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Building-integrated Photovoltaics Global market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Building-integrated Photovoltaics Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The building-integrated photovoltaics market has seen remarkable growth in recent years, expected to increase from $16.65 billion in 2023 to $20.81 billion in 2024, with a compound annual growth rate (CAGR) of 25.0%. This significant growth can be linked to heightened environmental awareness and demand for sustainable building solutions, the implementation of stricter building energy codes and green building certifications, urbanization leading to a need for space-efficient renewable energy generation, fluctuations in energy prices, and increasing investment in the research and development of BIPV products.
What Is the Estimated Growth Rate and Market Size of the Global Building-integrated Photovoltaics Market?
The building-integrated photovoltaics (BIPV) market is projected to experience rapid growth, reaching $48.44 billion by 2028 with a compound annual growth rate (CAGR) of 23.5%. This growth can be attributed to rising electricity prices and the need for grid resilience, the expansion of BIPV applications beyond traditional rooftops, an increasing demand for aesthetically pleasing and customizable BIPV solutions, support from the architectural and construction sectors, and heightened environmental concerns. Key trends during the forecast period include the integration of BIPV into smart building and IoT systems, advancements in solar technology, collaborations among solar manufacturers, architects, and construction companies, trends toward net-zero energy and carbon-neutral buildings, and innovations in BIPV materials and designs.
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What Are The Significant Drivers Behind The Growth Of The Building-integrated Photovoltaics Market?
The growing demand for zero-energy buildings is projected to drive the expansion of the building-integrated photovoltaics market in the coming years. Zero-energy buildings utilize a combination of energy efficiency and renewable energy generation, ensuring that they consume only as much energy as can be produced on-site through renewable resources within a specific timeframe. The increasing global concern about carbon emissions from buildings and construction practices has contributed to this rising demand. Building-integrated photovoltaics materials offer a practical solution for building exteriors, aiding in achieving zero-energy status for structures.
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Which Top Companies Are Shaping The Growth Of The Building-integrated Photovoltaics Market?
Key players in the market include First Solar Inc., Sharp Corporation, Yingli Solar, Solar Frontier, SunPower Corporation, Hanwha Solar, Renewable Energy Corporation, Panasonic Corporation, Kyocera Document Solutions Company, Canadian Solar Inc., Suntech Power Holdings Co. Ltd., Harsha Abakus Solar Private Limited, Ascent Solar Technologies Inc., Greatcell Energy Limited, Global Solar Energy Inc., Hanergy Holding Group Ltd., Onyx Solar Energy S.L., ISSOL SA, Solarcentury Holdings Limited, Trina Solar Limited.
Which Emerging Trends Are Reshaping the Building-integrated Photovoltaics Market Size ?
The establishment of new production facilities has become a prominent trend in the building-integrated photovoltaics industry. Leading manufacturers in this sector are concentrating on launching these facilities to accommodate the increasing demand.
What Are The Segments In The Global Building-integrated Photovoltaics Market?
1) By Product Type: Polycrystalline, Thin-Film, Other Product Types
2) By Application: Roof, Facade, Glass, Other Applications
3) By End-User: Residential, Commercial, Industrial
Asia-Pacific: Largest Region in the Building-integrated Photovoltaics Market
Asia-Pacific was the largest region in the building-integrated photovoltaics market in 2023. The regions covered in the building-integrated photovoltaics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
How Is The Building-integrated Photovoltaics Market Defined?
Building-integrated photovoltaics (BIPV) are solar energy-generating products that seamlessly integrate into the building envelope, functioning as part of elements like facades, roofs, and windows. BIPV serves two primary functions: they provide an exterior layer for the building's structure while also generating energy for on-site consumption or export to the grid. This system can lead to savings on materials and electricity costs, reduce pollution, and enhance the building's architectural aesthetics. BIPV systems are typically incorporated during the building's development phase or installed during the renovation of an existing structure when a key envelope component needs replacement.
The Building-integrated Photovoltaics Global Market Report 2024 from The Business Research Company includes the following key information:
. Market size data for both historical and future periods
. Analysis of both macro and microeconomic factors that have impacted the market over the past five years
. Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
. Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Building-integrated Photovoltaics Market Report: Trends, Opportunities, Strategies, and More
The Building-integrated Photovoltaics Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into building-integrated photovoltaics market size, building-integrated photovoltaics market drivers and trends, building-integrated photovoltaics global market major players, building-integrated photovoltaics competitors' revenues, building-integrated photovoltaics global market positioning, and building-integrated photovoltaics market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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The Business Research Company
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