Building Integrated Photovoltaics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology, Type, Application, and End Use

Building Integrated Photovoltaics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology, Type, Application, and End Use

  • April 2022 •
  • 194 pages •
  • Report ID: 6279425 •
  • Format: PDF
The Building Integrated Photovoltaics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology, Type, Application, and End Use,” the market is projected to reach US$ 13,023.97 million by 2028 from US$ 4,605.97 million in 2021 and is expected to grow at a CAGR of 16.0% from 2021 to 2028. The rising awareness about the adverse impact of using fossil fuels for power generation boosts the adoption of alternative methods for power generation across various sectors. This has influenced players in the building integrated photovoltaics market to increase their investments in strategic partnerships and product innovations & developments. A few of the major players operating in the market are Onyx Solar Group LLC., Heliatek, Saule Technologies, MetSolar, and ertex solartechnik GmbH. A few of the key initiatives undertaken by leading players are as follows:
• In October 2021, Meyer Burger, a Swiss PV module manufacturer, purchased the rights to expand its business offerings with the addition of BIPV systems. The company will engage in designing and manufacturing in-roof solar systems. At the smarter-E-Europe fair in 2021, they unveiled their first self-made solar tiles. The first client delivery is scheduled for the second half of 2022.

• True Metal Solutions (TMS), a building cladding fabricator, and NanoFlex Power Corporation (NFP), a developer of organic photovoltaic technology and high-efficiency photovoltaic power generation, formed a joint venture in January 2020 to develop the business for organic photovoltaic (OPV) thin-film material with cladding for building façades.

• In January 2022, Hevel Group, a Russian solar module and cell producer, launched a new building integrated photovoltaic product based on the heterojunction technology. Its BIPV products are made up of cells with efficiencies of up to 24.2%, which outperform traditional monocrystalline and polycrystalline PV products.

Thus, a surge in strategic partnerships between major players and the development of new products is expected to contribute to the growth of the building integrated photovoltaics market during the forecast period.

COVID-19 Impact on Building Integrated Photovoltaics Market
North America is among the worst-hit regions by the COVID-19 pandemic.There has been a disruption in the supply chain of many industries due to restrictions on logistics operations and the shuttering of manufacturing facilities.

The COVID-19 pandemic affected manufacturing and construction businesses in four critical areas in 2020—supply chain operations, workforce availability, investments, and product offerings.Although all construction activities were allowed to continue in most parts of the US and Canada since the start of the COVID-19 pandemic, many projects in the bidding or final planning stages were either canceled or experienced delays.

As a result, companies operating in the building integrated photovoltaics market stopped the production operations for some time.

Europe is the major contributor to the building integrated photovoltaics market, followed by North America and APAC, respectively.In addition to regional diversification, increasing government incentives, renewable energy targets, and rising investments in solar technology are the major factors driving the market in this region.

Countries such as the UK, Italy, Spain, and France are major contributors to the European building integrated photovoltaics market.Supportive directives from the European Commission (EC) in the form of financial incentives, such as subsidies, drive the photovoltaic integration in the region.

Furthermore, the EC has been significantly lowering the levelized cost of electricity (LCOE) of its solar systems, which is providing lucrative opportunities to the building integrated photovoltaics market in Europe.North America accounted for the second-largest share in the building integrated photovoltaics market in 2020.

Increasing support from governments through financial benefits and incentives to encourage green infrastructure favors the building integrated photovoltaics market growth in this region.

In Germany, the supportive regulatory policies for promoting the renewable energy and improving the energy performance of buildings had been the key factors driving the BIPV market growth.For instance, in June 2020, the German Bundestag adopted the Buildings Energy Act which is a single modern law whole of the Energy Conservation Act, the Energy Saving Ordinance and the Act on the Promotion of Renewable Energy in the Heat.

The regulation is catering the requirements for the energy performance of buildings, the issuing and use of energy performance certificates, and the use of renewable energy in buildings.In addition, the latest amendments in Renewable Energy Act came in January 2021, which is responsible for the significant growth in onshore wind, solar PV, and biogas by establishing grid priority.

These regulatory standards s fueling the building integrated photovoltaics market size dynamics over the forecast period.

North America accounted for the second-largest share in the building integrated photovoltaics market in 2020.Increasing support from governments through financial benefits and incentives to encourage green infrastructure favors the market growth in this region.

The US and Canada contribute a major share to the revenue growth of the building integrated photovoltaics market in North America. According to the Solar Energy Industries Association, the solar power industry in the US received an investment of US$ 18.0 billion in 2019. Such high investments in this solar industry are likely to boost solar energy integration in the residential and commercial sectors in North America during the forecast period.

A few players operating in the global building integrated photovoltaics market profiled in this market study include ClearVue Technologies Limited, AGC Inc., Onyx Solar Group LLC, Metsolar, and Heliatek.

The overall building integrated photovoltaics market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast of the building integrated photovoltaics market size with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic.

The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the building integrated photovoltaics market.
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