Building Integrated Photovoltaics Market Insights:
The global Building Integrated Photovoltaics Market accounted for more than USD 7 billion in 2016. It is anticipated to witness a healthy CAGR over the forecast period due to increased installations of integrated solar energy harnessing systems.
Factors such as expansion of manufacturing base, increased R&D agreements with universities, undertaking of new installation projects, and acquisition of certifications are anticipated to boost the industry growth especially in China, India and Japan.
The high demand for Building Integrated Photovoltaics' products is due to financial and other benefits offered by the national government. The industry is further projected to benefit from the increased efforts of government organizations to encourage the use of solar energy solutions amongst the consumers in the region. However, high initial investment costs are likely to hamper the market growth.
Building Integrated Photovoltaics Market - Technology Insights:
Based on technology, the Building Integrated Photovoltaics Market is segmented into crystalline silicon and thin film technologies. The crystalline silicon technology is further divided into multicrystalline silicon and monocrystalline silicon. The thin film technology is sub-divided into copper indium gallium selenide (CIGS), amorphous silicon, cadmium telluride (CdTe), dye-sensitized solar cells (DSSCs), and organic photovoltaic (OPV).
The market for thin-film technology is anticipated to grow over the forecast period due to increased aesthetic appeal. Moreover, increased demand for transparent panels integrated into windows is likely to boost the segment demand over the coming years.
Building Integrated Photovoltaics Market - Application Insights:
On the basis of application, the Building Integrated Photovoltaics Market is segmented into roofing, glazing, shading, cladding, wall integrated solution, glass, facades, and windows. Building integrated roofs reported for more than 55 % of the overall revenue in 2016 due to its advanced roof-integrated systems. Moreover, improved aesthetic appeal along with easy integration of the solar energy harnessing systems is anticipated to drive the demand for rooftop installations over the forecast period.
Building Integrated Photovoltaics Market - End-Use Insights:
Based on end-use, the Building Integrated Photovoltaics Market is segmented into residential, commercial, and industrial. The industrial segment registered the largest revenue share due to high demand of BIPV products in industrial application. Reduced dependency on renewable energy sources for electricity among the various organizations is likely to result in increased demand for building integrated photovoltaic.
The demand for commercial integrated systems is projected to increase over the forecast period due to increased initiatives taken by the commercial entities. The improved aesthetic appeal of the integrated photovoltaic coupled with rising environmental awareness is likely to drive the demand for the product over the coming years.
Building Integrated Photovoltaics Market - Regional Insights:
Europe dominated the Building Integrated Photovoltaics Market in 2016 with an expanding number of legislations and incentives in favor of BIPV followed by North America and Asia.
Asia Pacific is anticipated to account for the highest growth in the global market due to increased spending capabilities of the consumers. Ideal regulations and norms for the use of integrated photovoltaic in energy generation are also likely to stimulate the industry growth.
Growing adoption of solar energy along with the rapidly expanding industrial sector in the emerging economies such as China and India is likely to flourish the market over the forecast period.
Building Integrated Photovoltaics Market - End-Use Landscape:
The end-use landscape includes a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase products from global building integrated photovoltaic market. The major consumers of the product are Volkswagen Group, Samsung Electronics, and Mitsui.
Building Integrated Photovoltaics Market - Competitive Scenario:
Key players in the market rely on strategies such as M & As to increase their presence. Major players operating in the global industry include BIPV Ltd., AGC Solar, Belectric Holding GmbH, Dyesol Ltd., Heliatek GmbH, Hanergy Holding Group Limited, and Ertex Solar.
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