Building Integrated Photovoltaics are solar building materials that are used to generate electricity by replacing conventional building materials in parts of the building envelope such as the roof, skylights, or facades These are an advanced version of solar power generation technology. The electricity generated through the BHIV technology is either used as the primary source or also as the supplementary source of power. The government enforced laws and stringent regulations in several countries such as US and China have been the major drivers for the BHIV market growth.
Moreover, a surge in the global population intertwined with burgeoning development in industrial and commercial sectors have been continuously making the demand for the resources. The availability of limited resources with regard to the ever-growing demand for resources has generated an essential need to explore the additional sources of supply to meet the resource demand.
According to MarkNtel Advisors’ research report titled “Global Building Integrated Photovoltaic Market Analysis, 2020”, the Global Building Integrated Photovoltaic market is anticipated to grow at a CAGR of around 20% during 2020-25. The conventional sources of power supply have been becoming insufficient to meet the demand from different end-user segments. With growing industrialization, urbanization, and modernization, the demand for electricity has been continuously rising. Therefore, in order to meet the necessary requirements, the dependence on renewable energy, especially solar energy has become significantly considerable over the past decade.
Based on the end-user segmentation, the commercial segment dominated the market in 2019. Surging levels of productivity and the desire to reduce dependence on conventional electricity sources and to curb the overall electricity expenditure of the firm, the new commercial buildings are increasingly installing integrating solar energy photovoltaic system. As stated in MarkNtel Advisors’ research report “Global Building Integrated Photovoltaic Market Analysis, 2020”, the commercial sector has been anticipated to achieve the highest CAGR during 2020-25, owing to the increasing environmental benefits of the system such as boost in the adoption of greener sources of power generation.
Moreover, the growing awareness about the long-term cost availed by the customer in the form of energy efficiency and low maintenance cost of the system has been increasing the commercial demand. The conversion of conventional building material to building-integrated photovoltaic material increases the prestige and value of the building, which is further expected to propel the market growth in the years to come.
On the basis of the application segment, the roof segment gained the highest traction from the end users in 2019. The availability of vast areas on the roof, along with its low-cost installation resulted in the dominance of the segment. In the upcoming years, the glass segment is expected to witness the highest growth during 2020-25, due to the quality of glass being visually more appealing and also due to easy installation. However, the façade category such as metal wall panels, masonry veneer are also expected to attain high growth in the long run due to a growing awareness about technology.
According to MarkNtel Advisors’, some the of key competitors operating in the Global Building Integrated Photovoltaic market include AGC Solar, Belectric, Heliatek GmbH, BIPVco Limited, Carmanah Technologies, Heliatek GmbH, Ertex solartechnik GmbH, etc.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Global Building Integrated Photo Voltaic Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, in the Global Building Integrated Photo Voltaic Market?
4. Who are the key competitors or market players and how they perform in Global Building Integrated Photo Voltaic Market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Building Integrated Photo Voltaic Market study?