According to our latest study on “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; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.
Rise in Government Initiatives to Standardize Building Integrated Photovoltaics Products Fuels Market Growth
The increasing efforts by governments worldwide to promote the use of renewable energy sources for power generation in residential, commercial, and industrial sectors have led to the establishment of quality standards and electrical codes for the production of effective and efficient building-integrated photovoltaics. Various international organizations such as the International Electrotechnical Commission (IEC), Underwriters Laboratories (UL), Conformitè Europëenne (CE), European (EU) standards, national standards, and electrical regulations have been put in place to address safety and performance issues associated with the construction of photovoltaics. These standards cover different aspects such as UL 790 for standardized roofing material replacement, ANSIZ97.1-1984 and IEC 61730 for safety qualification of photovoltaic modules used in facades or building glasses. Consequently, there is an increased demand for sustainable building materials which is driving the growth of the building integrated photovoltaics market. The growing awareness of the adverse effects of using fossil fuels for power generation has also triggered the adoption of alternative methods for power generation, and building integrated photovoltaics market players are investing more in strategic partnerships and product innovations to meet this demand.
The building integrated photovoltaics market in Europe currently holds the largest share, followed by North America and APAC. This market dominance can be attributed to various factors such as increasing government incentives, renewable energy targets, and rising investments in solar technology. Major players in the European building integrated photovoltaics market include the UK, Italy, Spain, and France. The European Commission (EC) has also provided supportive directives in the form of financial incentives like subsidies, which have further driven photovoltaic integration in the region and aided market growth. Additionally, the market size is expected to grow even further in the coming years due to the rising demand for renewable power generation, especially in the industrial sector.
In 2020, North America held the second-largest share in the building integrated photovoltaics market. The market growth in this region is being driven by increasing government support through financial benefits and incentives for green infrastructure. The US and Canada are the major contributors to the building integrated photovoltaics market in North America. The Solar Energy Industries Association has reported that the solar power industry in the US received an investment of US$18.0 billion in 2019. Such high investments are expected to boost solar energy integration in residential and commercial sectors in North America during the forecast period. In the Asia Pacific region, countries are significantly focused on developing renewable power infrastructure post-pandemic. As a result, investments and developments in 2021 and 2022 are outpacing those of previous years. The economies of countries in Asia Pacific are being driven by factors such as robust economic growth, rising populations, growth prospects in the renewables market, and attractive government initiatives.
Key Findings of Study:
The building integrated photovoltaics market is segmented into five regions - North America, Europe, APAC, the MEA, and SAM. Europe held the largest market share in 2020 due to supportive government regulations for sustainable building materials and significant rise in solar photovoltaic energy generation in European countries. Financial incentives and subsidies from the European Commission (EC) are driving photovoltaic integration in the region, and the EC has been reducing the levelized cost of electricity (LCOE) of its solar systems, providing opportunities for the building integrated photovoltaics market in Europe. The growth of the construction sector and commercial spaces in North America is driving market growth in the region. The Canadian government launched the Canada Greener Homes initiative in May 2021 to improve energy efficiency in homes, buildings, and commercial complexes. According to the American Council for an Energy-Efficient Economy, increasing energy efficiency could halve energy usage and GHG emissions in the US by 2050. The majority of green building certifications are acquired for new buildings in North America, and investments in energy efficiency improvements for new buildings and retrofits are increasing, reducing energy consumption and aiding market growth. The market analysis focuses on upcoming developments, new technologies, manufacturing plant expansion, and micro and macro factors that influence market dynamics.
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