The global building-integrated photovoltaics market size is expected to reach USD 36.74 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 18.8% from 2019 to 2025. Favorable rules and regulations to enhance renewable installations will drive the demand. In addition, policy tools such as financial incentives for BIPV installations will propel the growth.
Increasing adoption of renewable energy sources which help maintain the aesthetic appeal of buildings is likely to boost the demand for building-integrated photovoltaics over the forecast period. In addition, rise in awareness regarding energy sustainability and self-sufficiency among the consumers in various countries is projected to propel the growth of integrated installations over the next seven years.
Demand for integrated rooftop PV installations is expected to increase over the forecast period as these are one of the simplest installations. In addition, favorable policies and regulations supporting net-metering for renewable power sources in countries such as India, France, U.S., U.K., and Spain will result to boost the demand for roof-top solar installations in residential as well as commercial establishments over the forecast period.
Thin-film technology is expected to expand at a CAGR of over 20% from 2018 to 2025 due to better aesthetic appeal showcased by thin film technology in comparison to the Crystalline-silicon (C-Si) technology.
Further key findings from the report suggest:
- Roof-mount photovoltaics held the largest market share of over 60% in terms of revenue in 2018
- Building-integrated photovoltaics glass is projected to emerge as the fastest growing application category for BIPV installations. The segment is estimated to reach a net global market worth exceeding USD 6.90 billion by 2025
- Improved aesthetic appeal due to its transparent nature along with significant technological advancements in glass integrated installations is expected to drive the glass segment over the forecast period
- Industrial segment led the global BIPV market due to efforts made by various manufacturers to limit their reliance on conventional sources and increase their adoption of greener sources of power generation
- Asia Pacific is expected to witness the highest CAGR of 20.6% over the forecast period to reach a net worth exceeding USD 8.30 billion by 2025
- Some of the major players operating in the global building-integrated photovoltaics market comprise AGC Solar, BIPV Ltd., Belectric Holding GmbH, and Heliatek GmbH. The companies are utilizing merger and acquisition strategy to enhance their global reach