Published Date : 23 Jun 2023
The global building integrated photovoltaics market size surpassed USD 24.35 billion in 2022 and is expected to attain around USD 132.6 billion by 2030, expanding at a strong CAGR of 23.6 percent throughout the projection period from 2022 to 2030.
The use of renewable energy resources. Has increased in various parts of the world in recent years. The increase in the global population has also increased the use of such resources. Opportunities are provided for the growth of both the energy sector and the construction industry. Building integrated photovoltaics help in improving the appearance of the building and help in maintaining the economy. These building-integrated photovoltaics help in meeting the energy requirement of the buildings.
Across the world, about 50% of the production scale of the technologies in the PV industry is done by China and it is expected to remain at the top in the coming years. Asian countries like China, Japan, and India have proved themselves in the field of solar power generation with all the use of innovative technologies for rooftop PV and other applications. The Asia Pacific region has been extremely successful in implementing solar PV technologies in many industries and it was done in a very cost-effective way. As the construction industry in US is growing the commercial spaces in US are expected to provide a great market for building integrated photovoltaics. The Middle East and Africa are expected to see good growth due to increased tourism. The building-integrated photovoltaics market is expected to grow in the Middle East and Africa due to the growth of the construction industry in the coming years.
Building Integrated Photovoltaics Market Report Scope:
|Market Revenue in 2023||USD 30.09 Billion|
|Projected Forecast Revenue in 2030||USD 132.6 Billion|
|Growth Rate from 2022 to 2030||CAGR of 23.6%|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The integrated use of solar energy solutions for the optimized use of energy in commercial buildings and it provides architectural optimization hence the market shall grow during the forecast period. The excessive use of coal, oil and other resources has created a deficit of these supplies and increased the competition for solar power generation and there is an increase in the designing of the construction sectors as well as an increase in the awareness of the importance of using clean energy. The market for Building integrated photovoltaic systems is expected to grow during the forecast period.
One of the biggest restraints of the business-integrated photovoltaics industry is the availability of the technology of rooftop solar photovoltaic and the cost of which is falling as compared to be BIPV it is faster and thus it is leading to an increase in the number of customers preferring the rooftop solar.
In the future, there should be increased investment in R&D, operations and breakthroughs in solar and other related technologies for the investors to have trust in this industry, which shall help in the market to grow. Various startups in the technology industry shall enter the market in order to develop integrated photovoltaics by using various innovative methods and current technologies in order to build something better to provide to the market. An upgrade in the current portfolios by the suppliers already existing in the market shall also help in the growth of the market during the forecast. Apart from all these factors the installation of new and more efficient solar panels will also provide with a great deal of opportunities during the forecast period and expand the BIPV market.
For the building-integrated photovoltaic roof solution, there is an absence in the similarity of the photovoltaic tiles happens to be a great challenge in the growth of the market. The absence of uniformity leads to a decreased demand for roofing solutions. In many major nations, the market for slanting roof designs has great potential. In the Asia Pacific market and the Middle East and African market, there are facade applications or thin-film Building integrated photovoltaics applications that are more prevalent.
Major Key Players:
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