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CST: 18/11/2019 07:15:04   

Global Building Integrated Photovoltaics (BIPV) market to witness a CAGR of 23.4% during 2018-2024

206 Days ago

NEW YORK, April 25, 2019 (GLOBE NEWSWIRE) -- The global building integrated photovoltaics (BIPV) market is likely to expand from USD 6.7 billion to USD 32.2 billion by 2024, witnessing a CAGR of 23.4% over the forecast period. The growth can be primarily attributed to the presence of various government initiatives to promote renewable energy in light of growing environmental concerns. In order to deal with issues such as climate change, key regions across the globe are developing policies towards the construction of ultra-low energy buildings. As a result, BIPV technology has emerged as a hotspot of solar PV technology.

Moreover, significant growth in construction activities across the globe is further expected to propel the market demand over the forecast period. The key advantage of building integrated photovoltaics over non-integrated PV systems is that BIPV components offer multiple functions such as thermal insulation, privacy protection, noise prevention, and on-site electricity production, among others. Also, BIPV modules are capable of offsetting the initial system costs, and are therefore expected to emerge as the most promising future energy systems.  

Key findings from the report:

  • The global building integrated photovoltaics (BIPV) market is likely to reach USD 32.2 billion by 2024
  • Thin film technology is expected to witness the fastest CAGR over the forecast period
  • Roof segment held the major share of the market in 2017, and is likely to witness a healthy CAGR during 2018 to 2024
  • Industrial segment accounted for the major share of the market in 2017, and the trend is likely to continue over the next seven years
  • Europe dominated the global market in 2017, however Asia-Pacific is expected to grow at the fastest CAGR over the forecast period
  • Some of the key companies operating in the industry include Dow Solar; Ascent Solar Technologies, Inc.; First Solar; Schott Solar Ag.; Hanergy Holding Group Ltd.; Suntech Power Holdings Co. Ltd; Canadian Solar; Onyx Solar; CentroSolar AG.; BIPV Ltd.; AGC Glass; United Solar; ISSOL SA; ViaSolis; Polysolar Ltd.; among others
  • As of September 2018, Hanergy Group signed a USD 130 million, 100MW supply deal with Forest Group, a Japanese firm, to supply its ‘HanTile’ thin film solar roof tile systems in the Japanese market. Hanergy is required to pass the JET (Japan Electrical Safety & Environment Technology Laboratories) testing of the flexible CIGS thin-film tile laminates and meet the annual factory inspection requirements.

Roof integrated photovoltaics drive the demand for the global market

BIPV modules may be used across a wide range of applications including roofs, walls, facades, glazing, and windows, among others. The roof segment accounted for the largest share of the global market in 2017, and the trend is expected to continue over the coming years. Roof integrated photovoltaic installations offer higher effective operational area. The segment is likely to witness considerable growth over the forecast period due to rising demand from residential installations.

Browse full research report with TOC on  "Global Building Integrated Photovoltaics (BIPV) Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024" at   https://www.energiasmarketresearch.com/global-building-integrated-photovoltaics-market-report/

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Building integrated photovoltaics (BIPV) market - Regional insight

Europe dominated the global market for building integrated photovoltaics (BIPV) in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the increasing investments in solar technology along with the rising government incentives towards renewable energy. However, Asia-Pacific is expected to emerge as the fastest growing region owing to the presence of key markets such as China, India and Japan as well as growing number of solar PV installations across the region.

The report segments building integrated photovoltaics (BIPV) market on the basis of technology, application, end-use, and region

By Technology

  • Crystalline Silicon
  • Thin Film
    • Amorphous silicon
    • Cadmium Telluride (CDTE)
    • Copper Indium Gallium Diselenide (CIGS)

By Application

  • Roofs
  • Walls
  • Facades
  • Glazing
  • Others

By End-Use

  • Residential
  • Commercial
  • Industrial

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central & South America (CSA)
  • Middle East & Africa (MEA)

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Energias Market Research launched with the objective to provide in-depth market analysis, business research solutions, and consultation that is tailored to our client’s specific needs based on our impeccable research methodology.

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