Latest News- Building Integrated Photovoltaics Market: Commercial is expected to lead the End-user segment during 2024-2028

The Building Integrated Photovoltaics Market is being driven by Rising demand to reduce energy costs

The Building Integrated Photovoltaics Market is expected to grow at a CAGR of 21.25% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 36.17 billion. In the business world, the energy consumption of buildings is a significant expense and environmental concern. Buildings account for approximately 40% of global energy usage, leading to substantial operational costs and greenhouse gas emissions, surpassing those from the transportation sector. These structures continuously draw energy from their surroundings, depleting natural resources and increasing reliance on non-renewable sources. To address this issue, Building Integrated Photovoltaics (BIPV) offers a sustainable solution by generating electricity on-site through solar panels, reducing energy costs and carbon footprint. This innovative approach to energy production aligns with corporate social responsibility initiatives and contributes to a more sustainable future. 

Get more information on Building Integrated Photovoltaics Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Commercial
  • Residential
  • Industrial
• Panel Type
  • Crystalline panel
  • Thin-film panel
• Geography
  • Europe
    • Germany
    • Italy
  • APAC
    • China
    • Japan
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand to reduce energy costs
• Growing need to comply with energy certifications
• Increasing use and number of installations related to solar energy

However, the market also witnesses some limitations, which are as follows:

• Intermittent nature of solar power
• Low conversion efficiency of solar PVs
• Absence of BIPV-specific standards globally

Benefits of Buying Global Building Integrated Photovoltaics Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Building Integrated Photovoltaics Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

Building-integrated photovoltaics (BIPV) is a revolutionary approach to generating renewable energy that is gaining popularity in the industrial, commercial, and residential sectors. BIPV systems integrate solar panels into building structures, such as facades, skylights, roofs, and even conventional building materials, making them an attractive and sustainable alternative to traditional energy sources. Crystalline PV and thin-film PV are the two primary types of photovoltaic materials used in BIPV systems. Industrial and commercial buildings, with their larger energy demands and favorable disposable income levels, are leading the adoption of BIPV systems. Residential buildings are also embracing this technology, driven by the desire to reduce energy bills and carbon footprint. Government regulations that incentivize renewable energy adoption are further fueling the growth of the BIPV market. The market for solar panels, including both crystalline and thin-film, is expected to continue expanding as more people recognize the benefits of integrating solar energy into their buildings. BIPV systems offer a unique opportunity to reduce reliance on conventional energy sources and decrease carbon emissions. By integrating solar panels into building structures, architects and builders can create energy-efficient buildings that not only meet the needs of their occupants but also contribute to a more sustainable future.

Market Research Overview

According to Technavio, the global Building Integrated Photovoltaics (BIPV) market is a segment of the larger global building products market, encompassing companies specializing in the manufacturing of building components such as windows and doors, flooring, ceiling and wall fixtures, roofing and gutter materials, insulation materials, cabinets, plumbing fixtures, and home improvement products and equipment. The size of the global building products market is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for the global building products market include the robust expansion of the construction sector in both developed and emerging economies. The construction industry is currently experiencing significant momentum, presenting substantial opportunities for market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/