Annual Installed Capacity of Building Integrated Photovoltaics (BIPV) Worldwide is Projected to 32.3 GW by 2024
Increasing Focus on Energy
Efficient & Green Buildings to Drive Growth in the Global Building
Integrated Photovoltaics (BIPV), According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Building Integrated
Photovoltaics (BIPV) market. Annual installed capacity of
Building Integrated Photovoltaics (BIPV) worldwide is projected to 32.3 GW by
2024, driven
by the growing need to shift towards renewable energy sources and improve
energy efficiency of buildings.
Solar
power is one of the most promising sources of both direct and indirect forms of
renewable energy. Solar energy can be used directly for generating electricity,
lighting buildings, water and air heating and for several other industrial and
commercial applications. However, several large-scale solar PV installations
across the world are grappling with huge power losses over transmission lines
when delivering electricity to consumers. With the threat of fossil fuel
depletion looming large and extraction of non-renewable sources likely to
become increasingly unviable economically, the focus is on renewable energy
sources specifically one that can reduce transmission losses. A potential
solution to these issues has emerged in the form of building integrated
photovoltaics (BIPV), which can reduce transmission-related power losses to the
minimum by promoting onsite generation and consumption of energy. A BIPV system
involves integration of these modules onto the building’s surface such as the
roof or the façade. BIPV system applications extend to all sectors of the
construction industry - residential, commercial, industrial, prestige,
government and zero-energy buildings.
Despite
being a small segment in the overall solar power market, the BIPV market is
being driven by the rising awareness about the benefits offered by integrated
solar energy (photovoltaic modules) for onsite electricity generation and the
corresponding improvements achieved in energy efficiency of buildings. BIPV
system’s ability to generate renewable electricity from sunlight for powering
buildings, coupled with the growing desire to gain certifications such as
"eco-friendly" or "green building” and benefit from attractive
government incentives for green buildings is also driving designers,
architects, and developers to focus on BIPV system installation. Rapidly
plunging cost of solar PV panels, enhanced aesthetics of
BIPV, and improving efficiency of c-Si modules as well as flexible thin-film
panels are also expected to drive adoption of BIPV systems. New constructions,
retrofits and refurbishment works in both commercial and residential sectors
are expected to drive demand for BIPV products in the coming years. The market
is expected to benefit from government incentives and other support mechanisms,
such as feed-in-tariffs, for renewable energy sources.
As
stated by the new market research report on Building Integrated
Photovoltaics (BIPV), Europe represents the largest regional market, worldwide. The
region’s large share is primarily attributed to the constant rise in
investments in energy management solutions across several countries in the
region. There is especially significant increase in demand for BIPV panel installations
from residential sector as well as the power utilities. Growth in the BIPV
market is also being fueled by the adoption of favorable policy and regulatory
framework in several regional economies including Denmark, Greece, Belgium, and
the UK. Asia-Pacific is forecast to register the fastest CAGR of 36.9% over the
analysis period. Growth is being driven by strong construction activities as
result of mass exodus of manufacturing and production bases to low-cost Asian
countries, continuous industrialization in regional powerhouses such as China
and India, improving standards of living, and the resultant escalating demand
for residential and commercial constructions. Strong government backing for
solar energy is another major factor favoring growth in the BIPV market.
Major
players in the market include Asahi Glass Co. Ltd., BELECTRIC GmbH, CertainTeed
Corporation, Ertex solartechnik GmbH, Onyx Solar Energy S.L., Romag, Scheuten
Glas Nederland B.V., Greatcell Solar Limited, and Hanergy Holding Group Ltd.,
among others.
The
research report titled “Building Integrated
Photovoltaics (BIPV): A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets such as the US,
Canada, Japan, Europe (France, Germany, Italy, Spain and Rest of Europe),
Asia-Pacific (China, India and Rest of Asia-Pacific) and Rest of World. The
global market for Building Integrated Photovoltaics (BIPV) is additionally
analyzed by the segments – Architectural, Roofing and Others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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