- Rise in the demand for electricity globally is projected to lead to the growth of the Building-Integrated Photovoltaics Market at a CAGR of 23.2% during 2022-2031
- Surge in the adoption of renewable energy sources in Europe is estimated to help in the regional market growth in the near future
WILMINGTON, Del., Nov. 15, 2022 /PRNewswire/ -- An assessment by Transparency Market Research (TMR) states that the global Building-Integrated Photovoltaics Market is prognosticated to reach a value of US$ 94.4 Bn by the end of 2031. Besides, the TMR review notes that the market for building-integrated photovoltaics is expected to grow at a CAGR of 23.2% during the forecast period, from 2022 to 2031.
The application of crystalline silicon cells is being rising in building roofs using smart mounting systems. These systems replace parts of roof while maintaining the integrity of a roof intact. The adoption of such integration is rising owing to the high efficiency and minimum investments in such projects. Hence, the crystalline silicon technology segment is projected to maintain its prominent position during the forecast period, as per the study by TMR. This aside, the thin film segment of the market is anticipated to show growth at significant pace during the forecast period due to increase in the adoption of technological advancements, which are resulting into the launch of innovative products.
Major market players are focusing on the development of environmental-friendly building-integrated photovoltaics solutions. Hence, they are seen investing substantial amounts in R&Ds. Moreover, companies are using the strategies of mergers, acquisitions, and new product launches in order to expand their businesses. These efforts, in turn, are likely to boost the market growth, state TMR analysts.
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Market Key Findings
- With surge in understanding regarding the concerns pertaining to the greenhouse gas emissions, the government authorities of many developed and developing countries are implementing stringent regulations. Hence, major market players are investing in R&Ds in order to develop cost-effective renewable energy generation sources, states a TMR review that sheds light on the Building-Integrated Photovoltaics Market trends.
- Major nations are focusing on strengthening their electricity generation capabilities. Hence, they are investing in the launch of new electricity generation plants. In addition, they are also focusing on catering to the rising market demands by expanding the capacity of their existing plants. Such factors, in turn, are likely to help in the expansion of the Building-Integrated Photovoltaics Market share during the forecast period.
- The market is estimated to gain promising growth prospects in the near future owing to surge in the number of retrofit projects that utilize building-integrated photovoltaics in commercial establishments. This aside, increase in the focus on the visual appearance of solar energy harnessing systems across various commercial establishments is estimated to boost the sales of building-integrated photovoltaics solutions in the upcoming years.
Market Growth Boosters
- Increase in the demand for electricity across the globe is prognosticated to boost the Building-Integrated Photovoltaics Market size during the forecast period
- Rise in the construction activities across major developing nations is one of the prominent Building-Integrated Photovoltaics Market growth factors
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Market Regional Analysis
- The market is estimated to gain sizable business prospects in Europe during the forecast period owing to surge in the understanding among consumers about renewable energy
- The Asia Pacific market is projected to attract profitable prospects in the near future owing to rising focus of government authorities of several regional nations including Japan and China on the adoption of building-integrated photovoltaics solutions
Market Key Players
Some of the key players profiled in the report are:
- BIPVco Ltd.
- ISSOL sa
- ertex solartechnik GmbH
- ViaSolis
- NanoPV Solar Inc.
- Sphelar Power Corporation
- Ankara Solar AS
- Navitas Green Solutions Pvt. Ltd
- Onyx Solar Group LLC
- Hermans Techniglaz BV
- Polysolar Ltd
- Jiaxing Feiya New Energy Co., Ltd.
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Market Segmentation
Technology
- Crystalline Silicon
- Thin Film
- Others
Application
- Roofs
- Facades
- Windows
- Others
End-user
- Residential
- Commercial
- Industrial
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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