In order to deal with environmental issues such as climate change, key regions across the globe are drafting policies towards the construction of ultra-low energy buildings. As a result, BIPV technology has emerged as a hotspot of the solar photovoltaic industry. The global building integrated photovoltaics (BIPV) market is likely to ascend from USD 12.20 billion to USD 47.20 billion by 2027, at a CAGR of 20.0% over the forecast period (2020-2027) according to QuantAlign Research.

The world has been witnessing a significant growth in the construction activities which is anticipated to fuel the market demand over coming years. Also, the augmenting solar industry has led to the innovation of nascent technologies over the past few years. These recent developments have increased the efficacy of BIPV modules over their predecessors. Whereas, integration of photovoltaic technology with infrastructure has increased the demand for aesthetic enhancement along with reasonable efficiency, durability and acceptable temperature coefficient.

However, the cost of BIPV modules has been a major factor in determining the adoption timeline in different regions. Driving the cost down by innovation and development of new technologies is essential to propel the market growth over the next few years.

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Global Building Integrated Photovoltaics (BIPV) Market Demand Outlook, COVID-19 Impact, Trend Analysis, Technology (Crystalline Silicon, Thin Film), By End-Use, By Application, By End-Use and Industry Estimates 2020-2027 –  “https://quantalignresearch.com/global-building-integrated-photovoltaics-market “

Key insights: 

• Thin film technology is likely to witness the fastest CAGR over the forecast period
• The Cadmium Telluride (CDTE) segment dominated the market in 2019, and the trend is likely to continue over the coming years
• Roofs segment held the major share of the market in 2019, whereas the glazing segment is expected to grow at the highest CAGR during 2020 – 2027
• Commercial segment accounted for the major share of the market in 2019, while the residential segment emerged as the fastest growing end-use industry
• Europe held the majority share of the global market in 2019, however Asia-Pacific is expected to grow at the fastest CAGR over the forecast period.

Key players operating in the market include Ascent Solar Technologies, Inc.; First Solar, Inc.; Schott AG.; Hanergy Mobile Energy Holding Group Ltd.; Canadian Solar; Onyx Solar; CentroSolar AG.; BIPV Ltd.; among others.