by The building integrated photovoltaics (BIPV) market comprises solar photovoltaic components which are utilized as a substitute to conventional building materials in eco-friendly buildings. BIPV systems are incorporated into the infrastructure components of the building such as facades, skylights, and rooftops which generate on-site renewable energy. The wide application of BIPVs in residential and commercial sectors is driving the market growth. BIPVs provide architectural benefits, lower down building costs and maintenance over conventional materials.
The Global Building Integrated Photovoltaics Market is estimated to be valued at US$ 28.13 Bn in 2024 and is expected to exhibit a CAGR of 17.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the building integrated photovoltaics market are Sika AG, Tesla, Inc., Solaria Corporation, SunPower Corporation, First Solar, Inc., JinkoSolar Holding Co., Ltd., Hanwha Q CELLS, BASF SE, Canadian Solar Inc., LG Electronics, Kyocera Corporation, Trina Solar Limited, Sharp Corporation, REC Group, GAF Energy, Onyx Solar, Wacker Chemie AG, SolarWorld Industries, Renesola Ltd., and Ascent Solar Technologies, Inc. Key players are investing in improving efficiencies of solar modules and system integration to boost the market.
The growing Building Integrated Photovoltaics Market Trends for renewable energy sources and supportive government policies and incentives for adoption of BIPVs is fueling the market growth. Many countries globally have set domestic content requirements and net-metering policies to promote local manufacturing and use of renewable energy in buildings.
Geographical expansion of major players into emerging markets of Asia Pacific, Middle East, and Latin America through partnerships, joint-ventures and strategic projects is expected to drive the global building integrated photovoltaics market during the forecast period.
Market Key Trends
One of the key trends in the building integrated photovoltaics market is the commercialization of highly efficient thin-film solar modules. Thin-film solar cells can be easily integrated into building components while offering flexibility in design. Ongoing R&D is focused on development of thin-film solar modules with power conversion efficiencies over 20%. Increased focus on smart technologies is another trend where BIPVs are being integrated with IoT solutions and energy storage for off-grid and grid-connected applications in the construction sector.
Porter’s Analysis
Threat of new entrants: New firms can enter the building integrated photovoltaics market easily as the initial setup costs are moderate. However, established players have economies of scale and customer loyalty which acts as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many established players providing similar products. Switching costs are also low.
Bargaining power of suppliers: Original component manufacturers have significant influence over this market as a few large suppliers dominate the global supply of photovoltaic cells and modules.
Threat of new substitutes: There exists substitution threat from other renewable sources of energy like wind and solar. However, building integrated photovoltaics has an advantage of utilizing otherwise wasted building space.
Competitive rivalry: The market is growing at a healthy rate with new product developments. Players compete on the basis of efficiency, aesthetics, costs and services.
Geographical regions: Europe accounts for the largest share in building integrated photovoltaics market currently. Countries like Germany, Netherlands, Switzerland have adopted aggressive solar power policies leading to high installations.
Asia Pacific region is expected to be the fastest growing market during the forecast period due to expanding construction activity coupled with supportive renewable energy policies in China, Japan and India.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
