CHICAGO, Aug. 28, 2024 /PRNewswire/ -- Building Integrated Photovoltaic Market in terms of revenue was estimated to be worth $12.49 billion in 2024 and is poised to reach $27.41 billion by 2029, growing at a CAGR of 17.0% from 2024 to 2029 according to a new report by MarketsandMarkets.
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Crystalline silicon, by technology, is expected to be the largest-growing segment during the forecast period.
Based on technology, the segment is bifurcated into two types such as Crystalline silicon and thin film. The crystalline silicon technology is expected to drive the market. This is due to the efficiency rates of crystalline silicon solar cells are higher, especially for the monocrystalline types, than those for thin-film technologies. This makes it more efficient at transcribing light into electricity and better at providing energy output in a small area, as available on building surfaces. Crystalline silicon is an established technology applied widely in the solar industry. Its long history of reliability and performance record gives it an edge over other newer or less well-proven technologies like thin film, which would make it a more secure option for large-scale BIPV projects. Global crystalline silicon solar panel production capacity is far higher than that of thin film technologies. Such broad availability ensures better access to c-Si products and makes it possible to produce them in quantity, thus meeting growing demand in the BIPV market.
Roofing, by Application, is expected to be the largest-growing segment during the forecast period.
The Application segment is further bifurcated into 3 types: Roofing, Facades and Externally Integrated Systems. The Roofing segment is expected be the largest growing market. In this aspect, since many building codes and regulations require or recommend renewable energy systems, roofing is more likely to be the easiest and most compliant area for: BIPV systems are easy to retrofit onto an existing building, making it practical for older structures to utilize renewable energy capabilities without much structural alteration. Installing BIPV roofing might be more affordable than installing facades or externally attached systems because the expense for traditional roofing materials is replaced with solar technology, lowering the overall building cost. Enthusiasm for more green and sustainable buildings has led to an interest in BIPV roofing in which this roofing solution makes a significant contribution to a variety of different energy efficiency and sustainability targets.
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Asia Pacific is expected to be the Fastest growing region during the forecast period.
Most countries in this region have very good climatic conditions in terms of solar energy, with most parts receiving high levels of radiation. This makes BIPV a very viable and efficient way for the generation of renewable energy directly from building surfaces. This simply implies that the demand for BIPV systems forming part of smart building designs in smart city development across the Asia Pacific, enshrining the goals of energy efficiency and sustainability, is on the rise. With robust economic growth in the Asia Pacific region, investments in sustainable infrastructure and renewable energy projects, inclusive of BIPV in commercial, industrial, and residential building applications, will keep on increasing. Countries in the Asia Pacific are increasingly adopting green building standards and certifications, such as China's Green Building Evaluation Standard and India's GRIHA. These standards encourage the integration of renewable energy solutions like BIPV. Countries such as China and India, situated in the Asia Pacific region, have rapid urbanization. On the other hand, the growth of urban areas increases construction activity accordingly, within which BIPV is integrated into new buildings and infrastructure projects.
Key Players
Some of the major players in the Building Integrated Photovoltaic Market are LONGi (China), JinkoSolar (China), JA SOLAR Technology Co.,Ltd. (China), AGC Inc. (Japan), and Canadian Solar (Canada) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.
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