Press Release Description

Global Building Integrated Photovoltaics Market to Reach USD 90 Billion & Grow at a CAGR of Around 19.64% During 2024-2030

The Global Building Integrated Photovoltaics Market was valued at USD 20.80 billion in 2023 & is projected to reach USD 90 billion by 2030. The market is estimated to grow at a CAGR of 19.64% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The rising electricity costs, increasing awareness about sustainability, and implementation of the building codes & regulations by the official authorities are resulting in the Global Building Integrated Photovoltaics Market growth.

Conventionally, the electricity in nations, like the US, India, etc., is primarily generated with the help of non-renewable resources such as Coal, Oil, and Gas. However, the geopolitical tensions & the over-exploration of the coal mines & oilfield sites adversely impacted the supply chain and led to their higher costs. The expensive raw material prices led to the surge in the electricity tariff in these nations. Therefore, the end-user industries in these countries are increasingly opting the solutions such as building-integrated photovoltaics since they are more economical in the long term.

Additionally, the carbon emissions caused by the buildings are increasing substantially. These emissions result in environmental & human health deterioration. Thus, to minimize the emissions, the official authorities of the developing & developed nations are imposing stringent building codes. These building standards are compelling the end-users to integrate sustainable products, like photovoltaic commodities within the buildings, thus uplifting the market growth.

Along with this, the different industry verticals are signing Corporate Sustainability Goals (CSG) to their lower their Green House Gas (GHG) emissions and reduce their carbon footprint. Further, these companies are allocating substantial funds to purchase sustainable products. This would make the products more accessible and amplify the market growth during the forecast period, further states the research report, “Global Building Integrated Photovoltaics Market Analysis, 2024.”

Global Building Integrated Photovoltaics Market

Global Building Integrated Photovoltaics Market Segmentation Analysis

Silicon-based Technology Anticipated to Grow During Forthcoming Years

Based on the technology, the market is bifurcated into, Silicon-based, Thin Film, and Others. Among them, Silicon-based technology holds a dominant share in the Global Building Integrated Photovoltaics Market. Silicon is easily available in different countries, making it highly available for the top companies. Along with this, the abundance of silicon also helps the top companies to lower their manufacturing cost, making the products available at relatively lower costs.

Furthermore, the material is not harmful and does not possess any attributes that adversely impact the environment. Therefore, consumers & end-users with sustainability targets prefer to use products based on Silicon technology, supporting market growth.

Asia-Pacific to Outperform in Forecast Years

Geographically, Asia-Pacific holds a noteworthy share in the Global Building Integrated Photovoltaics Market. The rapid industrialization in the Asia-Pacific nations due to the availability of low-cost labor & initiatives to ramp up the domestic manufacturing units is resulting in the release of several pollutants. Therefore, to reduce these emissions industries prefer to replace conventional fuel-based resources with sustainable commodities, like photovoltaics.

Additionally, the governing bodies in the region are becoming more aware of sustainability and increasingly encouraging industries to opt for eco-friendly products. Thus, the demand for photovoltaic products within the industrial units would continue to increase in the Asia-Pacific countries in the forthcoming years.   

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including AGC Glass, Canadian Solar, Heliatek GmbH, BIPVco Limited, Yingli Solar Co., Hanergy Holding Group Ltd., Kyocera Corporation, Ascent Solar Technologies, Sharp Corporation, Schott AG, Solaria Corporation, Hanwha Group, Sunpower Corporation, United Solar Ovonic Corp, First Solar Inc., Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Building Integrated Photovoltaics Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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