Building Integrated Photovoltaics Market Size to Worth US$ 54.8 Billion by 2028 | With a 19.65% CAGR

IMARC Group's report titled “Building Integrated Photovoltaics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global building integrated photovoltaics market size reached US$ 19.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 54.8 Billion by 2028, exhibiting a growth rate (CAGR) of 19.65% during 2023-2028.

Building integrated photovoltaics (BIPV) is a sustainable architectural solution that incorporates solar panels into the design and structure of buildings. It serves a dual purpose as a functional building material and a renewable energy generator. It uses solar energy through photovoltaic cells, which convert sunlight into electricity that can be employed to power the electrical systems of buildings, minimizing reliance on traditional energy sources and reducing carbon emissions, which enhances the energy efficiency of a structure and contributes to environmental sustainability. Additionally, BIPV systems can generate surplus electricity that can be fed back into the grid, promoting energy self-sufficiency and reducing energy costs. Consequently, BIPV is gaining immense traction among architects and building owners across the globe.

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Building Integrated Photovoltaics Market Trends and Drivers:

The building-integrated photovoltaics (BIPV) market is primarily driven by the increasing building and construction activities. In addition, the incorporation of BIPV with architectural elements offers a dual purpose of energy generation and aesthetics, which enhances the visual appeal of buildings and maximizes the use of available space for solar energy production, thus influencing market growth. Moreover, several advances in photovoltaic technology and solar panels are now more efficient and cost-effective, with thin-film solar cells gaining popularity due to their flexibility, making them suitable for integration into building materials such as glass, roofing, and facades, thus representing another major growth-inducing factor. Besides this, the growing awareness among individuals and organizations about the environmental impact of their actions led to the widespread adoption of sustainable solutions, thus accelerating the sales demand. Along with this, several governments are promoting the adoption of renewable energy sources through various incentives and policies such as tax credits, subsidies, and net metering programs, thus propelling market growth.

Building Integrated Photovoltaics Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Ankara Solar AS
• Ertex Solartechnik GmbH
• Hanergy Holding Group Ltd.
• HermansTechniglaz
• ISSOL sa
• Navitas Green Solutions Pvt. Ltd.
• NanoPV Solar Inc.
• Polysolar Ltd.
• Sphelar Power Corporation
• VIASOLIS

The report has segmented the market into the following categories:

Breakup by Product Type

• Polycrystalline
• Thin Film
• Other

Breakup by Application

• Roof
• Facades
• Glass
• Other

Breakup by End Use

• Commercial
• Residential
• Industrial

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

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