NEW YORK, Jan. 23, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, The BIPV Glass Market is expected to reach US$ 17.62 billion by 2031. The commercial segment held the largest share of the global BIPV glass market in 2023. Rising investments in commercial construction projects and growing commercial construction activities across the world propel the demand for BIPV glasses.
The Global BIPV glass market is observing significant growth owing to the growing commercial construction sector. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the BIPV glass market comprises a vast array of applications that are expected to fuel growth in the coming years.
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Overview of Report Findings
Market Growth: The BIPV glass market is expected to reach US$ 17.62 billion by 2031 from US$ 4.63 billion in 2023, at a CAGR of 18.2% during the forecast period. Building-Integrated Photovoltaics (BIPV) is the integration of solar cells into building structures. Photovoltaic materials are used in various applications, such as roofing, skylights, facades, canopies, and spandrel glass, to replace conventional buildings. BIPV glass serves as a power generator and building envelope material, thus helping reduce energy costs, fossil fuel use, and greenhouse gases, as well as increasing the building value.
Rising Popularity of Solar Energy: The upsurging use of solar energy is revolutionizing the construction industry and sustainable energy landscape. As countries across the world grapple with the urgent need to transition toward renewable energy sources and mitigate the impact of climate change, solar power has emerged as a front-runner due to its abundance, accessibility, and environmental benefits. According to the US Energy Information Administration, renewable energy's overall share of electricity generation is estimated to rise to 26% by the end of 2025. On the other hand, the share of natural gas is estimated to drop from 42% in 2023 to 41% by 2025. The growing solar energy adoption fuels the demand for innovative solutions such as BIPV glass to integrate solar technology in buildings.
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Increasing Demand for Green Buildings: The emphasis on sustainability and environmental consciousness is rising across the world. This results in the growing preference for green buildings that are energy-efficient, resource-efficient, and environmentally friendly. These green structures rely on construction materials that meet specific sustainability and performance standards, which propels a need for innovative solutions in the construction industry. According to environmental studies experts, nearly 40% of the greenhouse gases and wastes come from the construction industry. The building and construction industry is resource-intensive and consumes vast amounts of energy. There has been an increase in the demand for electric energy in residential and commercial buildings. Green buildings are anticipated to reduce the consumption of conventional energy, causing negligible impact on the natural environment of the project site. BIPV glass is an efficient solution to sustainability concerns, especially in commercial projects such as malls, institutions, manufacturing units, train stations, and airports where huge operating cost and energy utility is involved.
Geographical Insights: In 2023, Europe led the market with a substantial revenue share, followed by Asia Pacific and North America. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on material, the BIPV glass market is segmented into crystalline silicone, amorphous silicone, and others. The crystalline silicone segment held the largest share of the BIPV glass market in 2023.
- By glazing type, the BIPV glass market is bifurcated into single module and double module. The double module segment held a larger share of the BIPV glass market in 2023.
- In terms of component type, the market is segmented into BIPV glass roofs, BIPV glass facades, and others. The BIPV glass roofs segment held the largest share of the BIPV glass market in 2023.
- By end user, the market is segmented into residential, commercial, industrial, and others. The commercial segment held the largest share of the BIPV glass market in 2023.
- The BIPV glass market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Competitive Strategy and Development
- Key Players: A few major companies operating in the BIPV glass market are Koch Industries Inc., AGC Inc., Nippon Sheet Glass Co. Ltd., Vitro SAB de CV, Onyx Solar Group LLC, MetSolar, Mitrex, Roofit.Solar, Grenzebach Envelon GmbH, and Hanergy Holding Group Ltd.
- Trending Topics: Rising adoption rate of renewable energy solutions and a high demand for green buildings, among others.
Global Headlines on BIPV Glass
- Roofit.Solar successfully raises €6.45 million to boost integrated solar roofs.
- Vitro Glass announces partnership to advance the interactivity of glass.
- SunEwat, Building Integrated Photovoltaic (BIPV) Glass, adopted for 'The Greenhouse' at Dulwich College (Singapore)
- NSG Group will increase Ohio solar glass capacity to supply First Solar with American product.
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Conclusion
The global BIPV glass market is driven by growing commercial construction and rising demand for solar energy envelopes. BIPV glass offers many advantages compared to conventional photovoltaic panels. BIPV modules also help in reducing the energy consumption of buildings by generating solar energy. The integration of BIPV in the building offers an aesthetic view, as these panels can be designed to suit existing building architecture. The rising demand for sustainable and energy-efficient buildings is driving the BIPV glass market growth. Moreover, the rising adoption rate of renewable energy solutions in emerging economies is expected to be a key trend in the market. Additionally, the BIPV glass market is competitive due to the presence of well-established players across the world. Companies operating in the market adopt strategic initiatives to expand their businesses.
The report from The Insight Partners provides several stakeholders-including raw material suppliers, manufacturers, distributors/suppliers, and others-with valuable insights to successfully navigate the evolving market landscape and unlock new opportunities.
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