Major building-integrated photovoltaics (BIPV) market players include Merck KGaA, The Dow Chemical Company, AGC Inc., Changzhou Almaden Co. Ltd, Heliatek GmbH, Carmanah Technologies Corporation, Dyesol Ltd., Ertex solartechnik GmbH, ISSOL SA, and Tesla Inc.
New York, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global building-integrated photovoltaics market size is slated to expand at ~20% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 136 billion by the end of 2035, up from a revenue of ~USD 20 billion in the year 2022.The growth of the market is poised to expand on account of the growing demand for electricity. The pace of growth in the global consumption of energy is expected to exceed about 3% in 2022 and roughly 2% in 2023. This is significantly lower than the about 3% five-year pre-pandemic average. The projected rise in this percentage is approximately 4% by 2024. Hence, this is also increasing demand for building-integrated photovoltaics.
Photovoltaic modules are integrated into the building envelope, such as the facade or roof, as part of a Building Integrated Photovoltaics (BIPV) system. BIPV systems may save money on materials and electricity, lessen the building's reliance on fossil fuels and emissions of ozone-depleting gases, and enhance the building's architectural appeal by acting as both a power producer and a building envelope material. For instance, by 2050, BIPV might decrease the globe's CO2 emissions by over 7 gigatons annually.
Surge in Urban Population to Boost the Growth of Global Building-Integrated Photovoltaics Market
Around the world, about 2 billion people are located in rural areas and approximately 3 billion in metropolitan areas as of 2021. The number of people who reside in cities worldwide has increased significantly, from over 750 million in 1950 to about 3 billion in 2021, and is expected to reach close to 5 billion by 2050, adding about 2 billion people to metropolitan regions. Also, the focus on smart cities is rising with the rising urban population. BIPV is an essential element as cities around the globe transform into smart, sustainable centers. By combining BIPV into smart grids and urban infrastructure, people can create sustainable energy to fulfil the energy requirements of our ever-growing urban population.
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Government Initiatives to Lower the Carbon Emission to Drive the Growth of the Market in North America
The building-integrated photovoltaics market in North America is set to rise by garnering the highest share of about 38% over the projected period. The major element to encourage the market growth in this region is rising government initiatives for the adoption of renewable energy and reduce emission. In order to convert thousands of homes and businesses into cutting-edge, energy-efficient structures, the U.S. Department of Energy (DOE) recently announced USD 61 million for ten pilot projects.
Surge in Investment in Solar Energy to Influence the Market Expansion in Asia Pacific
The building-integrated photovoltaics market in Asia Pacific is set to have significant growth in the market over the forecast period. This could be on account of rising investment in solar energy. For instance, an impressive about UDD 2 trillion is expected to be invested in power generation in the Asia Pacific area, with a major emphasis on renewable energy.
Building-Integrated Photovoltaics, Segmentation by Type
Thin-Film
Crystalline
The crystalline segment is poised to generate the highest market share of about 60% over the forecast period. This could be on account of the growing construction of residential buildings along with growing government initiatives. The government intends to support the construction of about USD 0.03 billion residences in rural regions as part of the PMAY-G programme, with the goal of providing "housing for all" by 2022.
Building-Integrated Photovoltaics, Segmentation by Application
Industrial
Commercial
Residential Buildings
The industrial segment is predicted to have notable growth in the market over the forecast period. Numerous industrial processes, such as food processing, chemical synthesis, mineral processing, water desalination, and increased oil recovery, can be carried out when heated by solar energy. Hence, with the growth in these activities the segment is estimated to grow further. For instance, around 112 million metric tons, that amount has almost quadrupled by 2022. The production volume of natural fibers, such cotton and wool, was over 24 million metric tons, while the remaining close to 86 million metric tons were produced by chemical fibers.
A few of the well-known industry leaders in building-integrated photovoltaics market that are profiled by Research Nester are Merck KGaA, The Dow Chemical Company, AGC Inc., Changzhou Almaden Co. Ltd, Heliatek GmbH, Carmanah Technologies Corporation, Dyesol Ltd., Ertex solartechnik GmbH, ISSOL SA, Tesla Inc., and others.
Recent Development in the Market
The Dow Chemical Company revealed the expansion of its silicone sealant products and the DOWSIL PV Product folio, which includes six silicone-based sealants and adhesives. These products were used to provide construction integrated photovoltaics installation materials with increased performance and durability.
The Takanawa Gateway Station in Minato-ku, Tokyo, has chosen to use AGC Inc.'s Building-integrated Photovoltaic (BIPV) technology. The station officially opened for business on March 14, 2020. The product was mounted on the station's wall surfaces as well as the top of the Tokyo-bound platform at Takanawa Gateway Station.
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