Source: Transparency Market Research Inc.
Wilmington, Delaware, United States, July 28, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The value of the global building-integrated PV market stood at US$11.7 billion in 2021. The global market is anticipated to rise at a CAGR of 23.2% during the forecast period, from 2022 to 2031. The global building-integrated PV market is projected to reach a value of US$94.4 billion by 2031. Global population growth, expanding infrastructure development, and general industrial expansion are likely to increase building requirements. Energy. The building-integrated photovoltaic (BIPV) market is likely to be driven by the increased use of electricity and the benefits of building-integrated photovoltaics.
Due to the implementation of strict government legislation around greenhouse gas emissions, building-integrated PV manufacturers are focusing on developing low-cost renewable energy production options. New plants are being installed in nations around the world to increase their electricity production capacity. To meet the growing demand for electricity, they are also reinforcing the capacity of existing facilities. In addition to that, lucrative opportunities for companies to participate in the BIPV sector are anticipated to arise due to the rapid growth of the construction sector. Additionally, market players are anticipated to benefit from profitable opportunities and get involved in the building-integrated photovoltaics market due to the planned rapid growth of the construction industry.
In 2021, Europe accounted for 43.06% of the building-integrated PV market shares based on volume. The European market is expected to be buoyed by a positive outlook for renewable energy as well as customer perceptions of the same in nations across Europe during the forecast period. The use of solar energy is increasingly emphasized in Italy and Germany. Consequently, the use of building-integrated solar panels in these countries is projected to increase.
