Building Integrated Photovoltaics (BIPV) Market Size, Share, Growth, and Industry Analysis, By Type (Single Crystal Silicon, Polycrystalline Silicon and Thin Film), By Downstream Industry (Residential and Commercial) and Regional Insights and Forecast to 2032

BUILDING INTEGRATED PHOTOVOLTAICS (BIPV) MARKET REPORT OVERVIEW

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The global building integrated photovoltaics (BIPV) market size was USD 0.66 illion in 2023 and will touch USD 2.57 billion by 2032, at CAGR of 16.38% during the forecast period.

Building-integrated photovoltaics (BIPV) refers to incorporating solar energy systems within buildings, consequently permitting these systems to serve two-fold purposes, electricity generation and fencing made up of basic construction materials such as roofs and walls that involve façade plus windows. This technology allows construction companies to use solar energy efficiently without using any extra land and that is why this technology is quite attractive in terms of efficiency and aesthetic appeal. BIPV systems integrate photovoltaic components into building elements, which can only be incorporated during the construction/remodelling of buildings. This integration leads to BIPV providing clean energy while meeting structural and aesthetic functionality such as rain protection, insolation and noise barriers.

Among the several applications, the inclusion of intrinsic solar shingles or tiles in roofs and façades with solar panels forming part of their exteriors are just a few, the other externally integrated systems include balcony railings and shading devices. The advantages associated with BIPV are many. They enable buildings to produce electricity for use within them and thus independent of external power supply and energy costs. In addition, BIPV systems can improve the aesthetic look of buildings and the building design, providing architects with great opportunities while installing solar systems. Although the upfront cost may still be higher, the BIPV cost can be partially or fully recovered by eliminating other building materials' usage and improving energy efficiency, hence a reduced carbon footprint of buildings, which are on their way toward the goal of net-zero energy buildings.

COVID-19 IMPACT

Disruptions to supply chains and construction due to the pandemic harm the market

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic outbreak has hit the market in many different ways. Limitations of physical mobility by governments due to lockdowns and restrictions within various countries have affected the supply chain and decreased construction rates thus reducing demand for BIPV systems. These disruptions have seen most projects delayed because of what they encountered in their supply chain, or because they worked with substandard items and equipment that were available in the market. Further, the economic conditions have led to decreased capital spending on new airports and on upgrading and expanding old airports, which has further slowed the market. However, amid these challenges, there is every indication that the BIPV market will be steady in the long run due to increasing demand for sustainable energy and efficient green buildings.

LATEST TRENDS

Growing demand for sustainable building materials to drive market growth

With the emerging awareness of the environmental effects of conventional building materials, there is an encouraging market for sustainable ones, including building integrated photovoltaic systems. Traditional materials are sometimes environmentally unfriendly since they create high carbon emissions and deplete the environment hence the need to obtain environmentally friendly alternatives. BIPV systems are both architectural components for building structures and the generation of revenue electricity from solar energy. This integration is also an advantage in as much as it decreases the dependency on fossil energy sources and decreases the total emission of carbon within buildings. Meanwhile, BIPV affords energy conservation and, consequently, long-term cost savings owing to decreased energy consumption. Builders and especially architects are now more and more using BIPV for buildings, to conform to the regulations imposed by the Ministry of Housing and Urban and Rural Development that demand green and energy-efficient systems and to satisfy customers’ demand for such systems.

BUILDING INTEGRATED PHOTOVOLTAICS (BIPV) MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Single Crystal Silicon, Polycrystalline Silicon and Thin Film.

• Single Crystal Silicon: Single crystal silicon BIPV systems, with high-efficiency rates of 15%-20%, are ideal for space-constrained applications such as residential rooftops due to their superior electron mobility and energy conversion. Their aesthetic versatility supports seamless integration into building designs. While these are gaining much attention among architects, their higher manufacturing costs make them less competitive for wider applications compared with the other BIPV types.

• Polycrystalline Silicon: Polycrystalline silicon BIPVs are systems made up of several silicon crystals, having a good economical cost and less energy-intensive production with 13%-16% efficiencies. Models are more appropriate for bigger designs on commercial properties due to the lower environmental impact. Despite lower efficiency, ongoing technological advancements are enhancing their performance and integration capabilities, making them a popular choice in the market.

• Thin Film: Thin film BIPV technology uses micrometre-thick photovoltaic layers, offering flexibility and lightweight applications for unconventional surfaces and designs such as curved or irregular shapes. Integrable into materials such as glass and flexible substrates, they are ideal for new constructions and retrofits. Despite lower efficiency rates (10%-12%), innovations in manufacturing are expected to boost their performance and market appeal.

By Application

Based on downstream industry the global market can be categorized into Residential and Commercial.

• Residential: The residential sector drives significant growth in the market, with homeowners adopting systems to generate renewable energy and lower carbon footprints. Crystalline silicon BIPV is favoured for its efficiency and integration into roofs and facades, while thin-film options provide flexibility for unique designs. Government incentives boost residential BIPV adoption, leading to a rise in demand for efficient, aesthetically pleasing solutions.

• Commercial: The commercial sector significantly boosts the market, with large buildings such as offices, hospitals and hotels adopting these systems to meet high energy demands. BIPV integration into facades and roofs enhances both energy generation and aesthetic appeal. Combining crystalline silicon and thin-film technologies, commercial projects benefit from sustainable construction trends and cost savings, making BIPV an attractive choice for developers.

DRIVING FACTORS

Raising the usage of renewable energy to enhance the market

Growing demand for renewable energy to combat climatic change and a boost to reduce carbon emissions to foster the global building integrated photovoltaics market growth. As people's consciousness of the environment increases, so does their shift in focus, along with that of organizations and the government, toward adopting green energy solutions. With increasing scalability and reduced costs, solar power is an extremely popular option for renewable, clean electricity. Technological improvements have increased the outcomes and durability of solar systems and brought down their costs hence broadening the market. Thus, this shift also aids in combating climate change and decreases the reliance on fossil fuels for energy generation, which has beneficial effects in reducing greenhouse gas emissions. The switch from conventional sources of power to renewable energy sources is vital if one is to make long-term solutions for the environment and power sustainability in the future.

Rapid technological advancements are improving the efficiency and cost-effectiveness of these systems to expand the market

The BIPV market is experiencing stunning technology innovation, which is steadily improving the performance and pricing of these systems. Technological advancement and advanced efficiency in the photovoltaic materials and manufacturing technology stack improve energy conversion efficiency and lower production costs. New trends in the production of thin-film materials and materials based on flexible substrates enable more diverse applications in non-planar surfaces of buildings. Additional advancements in design qualities and improvements to the look and feel of BIPV solutions are also promoting this application for residential and commercial purposes. In the same way, advancements in energy storage and energy control are enhancing the capacity of BIPV systems to use the energy produced effectively. Ongoing advancements in technology in the manufacturing of BIPVs are expanding the application of the technology, thus making it even more efficient in providing sustainable building solutions.

RESTRAINING FACTORS

Installation of the systems can be more complex adding cost and time which impact the market expansion

The integration of BIPV is known to be more challenging than standard solar panels and this is reflected in the costs and installation time. BIPV systems are installed within the building envelope in the form of caravasses, roofs and windows, being considered an element of building construction it has to be properly integrated with the structure and its functions. This, in turn, can increase the required labour, as well as time and expertise required by engineers and architects to collaborate with construction teams, resulting in higher costs and longer durations to install. Moreover, the incorporation of BIPV systems also leads to custom design and installation mechanisms in mainstream building structures, which increases overall costs. However, these difficulties are typically outweighed by the advantages of BIPV, namely improved aesthetics and better energy performance and therefore can be regarded as the reasons for the increasingly active use of BIPV in sustainable construction.

BUILDING INTEGRATED PHOTOVOLTAICS (BIPV) MARKET REGIONAL INSIGHTS

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Asia Pacific is the fastest-growing region in the market driven by the increasing adoption of solar energy

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The Asia Pacific is expected to be the most rapidly growing region in the global building integrated photovoltaics (BIPV) market share due to the increasing rate of solar energy consumption in the continent. Some of the countries within the regions are taking the initiative by setting progressive and concrete renewable energy goals and policies. Urbanization and industrialization rates in the region along with increasing construction activity necessitate the development and incorporation of new and efficient building technologies such as BIPV systems. The availability and falling prices of photovoltaic materials also offer support for BIPV, along with the progression in technology. Also, consumer awareness of environmental degradation, coupled with the call for efficient energy utilization in homes and business establishments plays an important role in the region. Therefore, the Asia Pacific region continues to show a robust market for BIPV technology and investments for future years will probably be huge.

KEY INDUSTRY PLAYERS

Key industry players are leveraging glass manufacturing to produce innovative transparent solar panels for use in windows and facades

The key industry players are using their experience in glass production to develop advanced and efficient see-through photovoltaic panels for windows and façade applications. These advanced products aim to blend energy generation and architectural design, in a bid to meet the growing issues of sustainable construction. These companies integrate photovoltaics with elements close to transparency to provide the option of inserting a source of sustainable energy into the building aesthetics. They propose an integrated system that not only applies renewable sources as a form of energy but is also satisfactory to the architectural and functional requirements of current buildings. The strategies readapted by these players thus keep on envisioning and innovating on new forms while contributing to the growth and development of BIPV in the construction of more sustainable building systems.

List of Top Building Integrated Photovoltaics (BIPV) Companies

• Solar Frontier (Japan)
• Panasonic (Japan)
• Kyocera (Japan)
• Harsha Abakus Solar (India)
• AGC Solar (Singapore)
• REC Group (Singapore)
• Jinko Solar (China)
• Yingli Solar (China)
• Suntech (China)
• Trina Solar (China)
• Hanwha Solar (South Korea)
• Sapa Group (Italy)
• ISSOL (Belgium)
• Sharp (U.K.)
• Solarcentury (U.K.)
• Meyer Burger (Switzerland)
• SolarWorld AG (Germany)
• SunPower (U.S.)
• First Solar (U.S.)
• Canadian Solar (Canada)

INDUSTRIAL DEVELOPMENT

July 2024: The IEA Task Force has unveiled a Multi-Dimensional Evaluation Tool for Building-Integrated Photovoltaics (BIPV), designed to simplify the assessment of BIPV projects. This toolkit evaluates energy, economic, environmental, and visual performance using a numerical rating system and classification scheme. Tested across diverse building types, it addresses challenges such as data availability and aesthetic assessment, supporting the growth of the BIPV market, projected to reach USD 23.67 billion by 2023, growing at a CAGR of 21.2% through 2030.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.