DUBLIN--(BUSINESS WIRE)--The "Building Integrated Photovoltaics (BIPV) Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global BIPV market is estimated to reach revenues of around $7 billion by 2024, growing at a CAGR of approximately 15% during 2018-2024.
The report considers the present scenario of the global BIPV market and its market dynamics for the period 2019-2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
- Rising Adoption of Non-conventional Energy Resources
- Growing Demand for BIPVs in New and Retrofit Construction Projects
- Improving Efficiency of PV Modules and Inverters
- High Initial Costs and Reduction in Incentives
- Lack of Awareness Regarding Benefits of Solar Energy and BIPV Systems
- High Competition from Conventional Energy Sources
Opportunities & Trends
- Increasing Number of Smart and Self-sustained Homes
- Growing Investment in ZEB Constructions
This market research report includes a detailed segmentation of the market by technology, application, end-user, and geography.
The global BIPV market by technology is classified into crystalline silicon and thin film. Crystalline silicon segment occupied more than half of the market share in 2018, growing at a CAGR of approximately 17% during the forecast period.
The crystalline silicon modules are generally opaque, in dark shades of gray or black, with an optional anti-reflective coating over the protective glass and are connected with solar modules. The high flexibility of thin glass panels and innovation in the manufacturing process will contribute to the demand for these products in the global BIPV market over the next few years.
The application segment in the global BIPV market is categorized into roof and facade & window. Facade and windows are the fastest growing application segment in the worldwide market, at a CAGR of around 17% during the forecast period.
The increasing use of conventional photovoltaics materials in building facade, window panes, cladding, curtain walls, and spandrels is fueling the growth of this segment in the global building integrated photovoltaic market. The growing adoption of integrated photovoltaic systems in the roof offers the maximum undisturbed portion of residential, commercial, and industrial buildings in the market.
The global BIPV market by end-users is segmented into commercial buildings, residential buildings, and other buildings. Commercial building dominated the majority of the market share in 2018, growing at a CAGR of approximately 14% during the forecast period.
The increasing focus to reduce power consumption across corporate offices and industrial buildings are contributing to the development of this segment in the global market. The integration of solar panels in common areas such as canopy in parks, shading at bus stands, agriculture-related buildings in the fields, shading over the car park, pedestrian pathways, skywalk, and foot over bridges will fuel the growth of the global BIPV market.
The geographical segment in the global BIPV market is divided into APAC, Europe, North America, and ROW. APAC is the fastest growing region in the global market, at a CAGR of approximately 17% during the forecast period.
The rapid urbanization in various countries in the APAC region is fueling the growth of the global market. The stringent mandates regarding the switch to renewable energy sources across various European countries, specifically in the Nordic region will fuel the demand in the global market. The launch of eco-friendly products that help in reducing expenses on purchasing power from the grid as well as in building materials will contribute to the transformation of the global BIPV market.
Key Vendor Analysis
The global BIPV market is witnessing the entrant of new vendors thereby, contributing to the higher level of competition. The leading players are offering niche products with premium pricing such as Tesla in the market. The companies are offering innovative roofing solutions to attract the maximum number of consumers in the building integrated photovoltaic market.
The top players are focusing on market conditions, technological innovations, and industry development to boost their profitability in the market. The vendors are distinguishing their product offerings and service extensions through a clear and unique value proposition to gain a broader global BIPV market.
The major vendors in the global market are:
- Wuxi Suntech Power
- Yingli Solar
- Canadian Solar
Other prominent vendors include: Kyocera Corporation, Hanergy Holding Group, Onyx Solar Group, First Solar, SunPower, Jinko Solar, Air-Think, and Tesla.
For more information about this report visit https://www.researchandmarkets.com/research/xtxx4w/global_building?w=4