building integrated photovoltaics Market

The Building Integrated Photovoltaics 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 increasing recognition of the negative effects of utilizing fossil fuels for power generation is driving the adoption of alternative power generation methods in various industries. This trend has prompted companies in the building integrated photovoltaics market to increase their investments in strategic partnerships, product innovation, and development. Some major players in the market include Onyx Solar Group LLC., Heliatek, Saule Technologies, MetSolar, and ertex solartechnik GmbH. These leading players have undertaken several key initiatives, such as the following:

• 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.
• In January 2020, True Metal Solutions (TMS), a company specializing in building cladding fabrication, and NanoFlex Power Corporation (NFP), a developer of high-efficiency photovoltaic power generation and organic photovoltaic technology, announced their partnership to establish a joint venture. The primary aim of this joint venture is to develop the market for organic photovoltaic (OPV) thin-film material with cladding for building facades.
• 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.

It is anticipated that the building integrated photovoltaics market will experience growth during the forecast period due to an increase in strategic partnerships and the development of new products by major players in the industry.

COVID-19 Impact on Building Integrated Photovoltaics Market
The impact of the COVID-19 pandemic on the North American region has been severe, and several industries, including manufacturing and construction, have faced disruptions in their supply chains due to logistical restrictions and the closure of manufacturing facilities. In 2020, the pandemic caused problems for manufacturing and construction businesses in several critical areas, including supply chain operations, workforce availability, investments, and product offerings. While construction activities continued in most parts of the US and Canada during the pandemic, many projects in the bidding or final planning stages experienced cancellations or delays. As a result, companies operating in the building integrated photovoltaics market had to halt production operations for some time.

The building integrated photovoltaics market is primarily driven by Europe, followed by North America and APAC. The market growth in Europe is attributed to increasing government incentives, renewable energy targets, and rising investments in solar technology. Major contributors to the European building integrated photovoltaics market are the UK, Italy, Spain, and France, which have supportive directives from the European Commission in the form of financial incentives like subsidies. The EC's efforts to lower the levelized cost of electricity of its solar systems also provide lucrative opportunities for the building integrated photovoltaics market in Europe. North America holds the second-largest share in the market, with governments offering financial benefits and incentives to encourage green infrastructure, thereby supporting the growth of the building integrated photovoltaics market in the region.

The growth of the BIPV market in Germany has been driven by supportive regulatory policies aimed at promoting renewable energy and improving building energy performance. The Buildings Energy Act, adopted by the German Bundestag in June 2020, combines the Energy Conservation Act, the Energy Saving Ordinance, and the Act on the Promotion of Renewable Energy in the Heat into a single modern law. This regulation addresses the energy performance of buildings, the use of energy performance certificates, and the use of renewable energy in buildings. Furthermore, amendments to the Renewable Energy Act in January 2021 have contributed to significant growth in onshore wind, solar PV, and biogas by establishing grid priority. These regulatory standards are expected to continue driving the dynamics of the building integrated photovoltaics market size in Germany during 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 building integrated photovoltaics market size has been determined through a combination of primary and secondary research. The research process started with comprehensive secondary research using internal and external sources to obtain qualitative and quantitative data about the market. This helped in gaining an understanding and forecast of the overall market size across various segments. To validate the data and gather further insights about the market, multiple primary interviews were conducted with industry participants and experts such as VPs, business development managers, market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders who specialize in the building integrated photovoltaics market.