The global building-integrated photovoltaics market size is expected to reach USD 89.80 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 21.0% from 2023 to 2030. The rapid expansion of the solar photovoltaic (PV) installation capacities of different countries, coupled with increasing demand for renewable energy sources, is expected to drive the growth of the market across the world. The rising consumer awareness coupled with the product’s superior performance over the last decade has primarily driven the market for building-integrated photovoltaics (BIPV).
The crystalline silicon segment led the market in 2022 and had a market share of 71.0%. The crystalline silicon segment was the dominant segment in 2022 which is attributed to the high strength of crystalline silicon BIPV coupled with superior resistance to adverse weather conditions. This segment is driven by declining prices of crystalline silicon cells, which is expected to lower the installation cost in the coming years.
Favorable government legislations, coupled with the unilateral obligation of countries such as Germany, Italy, France, the UK, the U.S., China, Japan, and India to the Kyoto Protocol, designated to reduce greenhouse gas (GHG) emissions, are also expected to promote the growth of the market in the coming years.
In application, roof installations led the market with a market share of 61.46% in 2021. Photovoltaics integrated with building roofs are known to exhibit efficiency due to improved incidence of light on the roof surface. The development of interlocking roof systems that use interlocked tiles, which provide a high conversion efficiency and a significant reduction in the weight of building integrated roofs, is likely to drive the market over the forecast period.
Based on the end-user, the industrial segment led the BIPV market in 2021 and had a market share of 40.13%. The demand for BIPV in industrial establishments is likely to grow as the consumers in this segment are not price-sensitive and emphasize on reducing the overall cost for companies. In addition, several industries, in a bid to project an environment-friendly image to their consumers, adopt these solutions.
The demand for BIPV installations is anticipated to be fueled by the improvements observed in their operational efficiency. In addition, the growing affinity of multinationals toward the adoption of environment-friendly energy sources is likely to have a positive impact on the BIPV market.
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Roof installations segment accounted for 61.57% of revenue share in the overall market. The demand for building integrated roofs is expected to increase over the forecast period due to the development of superior products
The Industrial segment accounted for about 40.31% of revenue share in 2022. companies in developed economies in Europe exhibit an increased tendency toward the use of integrated photovoltaics in a bid to improve the aesthetic appeal of buildings
As of 2022, Europe accounted for about 37.42% revenue share in the overall market. Countries like Germany and Italy are increasingly emphasizing the use of solar energy, which is expected to translate into higher adoption of BIPV, thus promoting industry growth over the forecast period
Grand View Research has segmented the global building-integrated photovoltaics market based on technology, application, end-use, and region:
Building-integrated Photovoltaics Technology Outlook (Revenue, USD Million, 2018 - 2030)
Building-integrated Photovoltaics Application Outlook (Revenue, USD Million, 2018 - 2030)
Building-integrated Photovoltaics End-use Outlook (Revenue, USD Million, 2018 - 2030)
Building-integrated Photovoltaics Regional Outlook (Revenue, USD Million, 2018 - 2030)
Central & South America
Middle East & Africa
List of Key Players of Building-integrated Photovoltaics (BIPV) Market
Hanergy Mobile Energy Holding Group Limited
The Solaria Corporation
Onyx Solar Group LLC
NanoPV Solar Inc.
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