Building Integrated Photovoltaic Market by Technology (c-Si (Monocrystalline, Polycrystalline), Thin Film), Application (Roofing, Facades, Externally Integrated Systems), End User (Residential, Commercial, Industrial), Region - Global Forecast to 2029
[213 Pages Report] The global building integrated photovoltaic market in terms of revenue was estimated to be worth $12.49 billion in 2024 and is poised to reach $27.41 billion by 2029, growing at a CAGR of 17.0% from 2024 to 2029. Rapid urbanization, along with the concept of smart cities, is providing new opportunities for the growth of the BIPV market. Increased government regulations, incentives, and construction activities globally are creating opportunities for BIPV systems. Additionally, the growing demand for aesthetically pleasing, functional buildings that incorporate renewable energy solutions is supporting the growth of the market. BIPV systems reduce buildings' reliance on off-site electricity generation and reduce energy supply risks through the self-generation of electricity. Governments across the globe are implementing stringent environmental regulations and are also providing incentives to reduce the negative effects of carbon emissions, especially in the building sector.
To know about the assumptions considered for the study, Request for Free Sample Report
To know about the assumptions considered for the study, download the pdf brochure
Building Integrated Photovoltaic Market Dynamics
Driver: Incentives, technology, and decentralization to promote BIPV growth
The increase in renewable energy capacity provides considerable impetus to the growth of the building integrated photovoltaic market by enhancing the appeal and feasibility of solar energy solutions. Governments and organizations, in a bid to reach their carbon reduction targets, offer incentives and subsidies for renewable energy projects, thereby making BIPV systems a financially attractive option.
Additionally, the decentralization of energy generation matches perfectly with the competencies of BIPV systems, which are able to generate power on-site and off-load the grid. This new trend in local energy generation reduces pressure on centralized power systems, allowing buildings to have autonomy in terms of energy supply. Publicity on the environmental benefits of renewable energy sources foments the demand for sustainable building practices and places BIPV among the most needed technologies in the drive toward greener cities and communities.
Restraints: Complex installation and integration to hamper BIPV adoption
The complex installation and integration of building integrated photovoltaics is a major restrain to the growth of the market. BIPV systems, unlike normal solar panels, require due diligence in planning and execution to integrate photovoltaic technology into building materials like facades, roofs, and windows. The complex installation procedure requires trained personnel, leading to an increase in the cost of labor and often an extension of the project duration.
The complexity of integrating BIPV systems often discourages many developers and property owners due to the high perception of the related risks and uncertainties. Moreover, the complexity of installation is likely to increase the time and expense of such projects, making BIPV less appealing than traditional energy alternatives. The reluctance to adopt BIPV technology is further aggravated by the absence of standardized installation practices and guidelines.
Opportunities: Technological advancements enhancing efficiency and aesthetics
Advancements in technology open up huge opportunities for players in the building integrated photovoltaic market by bringing efficiency, esthetics, and affordable prices to solar energy solutions. In photovoltaic technology, developments in more efficient solar cells, lighter and more flexible materials, and enhanced rates of energy conversion will make BIPV systems feasible for more buildings. For instance, thin-film and organic photovoltaics have resulted in lighter, more flexible panels that can be easily integrated into a variety of building materials, ranging from glass facades to roofing tiles.
In addition, the improvement in installation techniques and integration into smart grids makes it much easier to install and deploy BIPV systems with improved monitoring performance. Today, it is possible to link BIPVs to smart grids for real-time energy management and better performance. Enhanced solutions in energy management and predictive maintenance also play a significant role in reducing operating costs while increasing the reliability of systems. These technologies are maturing and will continue to cut down costs, enhance performance, and increase the applicability of BIPV systems.
High-efficiency solar cells developed for BIPV systems have greatly improved energy conversion efficiency. Developments in heterojunction cells and bifacial cells optimize energy yield due to their ability to capture sunlight at different angles. Thin-film solar cells, such as CdTe and CIGS, provide lightweight and flexible options against their traditional silicon relatives. They can be integrated into all kinds of building materials, such as glass facades and metal roofing, without loss of any aesthetics.
Challenges: High initial costs of building integrated photovoltaic
The high upfront cost is one of the primary factors restraining the growth of the building integrated photovoltaic market. The cost of specialized photovoltaic materials, installation, and integration into building structures is much higher than standard solar panels or construction materials. A BIPV system investment almost always requires investments not only in technology but also in specialist design and engineering to ensure a smooth integration of solar components into buildings. As a result, BIPV projects could be costly, especially for developers and property owners who are cost-conscious.
The high upfront cost may further extend the payback period of a BIPV system and make it less attractive compared to other energy solutions. While BIPV systems offer long-term savings on energy bills and potential returns through increased property value, the high initial outlay is one of the reasons that scare away investors, especially where budgets are tight. Such economic restrictions may limit the use of BIPV technology to very high-end or big projects where the extra value from energy savings and sustainability more than offsets the initial investment.
Building Integrated Photovoltaic Market Ecosystem
Key players in this industry include AGC Inc. (Japan), JA Solar Technology Co., Ltd. (China), JinkoSolar (China), LONGi (China), and Canadian Solar (Canada). These prominent companies in this sector are renowned for their reliability and financial stability as providers of building integrated photovoltaic systems. They offer a diverse range of products, cutting-edge technology, extensive experience, and robust global sales and marketing networks. Their proven track record in the industry makes them trusted and knowledgeable partners for clients seeking BIPV solutions. These are the companies that have proved that they can still deliver good products and services under the changing market dynamics.
Thin film segment expected to be the fastest-growing during the forecast period
Thin-film solar panels are very flexible and can be used on more surfaces and architectural designs than their crystalline silicon panel counterparts, like on curved or irregular surfaces. Thin film panels have lower weights compared to crystalline silicon panels and can be easily installed on most structures without installing heavy structural reinforcement measures. Their sleek, low-profile design also adds to the aesthetic value of buildings. Thin film technology works under low light and at disparate angles of sunlight, as is usually experienced in urban settings where buildings may not get direct sunlight at all times of the day. The growing use in new applications, such as solar windows and facades, opens up its market potential.
By end user, residential expected to be the fastest-growing end user during forecast period
Many governments facilitate the installation of BIPV and other renewable energy systems in residential buildings by providing incentives, subsidies, and tax credits. This makes BIPV easier and more appealing for many homeowners. The solar system design of a BIPV system is engineered to blend with the residential building materials, thereby providing an attractive alternative to conventional solar panels. This would appeal greatly to the needs of a householder who wants to maintain the appearance of their home while moving to renewable energy. For most homeowners, growing concerns include energy independence and security through the self-production of electricity. A BIPV system reduces this dependency, protecting one against power failure and electricity price increases.
"Europe: largest building integrated photovoltaic market during forecast period"
European countries have stringent environmental legislation with regard to the reduction of carbon emissions and the use of renewable energies. This is supporting the growth of the building integrated photovoltaic market in the region. Moreover, the European Green Deal and national policies specifying the use of renewable energy in buildings also support the market growth. The European Union and individual countries provide huge financial incentives, subsidies, and tax rebates to renewable energy technologies, including BIPV. These incentives make BIPV more financially attractive to building owners and developers. Europe has a very strong tradition related to environmental awareness and sustainability. Hence, consumers and businesses emphasize eco-friendly solutions. The wide-scale awareness and demand for sustainable construction are driving the growth of the BIPV market. The rapid growth of smart cities and urban infrastructure will help integrate BIPV systems into new buildings across Europe.
Key Market Players
The building integrated photovoltaic market is dominated by a few major players that have a strong geographical presence. The major players in the building integrated photovoltaic market includeLONGi (China), JinkoSolar (China), JA SOLAR Technology Co., Ltd. (China), AGC Inc. (Japan), and Canadian Solar (Canada). Between 2020 and 2024, strategies such as new product launches, contracts, agreements, acquisitions, and expansions are followed by these companies to capture a larger share of the market.
Want to explore hidden markets that can drive new revenue in Building Integrated Photovoltaic Market?
Scope of the Report
Want to explore hidden markets that can drive new revenue in Building Integrated Photovoltaic Market?
|
Report Metric |
Details |
|
Market size available for years |
|
|
Base year considered |
|
|
Forecast period |
|
|
Forecast units |
|
|
Segments covered |
|
|
Geographies covered |
|
|
Companies covered |
|
This research report categorizes the market based on technology, application, end user, and region.
On the basis of technology, the building integrated photovoltaics market has been segmented as follows:
-
Crystalline silicon
- Monocrystalline
- Polycrystalline
-
Thin film
- Thin Film A-SI PV Panel
- Thin Film CDTE PV Panel
- Thin Film CIGS PV panel
- Concentrated PV panels
On the basis of application, the building integrated photovoltaics market has been segmented as follows:
-
Roofing
- Tiles
- Shingles
- Skylights
- Laminates
- Metal Seam
-
Facades
- Windows
- Curtain Walls
- Awnings
- Other Facades
- Externally Integrated Systems (EIS)
On the basis of end user, the building integrated photovoltaics market has been segmented as follows:
- Residential
- Commercial
- Industrial
On the basis of region, the building integrated photovoltaics market has been segmented as follows:
- North America
- Europe
- Asia Pacific
- Rest of the World
Recent Developments
- In January 2024, LONGi and Ferroglobe PLC entered a long-term supply agreement starting January 1, 2024, emphasizing high-quality quartzite and metallurgical grade silicon supply for solar technology. LONGi aims to strengthen its position as a leading provider of eco-friendly solar products, promoting sustainable energy transformation and global cooperation in solar technology.
- In July 2024, JinkoSolar partnered with RELC and Vision Industries to establish a joint venture in Saudi Arabia. This venture will build a high-efficiency solar cell and module manufacturing facility with a USD 1 billion investment. Expected to produce 10 GW annually of solar cells and modules, the project aims to advance Saudi Arabia's renewable energy efforts and global competitiveness, integrating JinkoSolar's advanced technology with local expertise.
- In December 2023, AGC Inc. announced the adoption of Sunjoule, a building-integrated photovoltaic glass for the roof of the bicycle parking lot at Shizuoka Station North Exit Square. TOKAI Cable Network Corporation installed this roof, facilitating the generation of solar power with a maximum output of 3.7 kW from Sunjoule.
- In March 2022, Canadian Solar started the production of the CS6R-MS module that is part of the HiKu6 series, which includes 182 mm cells. It is applied for residential, commercial, and industrial rooftop use and can produce up to 420 watts of power. It is 21.5% efficient, which is better than any other PERC module of its kind that can be found in the market. It is lightweight and compact and is available in different styles. It is certified under IEC 63126:2020 for high reliability and has a residential use warranty of 25 years. It can be used with most PV inverters. Canadian Solar has plans to release an even more efficient CS6R module with HJT cells soon. This will help increase energy production and lower the levelized cost of energy for solar systems worldwide.
Frequently Asked Questions (FAQ):
What is the current size of the building integrated photovoltaic market?
The current market size of the building integrated photovoltaic market is USD 10.49 billion in 2023.
What are the major drivers for the building integrated photovoltaic market?
Growing emphasis on reducing carbon emissions and transition towards renewable energy has emerged as some of the major drivers for the building integrated photovoltaic market.
Which is the largest market for building integrated photovoltaic during the forecasted period?
Europe is expected to dominate the building integrated photovoltaic market between 2024–2029, followed by Asia Pacific. Various European countries have stringent environmental legislation regarding carbon emissions and advocating the use of renewable energy in buildings. The European Green Deal and national policies order the use of renewable energy in buildings, driving the growth of the BIPV market. The European Union upholds substantial financial incentives, subsidies, and tax rebates for boosting equitable renewable energy technologies, including BIPV. The incentives make BIPV more financially attractive for building owners and developers.
Which segment is expected to be the largest end user of building integrated photovoltaics during the forecasted period?
The commercial segment is expected to be the largest end user during the forecast period. Commercial buildings generally have much higher energy demands compared to residential buildings. Hence, the integration of a BIPV system would drastically cut down on energy costs. Generally, a commercial building has a longer lifespan than a residential one. This gives an extended period within which to reap the benefits accruable from the integration of BIPV systems.
Which is expected to be the fastest-growing application of building integrated photovoltaic during the forecasted period?
Externally integrated system (EIS) is expected to be the fastest-growing segment during the forecast period. Externally integrated systems have operational flexibility in design and installation. They can be added to the existing building structure with simple amendments. This adaptability allows it to adjust to older buildings' needs in terms of modern renewable energy solutions. Externally integrated systems can be adapted easily to all types of buildings, ranging from residential homes to huge commercial building structures. Versatility leads to an increase in its application across various market segments. .
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Exclusive indicates content/data unique to MarketsandMarkets and not available with any competitors.
The study involved major activities in estimating the current size of the building integrated photovoltaic market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the total market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles by recognized authors; and databases of various companies and associations. Secondary research was mainly used to obtain key information about the industry’s supply chain, the total pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both, market- and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include industry experts such as chief executive officers (CEOs), vice presidents (VPs), marketing directors, and related key executives from various companies and organizations operating in the building-integrated photovoltaics market.
In the complete market engineering process, the top-down and bottom-up approaches, along with several data triangulation methods, were extensively used to perform the market size estimations and forecasts for all segments and subsegments listed in this report. Extensive qualitative and quantitative analyses were conducted to complete the market engineering process and list key information/insights throughout the report. Following is the breakdown of primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The top-down and bottom-up approaches were used to estimate and validate the size of the building integrated photovoltaic market. The key players in the market were identified through secondary research, and their market share in the respective regions was obtained through primary and secondary research. The research methodology includes the study of the annual and financial reports of the top market players and interviews with industry experts, such as chief executive officers, vice presidents, directors, sales managers, and marketing executives, for key quantitative and qualitative insights related to the BIPV market. The research methodology used to estimate the market size includes the following:
- Extensive secondary research was used to identify the major players in the industry and market, and their market share was established using both primary and secondary research.
- Both primary and secondary research methods were used to assess the industry's value chain and market size.
- All percentage shares, splits, and breakdowns were obtained using secondary sources and validated by primary sources.
Building-integrated photovoltaics Market Size: Top-Down Approach
To know about the assumptions considered for the study, Request for Free Sample Report
Building-integrated photovoltaics Market Size: Bottom-Up Approach
Data Triangulation
After arriving at the overall market size from the estimation process explained below, the total market was split into several segments and subsegments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. The market size was validated using the top-down and bottom-up approaches.
Market Definition
Building-integrated photovoltaics (BIPV) refers to photovoltaic materials that are incorporated directly into the building envelope, replacing conventional building components like roofs, walls, windows, facades, skylights, and even walkways.
They also function as building materials, offering weather protection, and insulation, and potentially contributing to daylighting and aesthetics. BIPY seamlessly blends with the building design, becoming an integral part of the structure. It offers the combined benefits of power generation and building material properties.
BIPV is growing technology that contributes to sustainable building practices by generating clean energy and improving building energy efficiency.
Key Stakeholders
- PV cell manufacturers
- PV module manufacturers
- BIPV product manufacturers
- BIPV product distributors
- BIPV market technical consultants
- End users of BIPV-based solutions
- Raw materials and manufacturing equipment suppliers
- PV market technical consultants
- Technology standards organizations, forums, alliances, and associations
- Governments, financial institutions, and investment communities
- Research organizations
- Analysts and strategic business planners
- Venture capitalists, private equity firms, and start-up companies
- Distributors
Objectives of the Stud
- To define, describe, segment, and forecast the building integrated photovoltaic market size, by technology, application, and end-user in terms of value
- To forecast the market size across four key regions, namely, North America, Europe, Asia Pacific, and the Rest of the World, along with the country-level market sizes in terms of value
- To forecast the market size across four key regions, namely, North America, Europe, Asia Pacific, and the Rest of the World, in terms of volume.
- To provide detailed information about the key drivers, restraints, opportunities, and industry-specific challenges influencing the growth of the BIPV market
- To strategically analyze the BIPV market for individual growth trends, prospects, and contributions of each segment to the market
- To provide information pertaining to the supply chain, trends/disruptions impacting customer business, ecosystem/market map, pricing of building integrated photovoltaic, and regulatory landscape of the BIPV market
- To strategically analyze the micromarkets1 with respect to individual growth trends, upcoming expansions, and their contributions to the overall market
- To analyze opportunities for stakeholders in the BIPV market and draw a competitive landscape for market players
- To benchmark players within the market using the company evaluation matrix, which analyzes market players on various parameters within the broad categories of business and product strategies
- To compare key market players with respect to the market share, product specifications, and applications
- To strategically profile key players and comprehensively analyze their market ranking and core competencies2.
- To track and analyze competitive developments in the BIPV market, such as contracts, agreements, investments, expansions, product launches, alliances, mergers, partnerships, joint ventures, collaborations, and acquisitions
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
PRODUCT ANALYSIS
- Product Matrix, which provides a detailed comparison of the product portfolio of each company
COMPANY INFORMATION
- Detailed analyses and profiling of additional market players
Growth opportunities and latent adjacency in Building Integrated Photovoltaic Market
I am currently doing my masters dissertation in modelling and assessing the potential of a BIPV system for a Residential Villa in Dubai. It would be great if you could provide me with the details of different BIPV Systems and the different companies offering it.