Source: globenewswire.com
According to credible sources, global BIPV (Building Integrated Photovoltaic) market was valued at USD 14.4 billion in 2020 and is estimated to record a CAGR of 20% over 2021-2027, subsequently garnering a valuation of USD 51.6 billion by the end of forecast period. Increasing government initiatives for accelerating adoption of solar energy panel and growing awareness regarding green infrastructure are primarily driving the market growth.
Moving on, the study elaborates on various market segmentations including technology, application ambit end-user scope, and regional ambits. It also constitutes detailed profiles of major players to offer a clear understanding of the competitive scenario in the industry sphere.
Citing an instance, in June 2020, European researchers from the Interdisciplinary Research Institute of Grenoble developed solar PV panels with changing colors that can automatically adjust to the intensity of light and the temperature level of buildings with glass exteriors and huge windows. The mini modules have a 3.68% efficiency rating and a 14 sq.cm. area, reducing costs of PV panel production significantly. Such innovations in solar technology will continue to enhance the overall BIPV (building integrated photovoltaic) industry remuneration scope.
For the uninitiated, building integrated photovoltaics are photovoltaic materials used as a substitute to some traditional construction components. They are utilized in skylights, roofs, facades and many other elements. Solar panels are a type of BIPV which are used in construction industry.
As mentioned in the report, huge initial investment requisite is likely to hinder the market progression over the estimated timeline of 2021-2027.
Market segmentation overview:
Based on technology, the market is segmented into crystalline silicon and thin film. Considering application ambit, the marketplace is categorized into roofs and glass. Speaking of the end user range, the business space is divided into industrial and commercial.
Geographical outlook:
As per expert analysts, Europe BIPV (building integrated photovoltaic) market accounts for a significant part of the overall share and is likely to showcase consistent growth throughout 2021-2027. Rise in customer inclination to adopt green practices due to increasingly stringent environmental regulations, in line with rising pressure to reduce net energy consumption from buildings to minimize CO2 emissions is favoring the regional market expansion.
Meanwhile, North America captured substantial market share in the recent past, with the U.S. and Canada majorly contributing to the revenue growth in the region. This can be ascribed to favorable laws and standards that foster the expansion of BIPV installations across industrial and commercial enterprises in the region.
