Building Integrated Photovoltaic (BIPV) Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 11.84 Billion |
| Market Size (2029) | USD 33.51 Billion |
| CAGR (2024 - 2029) | 23.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players-Market.webp)
*Disclaimer: Major Players sorted in no particular order |
Building Integrated Photovoltaic (BIPV) Market Analysis
The Building Integrated Photovoltaic Market size is estimated at USD 11.84 billion in 2024, and is expected to reach USD 33.51 billion by 2029, growing at a CAGR of 23.12% during the forecast period (2024-2029).
- Factors such as high-rise multi-story buildings and supportive government initiatives are expected to drive the market during the forecast period.
- On the other hand, the high installation cost compared to rooftop PV systems will likely negatively impact the market鈥檚 growth.
- Nevertheless, the rapid urbanization and development of smart cities are enormous opportunities for BIPV systems. The governments of almost all countries are moving toward renewables-oriented energy policies to reach their carbon neutrality goals.
- Asia-Pacific is expected to dominate the building-integrated photovoltaics market due to declining solar technology costs.
Building Integrated Photovoltaic (BIPV) Market Trends
The Crystalline PV Segment is Expected to Dominate the Market
- Crystalline module is the dominant solar photovoltaic (PV) technology used in the building-integrated photovoltaics market. Conventional solar technology made using crystalline silicon accounts for over 80% of the solar market. Thus, as the most mature and widely used material for BIPVs, most of the solar panels utilized for facades, curtain walls, and roofs are made using crystalline silicon.
- Crystalline PV glass combines the benefits of traditional architectural glass with the ability to harness solar energy, making it a valuable component in the development of sustainable and energy-efficient buildings.
- This photovoltaic (PV) glass technology is ideal for buildings and facilities with favorable solar orientation aiming for optimal energy production. In addition to generating electricity, crystalline BIPV glass can contribute to the overall performance of a building. For instance, these glasses can provide shade, reduce cooling loads, and improve thermal comfort inside the building. Crystalline glass has a long lifespan, providing a reliable source of renewable energy for many years.
- In April 2024, India's Alpex Solar secured 7 acres of land from the Uttar Pradesh State Industrial Development Authority (UPSIDA) in Mathura, Uttar Pradesh. The plot will be used to set up a manufacturing facility for solar panels. The company manufactures PV modules using monocrystalline and polycrystalline cell technologies. Its product portfolio includes bifacial, mono-PERC, and half-cut solar PV modules.
- In April 2024, the US solar module maker First Solar inaugurated a new manufacturing facility in Tamil Nadu, India, with 3.3 GW of annual capacity. It is the country's first fully vertically integrated solar manufacturing facility, and it was built with an investment of USD 700 million. The company plans to manufacture solar PV modules, including crystalline solar PV modules.
- The increasing installation of solar PV modules worldwide is boosting the demand for BIPV systems. In 2023, the total solar PV installed capacity was around 1412 GW, which increased from 1066 GW in 2022.
- Several companies offer a variety of crystalline solar PV modules based on requirements. For instance, Invitaic, a company with expertise in BIPVs, offers a diverse product range for BIPVs that includes ultra-black solar panels, transparent solar panels, and polychrome solar panels, all designed with the latest Topcon technology.
- Such developments are expected to have an overwhelming effect on the development of the building-integrated photovoltaics market.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific has successfully implemented solar PV technologies in many industries in the most cost-effective way. The technology in the region has reached the maturity stage and has witnessed continuously plummeting prices.
- Countries like China, India, Japan, and ASEAN have proved themselves in solar power generation with new innovative technologies for BIPVs, rooftops, and many other applications. China's production scale for each technology in the PV industry accounts for more than 50% of the world. The country is expected to remain at the top in the future.
- BIPVs play a significant role in advancing sustainability in the construction industry by generating clean energy, reducing carbon emissions, and promoting energy efficiency. PV-integrated buildings are poised to gain significant advantages as green building certifications gain traction, establishing themselves as icons of sustainable development and generating a more eco-friendly future.
- In February 2024, Jindal Steel & Power Ltd (JSPL) announced the commissioning of a building-integrated rooftop solar project with an installed capacity of 3.25 MWp and an area of 2,00,000 sq. ft.
- Similarly, in October 2023, SP Group (SP) announced the successful completion and subsequent grid integration of its building-integrated photovoltaic (BIPV) project in Guangdong, China. A four-megawatt-peak (MWp) BIPV project will be installed at Guangdong Lingxiao's new manufacturing facility in Yangchun City. Based on a surplus-to-grid model, the BIPV project is expected to generate 110 million kilowatt hours of clean energy over the next 25 years, or 4.36 million kilowatt hours per year.
- In May 2023, ClearVue Technologies Limited, an Australian smart building materials company, announced the official release of its improved product design for integrating solar vision glass into glazing units or IGUs. The company also released its new integrated solar fa莽ade solutions.
- Owing to such developments, Asia-Pacific is expected to dominate the market in the coming years.
Building Integrated Photovoltaic (BIPV) Industry Overview
The building-integrated photovoltaics market is semi-consolidated. The key players in this market (not in particular order) include Onyx Solar Energy SL, AGC Inc., Solarday SL, Changzhou Almaden Co. Ltd, and Mitrex Inc.
Building Integrated Photovoltaic (BIPV) Market Leaders
-
Onyx Solar Energy SL
-
AGC Inc.
-
Solarday SL
-
Changzhou Almaden Co. Ltd.
-
Mitrex INC.
*Disclaimer: Major Players sorted in no particular order
Building Integrated Photovoltaic (BIPV) Market News
- May 2024: Jindal Steel & Power Ltd announced the commissioning of the building integrated solar project with an installed capacity of 3.25 MWp spread across an area of 2,00,000 sq. ft. The project, built by the team at SG Ornate Solar Solutions (a joint venture of APL Apollo Tubes & Ornate Solar), is expected to generate more than 100 million units of electricity over its life expectancy, contributing to offsetting 4,500 tons of CO2 emissions annually.
- February 2024: Scientists in the Middle East simulated the use of different BIPV systems on Dubai鈥檚 high-rise buildings. They found that BIPV may be superior to rooftop power generation for buildings with more than seven floors. The main setting conditions for simulation were assumed to be an occupancy density of 0.2 person/m2, sensible heat of 65 W/person, and a latent heat of 54 W/person. Owing to building load reduction and power generation, BIPVs can be a very efficient alternative in Dubai.
Building Integrated Photovoltaics Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast, till 2029
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.1.1 High-rise Multi-story Buildings
4.5.1.2 Supportive Government Initiatives
4.5.2 Restraints
4.5.2.1 High Installation Cost as Compared to Rooftop PV Systems
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Thin-film PV
5.1.2 Crystalline PV
5.2 End User
5.2.1 Residential
5.2.2 Commercial and Industrial
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 France
5.3.2.3 United Kingdom
5.3.2.4 Turkey
5.3.2.5 Spain
5.3.2.6 NORDIC
5.3.2.7 Russia
5.3.2.8 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 India
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Malaysia
5.3.3.6 Thailand
5.3.3.7 Indonesia
5.3.3.8 Vietnam
5.3.3.9 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 United Arab Emirates
5.3.5.3 South Africa
5.3.5.4 Nigeria
5.3.5.5 Qatar
5.3.5.6 Egypt
5.3.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Onyx Solar Energy Sl
6.3.2 Sunovation Gmbh
6.3.3 Mitrex Inc.
6.3.4 Grenzebach Envelon GmbH
6.3.5 AGC Inc.
6.3.6 Polysolar Limited
6.3.7 Issol SA
6.3.8 Changzhou Almaden Co. Ltd
6.3.9 Solarday Sl
6.3.10 Ertex Solartechnik GmbH
- *List Not Exhaustive
6.4 Market Ranking Analysis
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rapid Urbanization and Development of Smart Cities
Building Integrated Photovoltaic (BIPV) Industry Segmentation
Building-integrated photovoltaics (BIPVs) are solar power-producing products or systems that are effortlessly integrated into the building envelope and parts of building apparatuses such as fa莽ades, roofs, or windows. A BIPV system serves a dual purpose and is an integral component of the building skin that concurrently converts solar energy into electrical energy.
The building-integrated photovoltaics market is segmented by type, end-user, and geography. By type, the market is segmented into thin-film PV and crystalline PV. By end-user, the market is segmented into residential and commercial and industrial. The report also covers the market size and forecasts across major regions. The market sizing and forecasts have been done for each segment based on revenue (USD).
| Type | |
| Thin-film PV | |
| Crystalline PV |
| End User | |
| Residential | |
| Commercial and Industrial |
| Geography | |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
| |||||||||||
|
Building Integrated Photovoltaics Market Research FAQs
How big is the Building Integrated Photovoltaic Market?
The Building Integrated Photovoltaic Market size is expected to reach USD 11.84 billion in 2024 and grow at a CAGR of 23.12% to reach USD 33.51 billion by 2029.
What is the current Building Integrated Photovoltaic Market size?
In 2024, the Building Integrated Photovoltaic Market size is expected to reach USD 11.84 billion.
Who are the key players in Building Integrated Photovoltaic Market?
Onyx Solar Energy SL, AGC Inc., Solarday SL, Changzhou Almaden Co. Ltd. and Mitrex INC. are the major companies operating in the Building Integrated Photovoltaic Market.
Which is the fastest growing region in Building Integrated Photovoltaic Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Building Integrated Photovoltaic Market?
In 2024, the Europe accounts for the largest market share in Building Integrated Photovoltaic Market.
What years does this Building Integrated Photovoltaic Market cover, and what was the market size in 2023?
In 2023, the Building Integrated Photovoltaic Market size was estimated at USD 9.10 billion. The report covers the Building Integrated Photovoltaic Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Building Integrated Photovoltaic Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the future trends expected in the BIPV Market?
The future trends expected in the BIPV Market are a) Advancements in technology leading to more efficient and cost-effective BIPV systems b) Integration of smart building technologies with BIPV systems and improvements in thin-film solar panels
What are the challenges faced by the BIPV Industry?
The challenges faced by the BIPV Industry are a) High initial costs compared to conventional building materials b) Variability in product quality and performance c) Technical complexities in integration with building designs, and competition from other renewable energy solutions like rooftop solar PV
Building-Integrated Photovoltaics Industry Report
The global building-integrated photovoltaics (BIPV) market is experiencing significant growth, driven by the increasing adoption of renewable energy sources and the integration of photovoltaic systems into building materials such as roofs, skylights, and facades. Leading market segments include crystalline silicon and thin film technologies, with crystalline silicon recognized for its high energy conversion efficiency and suitability for integration into various building surfaces without heavy investments. The use of thin film technology is also rising, especially in applications where weight constraints are a concern.
The demand for BIPV is robust across residential, commercial, and industrial sectors, with industrial applications leading due to their high energy requirements and ongoing efforts to reduce reliance on non-renewable energy sources. The market is further supported by technological innovations and government incentives aimed at reducing greenhouse gas emissions and promoting energy security.
Overall, the BIPV market size is set to continue its growth trajectory, fueled by advancements in photovoltaic technology, increasing environmental consciousness, and the strategic initiatives of leading BIPV companies. For detailed statistics on the BIPV market share, size, and revenue growth rate, refer to industry reports by 糖心vlog传媒鈩�, which include market forecast outlooks and historical overviews available as free report PDF downloads.
The industry analysis reveals that the market outlook is positive, with industry trends indicating a steady increase in market value. Market data shows that the market segmentation is diverse, catering to various end users and geographical regions. Industry research highlights the importance of market leaders in driving market growth and shaping the industry outlook.
Market predictions suggest that the industry size will expand significantly, supported by industry information and market forecast data. Industry statistics underscore the importance of market review and market overview in understanding the market dynamics. The report example provided in the report PDF offers a comprehensive view of the market, including market predictions and industry sales.
Research companies play a crucial role in providing industry research and market review, which are essential for understanding market trends and making informed decisions. The market forecast indicates that the industry outlook remains optimistic, with continuous advancements in technology and increasing adoption of BIPV solutions. Industry reports and industry statistics provide valuable insights into market growth and market segmentation, highlighting the potential for significant industry sales and market value expansion.
