Building Integrated Photovoltaics Market Scope by 2031
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.
Building Integrated Photovoltaics Market Analysis
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 Market Overview
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.
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Building Integrated Photovoltaics Market: Strategic Insights
Market Size Value in US$ 4,605.97 million in 2021 Market Size Value by US$ 13,023.97 million by 2028 Growth rate CAGR of 16.0% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Building Integrated Photovoltaics Market: Strategic Insights
| Market Size Value in | US$ 4,605.97 million in 2021 |
| Market Size Value by | US$ 13,023.97 million by 2028 |
| Growth rate | CAGR of 16.0% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Building Integrated Photovoltaics Market Drivers and Opportunities
Initiatives towards Renewable Energy Sources to Favor Market
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.
Increased Construction Activities
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.
Building Integrated Photovoltaics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the building integrated photovoltaics market analysis are technology, type, application, and end use.
- Based on technology, the market is segmented by colored, and regular. The colored segment held a significant market share in 2023.
- Based on type, the market is segmented into monocrystalline, polycrystalline, and thin film. The monocrystalline segment held a larger market share in 2023.
- Based on application, the market is segmented into roofs, walls, glass, façade, and others. The roofs segment held a larger market share in 2023.
- Based on end use, the market is segmented into industrial, commercial, and residential. The residential segment held the largest share of the market in 2023.
Building Integrated Photovoltaics Market Share Analysis by Geography
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.
Building Integrated Photovoltaics Market Report Scope
Building Integrated Photovoltaics Market News and Recent Developments
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:
- Onyx Renewable Partners, LP (Onyx) and Sol Systems LLC (Sol) announced an agreement for the purchase and sale of a 24 megawatt (MWdc) solar and storage development portfolio that will provide clean, reliable power to businesses and communities across five states. Sol originated and developed the portfolio’s eight distributed generation (DG) solar and storage projects and remains committed to its customers through continued and active engagement in customer and project coordination activities. (Source: Onyx Renewable Partners, LP, Press Release, February 2024)
- Heliatek, world leader in organic photovoltaics and Triflex, an expert in liquid waterproofing, announced their exclusive partnership to offer a full system solution for the most sustainable and efficient roof renovation. Combining Heliatek's HeliaSol solar films and Triflex liquid applied waterproofing, and customers will benefit from a jointly tested solution to securely seal the roof, extending its lifetime while simultaneously producing clean solar power. (Source: Heliatek, Press Release, November 2023)
Building Integrated Photovoltaics Market Report Coverage and Deliverables
The “Building Integrated Photovoltaics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Building Integrated Photovoltaics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Building Integrated Photovoltaics market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Building Integrated Photovoltaics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Building Integrated Photovoltaics market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, Type, Application, and End Use
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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