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iCrowdNewswire Jan 18, 2021 6:23 AM ET

Building Integrated Photovoltaics Market 2021 Current Trends, CAGR Status, Massive Economic Growth, Statistics, Geography Trends and Business Prospect by Forecast to 2024


iCrowd Newswire - Jan 18, 2021

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Market Highlights

Global Building Integrated Photovoltaics Market is projected to be valued at USD 40.82 Billion by 2026, with 17.93% CAGR during the forecast period, 2020–2026.

Building integrated photovoltaics refers to the integration of photovoltaics wherein the PV elements become an important part of the buildings in which they are installed. The PV specialists all across the globe are developing ways of incorporating solar electricity in commercial buildings. Building integrated photovoltaics consists of photovoltaics models such as roofs and façades. It also offers savings in PV materials and electricity costs.

Global Building Integrated Photovoltaics Market, 2020–2026
Building Integrated Photovoltaics Market is Expected to Showcase Rampant Growth Over 2026-Press release image-00

In 2019, Asia-Pacific dominated the building-integrated photovoltaics market in terms of share: MRFR

The global building integrated photovoltaics market has been segmented into five regions, namely, Asia-Pacific, the Middle East & Africa, Europe, North America, and South America. Asia-Pacific is expected to hold the largest share of the market during the forecast period. This is primarily because countries in the region are extensively focused on developing renewable energy sources to reduce carbon emissions.

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In Asia-Pacific, China held the largest market share in 2019 due to extensive government support to introduce renewable energy sources. While the building integrated photovoltaics market is expected to grow at the fastest CAGR in India and China during the forecast period due to initiatives for the policies and programs related to renewable energy generation and increasing awareness regarding the construction of green buildings. In North America, the US held the largest share in the market and is expected to grow at the fastest CAGR during the study period, due to the policies that are framed to expand the use of clean fuels for energy requirements, especially in solar and wind energy industry. In Europe, Germany held the largest share of the regional market in 2019 and is projected to grow at the fastest rate during the study period, primarily due to the increase in the demand for integrated residential solar installations. In the Middle East & Africa, the UAE is expected to be one of the leading country-level markets in the region for building integrated photovoltaics.

The global building integrated photovoltaics market has been segmented based on product, application, and technology. Based on product, the global market is divided into roofs, wall integrated solutions, glass, façade, and others. The roof segment is expected to hold the largest share of the market and grow at the fastest rate during the study period. Based on application, the global building integrated photovoltaics market is segmented into industrial buildings, commercial buildings, and residential buildings. The industrial segment is expected to grow at the fastest rate during the forecast period due to the increasing need for renewable cost-effective power sources. Countries such as Japan, China, the US, and India, among others, are entering into agreements to generate power through photovoltaics.  Based on technology, the global building integrated photovoltaics market has been divided into crystalline silicon and thin-film technologies. The crystalline segment is expected to hold the larger share within the global building integrated photovoltaics market.

Global Building Integrated Photovoltaics Market is expected to grow at 17.93% CAGR during the forecast period.

Scope of the Report

This report provides an in-depth analysis of the global building integrated photovoltaics market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights the market size and share for North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global building integrated photovoltaics market by product, application, technology, and region.

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Key Players

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