Portland, OR, Oct. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global building integrated photovoltaics market generated $14.0 billion in 2020, and is projected to reach $86.7 billion by 2030, witnessing a CAGR of 20.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Demand for continuous power supply from mining and oil & gas industries and rise in need for electrification and continuous power supply in developing regions drive the growth of the global building integrated photovoltaics (BIPV) market. However, strict regulations pertaining to emission reduction in fossil fuel-powered equipment restrains the market to some extent. On the other hand, advent of digital technology solutions for operations enhancement presents new opportunities in the upcoming years.
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COVID-19 scenario:
- The outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of construction industries, thereby adversely affected the global building integrated photovoltaics market.
- Lockdown had drastically affected manufacturing capacity of China as all major ship container companies had also stopped functioning out of Chinese ports and transporting goods from China to other countries.
- It further disrupted the whole supply chain, leading to difficulty in supply of raw materials and caused labor shortage. This, in turn, affected the market demand and reduced sales. Nevertheless, the market is anticipated to recover soon by the end of 2022.
The report offers detailed segmentation of the global building integrated photovoltaics market based on technology, application, end use, and region.
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Based on technology, the crystalline silicon segment held the highest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 20.4% from 2021 to 2030. Based on application, the roofs segment held the largest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the glass segment is projected to register the highest CAGR of 21.0% from 2021 to 2030.
Based on region, Europe contributed to the highest share in terms of revenue in 2020, holding around two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, North America is projected to manifest the fastest CAGR of 20.7% during the forecast period.
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Leading players of the global building integrated photovoltaics market analyzed in the research include AGC Solar, Belectric, Heliatek GmbH, Carmanah Technologies Corporation, Greatcell Solar Limited, Hanergy Holding Group Limited, Ertex Solartechnik GmbH, Canadian Solar Inc., Tesla Inc., and Solaria Corporation. Other players operating in this building integrated photovoltaics market include ISSOL SA, Onyx Solar Energy S.L., NanoPV Solar Inc., BIPVco Limited, and Solaxess.
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