LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global building-integrated photovoltaic skylights market is expected to reach USD 163.68 million by 2021, growing at a CAGR of more than 10%.
This research report titled ‘Global Building-integrated Photovoltaic (BIPV) Skylights Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The demand for BIPV skylights is rising due to the increasing investments in solar development projects, and significant growth across the globe. The global BIPV skylights market will show a steady growth during the forecast period. This market is in its emerging stage, and many countries are investing in various technologies and products that make up the market. These smart energy technologies are reducing carbon footprints in the environment. They are also providing users with increased comfort and facilitating energy and cost saving.
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Technavio’s heavy industry research analysts categorize the global building-integrated photovoltaic skylights market into the following segments by end-user. They are:
- Commercial sector
- Residential sector
- Industrial sector
The commercial sector is the major end-user of BIPV skylights. This sector includes office buildings, warehouses, restaurants, and retail spaces. It is estimated that about 23.45% of the energy used in commercial buildings is wasted. Therefore, with increased government initiatives, developers of commercial buildings are implementing EMS (energy management system) and BIPV technologies to improve the overall building efficiency.
According to Gaurav Mohindu, a lead construction research analyst from Technavio, “Government initiatives such as the Better Buildings initiative in the US aim at improving the energy efficiency of commercial buildings. This initiative calls for increasing the energy efficiency of commercial buildings by 20% by 2020.”
This segment represents the demand for BIPV skylights from residential structures, including apartments, bungalows, elderly person's homes, residential outlines, student accommodation, and sheltered housing. At present, the residential sector accounts for a small share of the global BIPV skylights market. This is because the cost of BIPV skylight systems is on the higher side for a homeowner to be able to afford easily.
“The increasing urban population has contributed to an increasing consumption of energy. Individuals are also focusing on deploying smart and trendy energy-savings options. The growing focus on smart cities will attract many BIPV vendors. This is also expected to drive the integration of BIPV solar panels in smart buildings,” says Amit.
This segment represents the demand for BIPV skylights in several manufacturing facilities such as factories, assembly plants, iron and steel mills, glassworks facilities, and other industrial buildings. One of the most effective methods of reducing energy use in manufacturing facilities is the use of solar energy by harnessing it.
One of the advantages of BIPV systems is that they ensure constant power supply, which helps in revenue generation. This segment is anticipated to grow with the development of the global BIPV market by the upstream industrial segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Onyx Solar Energy
- Super Sky Products
- ML System
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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