Building-integrated Photovoltaics Market Size, Share & Trends Analysis Report By Technology (Crystalline Silicon, Thin Film), By Application (Roofs, Glass), By End Use (Industrial, Commercial), And Segment Forecasts, 2021 - 2028

Report Overview

The global building-integrated photovoltaics market size was valued at USD 14.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.0% from 2021 to 2028. The increasing efforts by the national governments for the installation of solar energy panels are anticipated to drive the market over the next seven years. The rising awareness regarding green infrastructure, including buildings with energy efficiency, is expected to boost the demand for building-integrated photovoltaics (BIPV). BIPV provides a sustainable and effective solution for enhancing the energy efficiency of the structure, retrofitting the exterior of the structure, and providing significant savings in conventional power consumption.

The market in the U.S. is anticipated to witness prominent growth owing to the rising implementation of supportive government regulations including financial benefits and incentives to promote green infrastructure across the country. In addition, rising investments in the U.S. solar industry are expected to increase the solar energy integration in the residential and commercial sectors over the forecast period.

The intermittent nature of renewable solar energy and high initial project costs are among the major factors restraining the market growth over the forecast period. However, growing investments in research and development activities leading to rising technological advancements in newly manufactured modules are expected to keep the building-integrated photovoltaics market on track.

In June 2020, European researchers from the Interdisciplinary Research Institute of Grenoble have developed solar PV panels in variable colors that can self-adjust to the intensity of light and the temperature level of buildings with glass exteriors and large windows. The mini-modules have an efficiency rating of 3.68% and an area of 14 square centimeters, significantly reducing the manufacturing cost of PV panels.  

Technology Insights

Crystalline silicon technology dominated the market with a share of over 70.0% in 2020. This is attributed to its superior resistance to adverse weather conditions and high strength. The global market is expected to be driven primarily by the declining price of crystalline silicon cells, which, in turn, is expected to lower the installation cost over the next seven years.

The growing demand for thin-film modules specifically for windows is likely to strengthen the segment growth over the forecast period. The segment is likely to witness above-average demand on account of thin-film manufacturing from lightweight and flexible materials, its strong durability, and narrow design. However, higher-grade silicon films offer enhanced space efficiency as compared to thin-film technology, thereby restricting segment growth.

Application Insights

The roofs application segment accounted for the larger revenue share of above 60.0% in 2020 owing to the availability of a larger panel installation area for BIPV. Countries such as the U.S., the U.K., Germany, and France are expected to witness increased demand for roof installations in the residential sector. In addition, the growing deployment of energy storage systems is expected to facilitate the demand for off-grid solar PV systems over the forecast period.

The glass segment is anticipated to exhibit the fastest CAGR over the forecast period owing to the improved aesthetic appeal of the product. The integration of photovoltaic energy systems with glass and the ease of installation are expected to positively influence segment growth. Moreover, growing urbanization has resulted in the construction of solar-integrated curved glass buildings that tend to receive a higher concentration of solar rays.

End-use Insights

The industrial segment occupied the largest revenue share of above 40.0% in 2020. Government initiatives focusing on reducing the dependence on conventional power generation sources and increasing the share of renewable sources in the energy mix are expected to drive the industrial segment. The growing number of utility-scale projects across various countries further provides a boost to the industry segment growth.

The commercial segment is projected to witness considerable growth over the forecast period owing to the increasing awareness about zero-emission green infrastructure. BIPV installations improve the aesthetic appeal of commercial establishments and provide major savings on electricity consumption, thereby driving the product deployment across the commercial segment.

The residential segment is estimated to expand at a significant CAGR over the forecast period owing to the growing demand for off-grid solar PV panels, along with the rising availability of energy storage systems. Government subsidies in form of net-metering schemes are expected to further bolster the demand for residential rooftop BIPV systems over the forecast period.

Regional Insights

Europe accounted for the largest revenue share of 39.8% in 2020. Countries such as the U.K., Italy, Spain, and France are significantly contributing to regional growth. The European Commission's supportive directives in the form of financial incentives, such as subsidies on photovoltaic integration, are expected to further accelerate the regional market growth. In addition, Europe has been drastically reducing the levelized cost of electricity (LCOE) of its solar installations, thus offering lucrative growth opportunities to the industry.

North America occupies a significant position in the market with the U.S. and Canada being the major revenue contributors to the regional market growth. The presence of norms and favorable regulations to expand BIPV installations across commercial and industrial establishments is bound to positively influence market growth. According to the Solar Energy Industries Association, the U.S. solar industry received an investment of USD 18.0 billion in 2019.

Key Companies & Market Share Insights

Industry participants are following strategic initiatives, such as innovative product development and mergers & acquisitions, to enhance their global presence. Moreover, market players are investing in research and development activities to reduce the overall cost of BIPV installations. Industry practices local production in order to offer local employment, optimize logistics cost and minimize emissions. Forward integration is expected to reduce the vulnerability of companies to investment risk as manufacturers are set up with end users acquiring BIPV in bulk amount. Some prominent players in the global building-integrated photovoltaics market include:

• AGC Solar

• Belectric

• Heliatek GmbH

• Carmanah Technologies Corp.

• Dyesol Ltd. (Greatcell Solar Ltd.)

• Ertex solartechnik GmbH

• ISSOL SA

• Canadian Solar Inc.

• Onyx Solar Energy S.L.

• Tesla Inc.

Building-integrated Photovoltaics Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global building-integrated photovoltaics market report on the basis of technology, application, end use, and region:

• Technology Outlook (Revenue, USD Million, 2016 - 2028)

  • Crystalline Silicon

  • Thin Film

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Roofs

  • Walls

  • Glass

  • Facade

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Residential

  • Commercial

  • Industrial

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa