increase for commercial, 15% for industrial, and 4% for institutional structures.
Key segments that contributed to the derivation of the building integrated photovoltaics market analysis are technology, type, application, and end use.
The geographic scope of the building integrated photovoltaics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The growth of the construction sector in North American countries, coupled with an increase in commercial spaces, is the key factor driving the building integrated photovoltaics market growth in the region. The integration of solar power generation equipment directly into building areas could improve material efficiency and reduce product costs. In addition, the growing awareness about the need to improve the energy efficiency of buildings has been promoting the use of clean or renewable energy technologies. North America exhibits a rise in initiatives and action plans for improving energy efficiencies. For instance, the government of Canada is committed to making homes and buildings more energy-efficient with the help of its low-carbon economy fund and other infrastructure initiatives. In May 2021, the government launched the Canada Greener Homes initiative to upgrade homes, buildings, and commercial complexes to improve their energy efficiencies. As per the research conducted by the American Council for an Energy-Efficient Economy, an increase in energy efficiency can halve the energy usage and GHG emissions in the US by 2050. Thus, these factors are contributing to the growth of the market.
The regional trends and factors influencing the Building Integrated Photovoltaics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Building Integrated Photovoltaics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 5.34 Billion |
| Market Size by 2031 | US$ 20.29 Billion |
| Global CAGR (2023 - 2031) | 16.0% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Building Integrated Photovoltaics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Building Integrated Photovoltaics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The building integrated photovoltaics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Building Integrated Photovoltaics market are listed below:
The “Building Integrated Photovoltaics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market is expected to grow at a CAGR of 16.0% over the forecast period.
The estimated value of the building integrated photovoltaics market is expected to reach US$ 20.29 billion by 2031.
ClearVue Technologies Limited, AGC Inc., Onyx Solar Group LLC, Metsolar, and Heliatek are among the leading building integrated photovoltaics market.
The integration with smart buildings is likely to remain a key trends in the market.
The rising demand for renewable energy, combined with the electrification of transportation and increased involvement of oil and gas companies in the electricity value chain, is accelerating the convergence of the end-use industries.
North America dominated the building integrated photovoltaics market in 2023.