Global building integrated photovoltaics market analysis and insights
The global Building Integrated Photovoltaics (BIPV) market estimated at US$17.9 billion in the year 2022 is now projected to grow at a CAGR of 21.19% and reach US$68.7 billion by 2028.
The increasing demand for building integrated photovoltaic materials can be attributed to the rising integration of solar energy solutions in commercial infrastructures for architectural optimization and energy conservation. Moreover, growing environmental concerns towards the depleting non-renewable power resources, such as oil, coal, etc., have further bolstered the demand for solar power generation. Additionally, rapid modernization in the construction and building sector along with the increasing focus on clean energy has fueled the demand for green or zero- emission buildings. Furthermore, the growing consumer awareness towards several ecological benefits of BIPV has resulted in the rising adoption of solar energy harnessing systems in the residential sector. Apart from this, implementation of favorable government policies supported by several initiatives for promoting the need for reducing carbon footprints have also catalyzed the demand for building integrated photovoltaics on a global level.
Furthermore, the increasing demand for BIPV components in the developed regions, such as North America and Europe, is primarily driven by the supporting infrastructural developments in the form of optimum grid-parity of photovoltaic solutions supported by several financial incentives offered by regional governments. On the other hand, several emerging economies, such as India, China, Vietnam, etc., are experiencing high product demand due to the reduced solar installation costs and wide availability of BIPV materials across these countries. Moreover, various technological advancements coupled with the increasing penetration of wireless connectivity have led to the introduction of automated BIPV components, thereby bolstering the market growth. Additionally, rising investments in several R&D activities for the superior integration of advanced module technologies are also driving the product demand.
Building integrated photovoltaics regional market insights
North American building integrated photovoltaics (BIPV) market is expected to grow significantly over the forecast period. This growth can be attributed to new constructions, retrofits and refurbishment works in both commercial and residential sectors. Advancements in technology that enhance efficiency as well as reduce silicon prices and thus BIPV costs is also expected to fare well for the market`s progress. U.S. contributed around 78% of the total North American BIPV market and is estimated to have a market value of US$3.14 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 18.94% and 17.20% respectively over the 2021-2027 period.
Asia-Pacific BIPV market is anticipated to witness an upsurge owing to the rapid urbanization and the growing industrial sector in the region. The demand for BIPV products and solutions is anticipated to remain high in economies such as China, Japan and India owing to the increasing efforts by governments to adopt these solutions. China is expected to dominate the Asia-Pacific market and reach a market size of US$10.86 billion by 2028.
Within Europe, Germany, Italy and France are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 19.03% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.
Key players
Key players profiled in the report include AGC Inc.; Ascent Solar Technologies, Inc.; BELECTRIC GmbH; BiPVco; BISOL Group, d.o.o.; Canadian Solar, Inc.; CertainTeed Corporation; Ernst Schweizer AG; Ertex Solar; Exasun BV; First Solar, Inc.; Hanergy Holding Group Ltd.; Hanwha Q CELLS Co., Ltd.; Heliatek GmbH; Meyer Burger Tech AG; Onyx Solar Group LLC; Scheuten; Trina Solar; Wuxi Suntech Power Co., Ltd. and Yingli Green Energy Holding, among others.
Competitive Landscape
September 21, 2023 – First Solar, Inc. broke ground on a previously announced manufacturing facility in Iberia Parish, Louisiana, its fifth fully vertically integrated factory in the United States. The ceremony was attended by the Governor of Louisiana, John Bel Edwards, and other dignitaries from the state.
August 09, 2023 – Canadian Solar Inc. and EDF Renewables North America announced the signing of a multi-year module supply agreement to deliver up to 7-gigawatts (GW) of high efficiency N-type TOPCon solar modules to be produced at Canadian Solar’s new factory in Mesquite, Texas.
Building integrated photovoltaics market scope
- By technology
- Crystalline silicon
- Monocrystalline silicon PV
- Polycrystalline silicon PV
- Thin film
- Others
- Crystalline silicon
- By application
- Roofs
- Solar glass
- Awnings and canopies
- Facades and cladding
- Others
- By end-use segment
- Residential buildings
- Non-residential buildings
- Commercial buildings
- Industrial buildings
- Others
- By region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
| Report Attribute | Details |
| No. of Pages | 278 |
| Published | October-2023 |
| Forecast Period | 2022-2028 |
| Estimated Market Size in 2022 | US$17.9 billion |
| Forecasted Market Size by 2028 | US$68.7 billion |
| CAGR | 21.19% |
| Regions Covered | North America, South America, Europe, Asia Pacific, Middle East and Africa |
| Companies Mentioned | AGC Inc.; Ascent Solar Technologies, Inc.; BELECTRIC GmbH; BiPVco; BISOL Group, d.o.o.; Canadian Solar, Inc.; CertainTeed Corporation; Ernst Schweizer AG; Ertex Solar; Exasun BV; First Solar, Inc.; Hanergy Holding Group Ltd.; Hanwha Q CELLS Co., Ltd.; Heliatek GmbH; Meyer Burger Tech AG; Onyx Solar Group LLC; Scheuten; Trina Solar; Wuxi Suntech Power Co., Ltd. and Yingli Green Energy Holding, among others. |
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
Research Methodology
