Building-integrated Photovoltaics Market Projected To Reach USD 89.8 Billion By 2030

 San Francisco, 17 Sep 2024: The Report Building-integrated Photovoltaics Market Size, Share & Trends Analysis Report By Technology (Crystalline Silicon, Thin Film), By Application, By End-use, By Region, And Segment Forecasts, 2024 - 2030

The global building-integrated photovoltaics market size is expected to reach USD 89.8 billion by 2030, registering a CAGR of 21.2% during the forecast period, according to a new report by Grand View Research, Inc. 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 2023 and had a market share of 70.9%. The crystalline silicon segment was the dominant segment in 2023 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 66.9% in 2023. 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 residential segment led the BIPV market in 2023 and had a market share of 34.7%. The demand for BIPV in residential establishments is likely to grow owing to increasing awareness regarding the use of renewable sources of energy for electricity generation among consumers. In addition, increasing adoption of integrated solutions by residential areas in Germany and France is expected to drive product demand over the forecast period.

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.

Access Research Report of Building-integrated Photovoltaics Market @ https://www.grandviewresearch.com/industry-analysis/building-integrated-photovoltaics-bipv-market

Building-integrated Photovoltaics Market Report Highlights

• Roof installations segment accounted for 66.69% 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 residential segment led the market with the largest revenue share of 34.7% in 2023. Owing to increasing awareness regarding the use of renewable sources of energy for electricity generation among consumers.
• As of 2023, Europe accounted for about 37.1% 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.

Building-integrated Photovoltaics Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 28.3 billion
Revenue forecast in 2030	USD 89.8 billion
Growth rate	CAGR of 21.2% from 2024 to 2030
Base year for estimation	2023
Historical data	2018 - 2022
Forecast period	2024 - 2030

List of Key Players in the Building-integrated Photovoltaics Market

• SolarWindow Technologies, Inc.
• AGC Inc.
• Hanergy Mobile Energy Holding Group Limited
• The Solaria Corporation
• Heliatek GmbH,
• Carmanah Technologies Corp.
• Greatcell
• Tesla
• BELECTRIC
• ertex solartechnik GmbH

Access Press Release of Building-integrated Photovoltaics Market @ https://www.grandviewresearch.com/press-release/global-building-integrated-photovoltaics-bipv-market

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon