Building Integrated Photovoltaics Market to Grow by USD 36.17 Billion (2024-2028), Driven by Demand to Lower Energy Costs, Report Highlights AI's Impact - Technavio

NEW YORK, Nov. 14, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global building integrated photovoltaics market  size is estimated to grow by USD 36.17 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 21.25%  during the forecast period. Rising demand to reduce energy costs is driving market growth, with a trend towards growing number of green building. However, intermittent nature of solar power  poses a challenge.Key market players include AGC Inc., BELECTRIC Solar and Battery GmbH, Canadian Solar Inc., ertex solar, First Solar Inc., Hanergy Thin Film Power EME BV, Harsha Abakus Solar Pvt. Ltd., Heliatek GmbH, Kyocera Corp., Meyer Burger Technology AG, Onyx Solar Group LLC, PowerFilm Solar Inc., Reliance Industries Ltd., SCHOTT AG, Sharp Corp., Solaria Corp., Trina Solar Co. Ltd., United Solar Ovonic Inc., Wuxi Suntech Power Co. Ltd., and Yingli Green Energy Holding Co. Ltd..

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Key Market Trends Fueling Growth

The Building Integrated Photovoltaics (BIPV) market is experiencing significant growth as businesses and homeowners seek to incorporate renewable energy sources into their structures. The solar panel market is booming, with disposable income levels enabling residential and commercial building integrations. BIPV systems are being integrated into roof systems, solar walls, and building-integrated walls, as well as facades, skylights, and shading and membranes. Crystalline silicon and thin film are popular photovoltaic materials, with thin-film solar panels and semi-transparent solar panels gaining traction. The industrial segment is a key driver, with energy conservation, environmental concerns, and carbon footprint reduction being top priorities. BIPV components, such as wireless connectivity and heat generation, offer technological advancements. However, labor shortages and recovery from the pandemic pose challenges. The construction sector is embracing BIPV for energy-efficient buildings, fuel efficiency, and health benefits, reducing reliance on non-renewable power resources like oil and coal. BIPV systems offer ecological benefits, lower energy bills, and smaller carbon footprints. 

Buildings consume approximately 40% of the world's energy and are the largest contributors to greenhouse gas emissions, surpassing the transportation sector. Generating sufficient energy for a building's operation is costly and depletes natural resources. To address this issue, Building Integrated Photovoltaics (BIPV) offers a solution. BIPV integrates solar panels into a building's structure, generating clean energy on-site. This reduces a building's energy consumption from external sources and lowers its carbon footprint. BIPV is an investment in energy efficiency and sustainability for the long term. 

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Market Challenges

• The Building Integrated Photovoltaics (BIPV) market is growing as businesses and homeowners seek to integrate renewable energy sources into their structures. However, challenges persist in this sector. The solar panel market faces competition from disposable income levels, making residential and commercial building integrations more appealing. Integrating solar panels into roof systems and walls, including solar walls and BIPV facades, presents opportunities for thin film and organic photovoltaics. Roof installation, solar walls, and facades using photovoltaic materials require careful planning and coordination with conventional building materials. Industrial segment adoption of BIPV components, such as shading and membranes, is increasing due to energy conservation, environmental concerns, and the shift away from non-renewable power resources like oil and coal. Solar power generation offers clean energy with ecological benefits and reduced carbon footprints. However, labor shortages and recovery post-pandemic pose challenges. BIPV systems using thin-film PV and crystalline PV are being integrated into energy-efficient buildings, reducing conventional power usage and energy bills, while providing health benefits and household adoption. Wireless connectivity and heat generation technologies enhance the value proposition of BIPV systems in the construction sector.
• Solar power prices have led to an increase in photovoltaic (PV) installations, but the intermittent nature of solar energy presents challenges. Solar power output depends on panel efficiency, solar irradiation, and shading, which can vary throughout the day and with cloud cover. Building integrated photovoltaics (BIPV) systems connect to the electricity grid, making grid management more complex due to solar power's intermittency. This variability significantly impacts power systems, requiring careful management to maintain a stable electricity supply.

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Segment Overview 

This building integrated photovoltaics market report extensively covers market segmentation by

1. End-user 
• 1.1 Commercial
• 1.2 Residential
• 1.3 Industrial
2. Panel Type
• 2.1 Crystalline panel
• 2.2 Thin-film panel
3. Geography 
• 3.1 Europe
• 3.2 APAC
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Commercial-  The commercial segment dominates the global Building Integrated Photovoltaics (BIPV) market due to the higher energy consumption in commercial buildings compared to residential ones. BIPV systems enable these structures to generate their electricity, decreasing reliance on grid-connected power and resulting in substantial energy cost savings over time. Governments worldwide are promoting energy management systems and BIPV technologies to enhance building efficiency. Financial incentives for alternative energy sources like solar power are being offered by governments to lower carbon emissions, making the BIPV market an appealing investment opportunity. Institutions, offices, hospitals, and small- and medium-sized entrepreneurs are heavily investing in solar energy to minimize their dependence on grid-connected power. The commercial sector is projected to expand steadily during the forecast period due to the increasing demand for office space, hospitals, and other commercial establishments. BIPV systems significantly improve the return on investment for various commercial buildings by maximizing energy savings. Initiatives such as the US Better Buildings Program, which aims to improve the energy efficiency of commercial buildings by 20% by 2020 through investments in clean energy technologies and cost-effective upgrades, further boost the market. Government policies and incentives play a significant role in fostering renewable energy adoption, and stimulus packages and policies supporting green initiatives and infrastructure projects could positively impact the global BIPV market during the forecast period.

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Research Analysis

Building-integrated photovoltaics (BIPV) is an innovative approach to renewable energy that combines solar panels with building structures, transforming conventional building materials into energy-generating assets. This market is witnessing significant growth due to the increasing adoption of solar panels in both residential and commercial sectors. Renewable energy sources, particularly solar, are gaining popularity as disposable income levels rise and energy bills become a larger expense. BIPV systems can be integrated into various building components such as roofs, skylights, facades, and even solar panels themselves, using photovoltaic materials instead of conventional ones. The construction sector is embracing BIPV systems as a way to reduce energy consumption, lower carbon footprints, and comply with favorable government regulations. Thin-film solar panels, such as amorphous silicon and cadmium telluride, are commonly used in BIPV due to their flexibility and aesthetic appeal. Both crystalline PV and thin-film PV have their unique advantages and applications in residential, commercial, and industrial buildings.

Market Research Overview

Building Integrated Photovoltaics (BIPV) is an innovative approach to renewable energy that involves integrating solar panels into the fabric of buildings, replacing conventional building materials with photovoltaic ones. This market encompasses various applications such as roof systems, solar walls, facades, skylights, and shading and membranes. The Solar panel market is experiencing significant growth due to disposable income levels and increasing concerns for energy conservation and environmental concerns. BIPV components include crystalline silicon, thin film, and Organic Photovoltaics (OPV), with thin-film and semi-transparent solar panels gaining popularity. The construction sector is embracing BIPV as a solution to reduce reliance on non-renewable power resources like oil and coal, and to generate clean energy with ecological benefits. BIPV systems offer architectural optimization, wireless connectivity, heat generation, and energy efficiency, making them an attractive option for residential, commercial, and industrial segments. Despite labor shortages and recovery challenges, the BIPV market continues to expand, offering opportunities for technological advancements and fuel efficiency improvements. Household adoption of BIPV systems is increasing due to energy bill savings, carbon footprint reduction, and health benefits.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Commercial
• Residential
• Industrial
• Panel Type
• Crystalline Panel
• Thin-film Panel
• Geography
• Europe
• APAC
• North America
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio