Building Integrated Photovoltaics Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

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.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Get 10% FREE CUSTOMIZATION

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

Naveen

Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

 Speak to Analyst

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