Building-Integrated Photovoltaics Market Surges with 21% CAGR, Projected to Reach US$ 134.31 Billion by 2032

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Building-Integrated Photovoltaics Market Surges with 21% CAGR, Projected to Reach US$ 134.31 Billion by 2032

The building-integrated photovoltaics market is anticipated to expand at a 21% value CAGR between 2022 and 2032.

The building-integrated photovoltaics market is anticipated to expand at a 21% value CAGR between 2022 and 2032. This market is predicted to have grown significantly from its projected $16.5 billion global market size in 2021 to a total of $134.31 billion by 2032.

Integrated with structure Since PV (photovoltaic) capacity is increasing quickly in many countries and demand for renewable energy is rising, the photovoltaics industry is predicted to grow dramatically.

Among the countries that have voluntarily accepted the Kyoto Protocol, a plan to reduce greenhouse gas emissions, are Italy, Germany, France, the United States, China, Japan, and India. Important contributing factors include self-sufficiency, improved public understanding of energy security, and sound public policy.

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Key Takeaways from the Market Study

In 2021, the market was estimated to have a global valuation of US$ 16.5 Billion.
In 2022, the market is estimated to have a global market size of US$ 19.97 Billion
The building-integrated photovoltaics market in Europe occupied a market share of 37.68% in 2021.
The crystalline silicon segment took over 72% of the global building-integrated photovoltaics market share.
Nearly 62% of building-integrated photovoltaics sales to be for roof applications
As of 2021, the industrial segment accounted for 40.5% of the global market.

“With strict regulations towards the green building movement and the increasing demand from eco-conscious consumers, the demand for Building-integrated Photovoltaics is increasing globally at a rapid pace. This is also being supported by various government regulations to promote the use for enhanced sustainability and better energy efficiency. New technological development in this field is sure to open up new avenues for the manufacturers in the future,”

Competitive Landscape

As a way to gain more market penetration and meet the changing needs of architects and construction contractors, Building-integrated Photovoltaics manufacturers have developed multiple joint ventures, partnerships, agreements, and collaborations.

In October 2021, Meyer Burger, a Swiss manufacturer of PV modules, began offering BIPV systems. Meyer Burger will offer rooftop solar power systems.

In 2021, Onyx Solar, a Spanish producer of BIPV solar systems, installed approximately 3,250 crystalline solar modules on the facade of Sterling Bank’s Nigerian headquarters.
In September 2021, China Southeast Space Frame Group (SSFG) and First PV formed a joint venture to install 950 MW of solar PV in China over the next five years.

Key Players