The global Building-Integrated Photovoltaics Market is currently valued at USD 19.82 billion and is poised to amplify at a CAGR of 20.5% over 2022-2030, thereby amassing a valuation of USD 88.38 billion by end of the assessment timeframe.
Building-Integrated Photovoltaics Market: Overview
Solar power generating products or systems that are smoothly incorporated into the building envelope and part of building components such as façades, roofs, or windows are known as building-integrated photovoltaics (BIPV). A BIPV system is a dual-purpose component of the building skin that transforms solar energy into electricity while also providing building envelope insulation.
Roles Of Building-Integrated Photovoltaics Are:
- Weather protection
- Thermal insulation
- Noise protection
- Daylight illumination
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Key Market Trends- Growth Determinants and Restraints
The Global building-integrated photovoltaics Market is developing at a quicker pace with significant development rates throughout the most recent couple of years and is assessed that the market will fill essentially in the gauge period for example 2022 to 2030.
The building-integrated Photovoltaics market is expected to grow fast due to the rapid expansion of PV (photovoltaic) capacity across various countries and the rise in renewable energy demand.
The market for building-integrated photovoltaics is predicted to develop in the future as demand for zero-energy buildings grows. Zero-energy buildings combine energy efficiency and renewable energy generation to consume only the amount of energy that can be generated onsite utilising renewable resources over a specific time period. The demand for zero energy buildings is increasing as global concern about carbon emissions from buildings and building construction grows. Building-integrated photovoltaics materials offer a cost-effective solution for building skins and aid in the achievement of net-zero energy structures.
Increased awareness of energy security and self-sufficiency, as well as favourable government legislation, are expected to boost market growth in the coming years, as is the unilateral commitment of countries like Italy, Germany, France, the United States, China, Japan, and India to the Kyoto Protocol, a programme aimed at reducing greenhouse gas (GHG) emissions.
Segmentation Analysis of this Market
Based on technology
- Crystalline silicon
- Thin film
Based on application
Based on end-user
Europe is expected to hold the largest market share
North America, Europe, Latin America, Asia Pacific, and Middle East and Africa are the major regions constituting the geographical landscape of Global building-integrated photovoltaics market. Europe presently dominates the market with the largest market share among others.
The Key players in the Global building-integrated photovoltaics market are First Solar Inc., Sharp Corporation, Yingli Solar, Solar Frontier, SunPower Corporation, Hanwha Solar, Renewable Energy Corporation (REC), Panasonic, Kyocera Document Solutions Company, Canadian Solar Inc., Suntech Power Holdings Co. Ltd., Harsha Abakus Solar Private Limited, Ascent Solar Technologies Inc., Greatcell Energy Limited, and Global Solar Energy Inc.
The Global building-integrated photovoltaics market is expected to increase at a significant rate during the figure time period, somewhere in the range of 2022 to 2030. In 2020, the market was developing at a consistent rate and with the increasing reception of systems by key players, the market is supposed to ascend over the projected skyline.
Major questions answered in this report
- What is the growth rate of this Market?
- What are the primary growth determinants of this market?
- Which are the major regions constituting the geographical landscape of this Market?
- Which are the prominent companies operating in this Market?
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Key takeaways from the report-
- The Global building-integrated photovoltaics market register a growing CAGR of over 20.5% from 2022 to 2030.
- Europe to lead the market with the highest market share.
- The building-integrated Photovoltaics market is expected to grow fast due to the rapid expansion of PV (photovoltaic) capacity across various countries and the rise in renewable energy demand.
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