Lewes, Delaware, June 13, 2024 (GLOBE NEWSWIRE) -- The Global Building Integrated Photovoltaics Market is projected to grow at a CAGR of 20.16% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 16.94 Billion in 2024 and is expected to reach USD 88.5 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Building Integrated Photovoltaics Market”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Solarwindow Technologies, Inc, Hanergy Mobile Energy Holding Group, The Solaria Corporation, Carmanah Technologies, AGC Solar, Greatcell, and Tesla. |
| SEGMENTS COVERED | By Type, By Application, By Technology, And By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
Building Integrated Photovoltaics Market Overview
Demand for Sustainable Building Solutions: The growth of the Building Integrated Photovoltaics Market is driven by the rising need for environmentally friendly and energy-efficient building solutions. Companies are giving high importance to obtaining green certifications and actively working towards decreasing their carbon footprints, which is leading to an increase in the usage of Building Integrated Photovoltaics (BIPV). This phenomenon not only strengthens the commitment of companies to their social obligations but also aligns with the requirements set by regulatory bodies, so generating a significant possibility for market expansion.
Government Incentives and Regulations: The Building Integrated Photovoltaics Market has a substantial increase as a result of government incentives and favorable legislation. Financial subsidies, tax incentives, and requirements for renewable energy promote the incorporation of photovoltaic (PV) systems into building designs. These policies reduce the initial financial obstacles and expedite the process of entering the market, promoting the general acceptance and use of a product or service.
Advancements in PV Technology: Progress in photovoltaic technology plays a crucial role in driving the growth of the Building Integrated Photovoltaics Market. The enhanced efficiency, improved aesthetics, and increased integration capabilities of BIPV systems render them more appealing to enterprises. Improved efficiency and increased adaptability contribute to greater market adoption, allowing enterprises to achieve their energy and architectural objectives.
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High Initial Costs: The Building Integrated Photovoltaics Market is significantly hindered by the substantial upfront expenses. The significant capital expenditure needed for Building Integrated Photovoltaic (BIPV) systems can discourage firms, especially small and medium enterprises (SMEs). Although there are potential benefits in the long run, the initial cost continues to be a significant obstacle, impeding the rate at which the market is adopting and expanding.
Long Payback Periods: The Building Integrated Photovoltaics Market has a difficulty due to extended payback periods. Although BIPV systems provide sustainable energy solutions, the prolonged period needed to recover the initial investment can discourage potential users. The financial component of this situation reduces its attractiveness for enterprises seeking faster profits, which in turn affects market growth.
Technical Integration Challenges: Technical integration problems hinder the growth of the Building Integrated Photovoltaics Market. Integrating Building-Integrated Photovoltaic (BIPV) systems with pre-existing building structures necessitates specialist knowledge and may entail intricate engineering resolutions. These technological obstacles might lead to longer project schedules and higher expenses, which can discourage potential users and restrict market expansion.
Geographic Dominance:
Europe and North America have a dominant presence in the Building Integrated Photovoltaics Market. This is mostly due to strict environmental regulations, favorable government policies, and a strong emphasis on sustainability. Europe is at the forefront of sophisticated technical advancements and has made significant investments in green infrastructure. North America is progressing due to increasing awareness and incentives for the integration of renewable energy. Both regions play a crucial role in influencing market trends and promoting the worldwide use of Building Integrated Photovoltaic (BIPV) systems.
Building Integrated Photovoltaics Market Key Players Shaping the Future
Major players, including Solarwindow Technologies, Inc, Hanergy Mobile Energy Holding Group, The Solaria Corporation, Carmanah Technologies, AGC Solar, Greatcell, and Tesla. and more, play a pivotal role in shaping the future of the Building Integrated Photovoltaics Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Building Integrated Photovoltaics Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Building Integrated Photovoltaics Market into Type, Application, Technology, And Geography.
To get market data, market insights, and a comprehensive analysis of the Global Building Integrated Photovoltaics Market, please Contact Verified Market Research®.
- Building Integrated Photovoltaics Market, by Type
- Roof-Mounted BIPV
- Façade-Mounted BIPV
- Glass-Integrated BIPV
- Solar Tiles and Shingles
- Building-Integrated Concentrating Photovoltaics (BIPV-CPV)
- Others
- Building Integrated Photovoltaics Market, by Application
- Residential
- Commercial
- Industrial
- Building Integrated Photovoltaics Market, by Technology
- Crystalline Silicon
- Thin Film
- Others
- Building Integrated Photovoltaics Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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