Global Building Integrated Photovoltaic Solar Power Market is Projected to reach a Market value of US$98.97 Billion by 2031: Visiongain Research Inc

Visiongain has published a new report on Global Building Integrated Photovoltaic Solar Power Market Report Forecast 2021-2031. Forecasts by Technology (Crystalline Silicon, Thin Film), by Application (Facades, Rooftops, Glazing, Others) and by End-use (Residential, Commercial, Industrial). PLUS Profiles of Leading Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.

Global building integrated photovoltaic solar power market is estimated to be valued at US$17.86 billion in 2021 and is projected to reach at a market value of US$98.97 billion by 2031.

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Sustainable energy development plans taken by countries are offering favourable policies and incentives that support the growth of the BIPV solar power market. The decreasing cost of solar PV panels and modules is also anticipated to augment market adoption over the coming years. Similarly, improved aesthetics of BIPV panels and companies offering to end-to-end consultations are factors that can improve adoption rates of BIPV structures.

COVID-19 Impact on Building Integrated Photovoltaic Solar Power Market

Visiongain has anticipated four scenarios for the building integrated photovoltaic solar power market to recover over the forecast period, namely, V, U, W, and L. The most favorable scenario for this market is anticipated to be the “U” shaped recovery pattern wherein growth is expected to be staggered over the next few years and will slowly pick up over the second-half of the forecast period. This scenario is considered most probable as several countries have eased down on lockdown implementations and have vaccinated a majority of their population. BIPV projects hold heavy capital expenditure on the infrastructure of the building, however, the investment is assured to give sustainable returns over the future. However, as major real-estate projects are on temporary hold due to the COVID-19 pandemic, it is expected to resume planning and construction over the coming years.

Market Drivers

Sustainable Energy Development Plans

According to the IEA, global renewable electricity generation grew by 5% in 2020 despite the crisis and delay caused by the COVID 19 pandemic in the supply chain and project construction. Although several planned projects are delayed, a majority of the delayed projects are anticipated to be completed by the end of 2021 leading to a recovery of the renewable energy division. In the U.S., the expiry of tax credits and in China, the phase-out of subsidies by end of 2021, are resulting in project development rushes. The governments is expected to provide some flexibility, allowing projects to be commissioned in 2021 without losing their incentives. Companies and residential establishments have heightened awareness of the impact of fossil fuel burning on the environment and are therefore willing to resort to sustainable options such as BIPV.

Decreasing cost of Solar PV panels and modules

According to the International Renewable Energy Agency (Irena), since 2010, the cost of energy has dropped by 82% for photovoltaic solar and by 47% for concentrated solar energy (CSP). Some of the main factors responsible for decreasing cost of solar PV where improved technological developments, manufacturing companies operating on economies of scale, strengthening supply chain networks, and the growing experience of manufacturers, installers, and developers. China plans to ramp up production of PV modules again, thereby, working on economies of scale to further reduce prices. The European Commission Horizon Program, has further invested in projects that aim to decrease the manufacturing cost as well as installation cost of solar PV panels for BIPV applications.

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Market Opportunities

Collaborations and Partnerships with the Construction Sector

With all the current focus on energy, it is easy to forget that the BIPV market not only encompasses solar PV energy, but also the construction industry. It is important for the manufacturer to position BIPV as a practical construction material to construction companies and architects as well. PV manufacturers and companies involved in providing BIPV solutions have been looking to form partnerships with architects, engineers, project developers & investors, and contactors involved in the construction industry to try to educate them about the benefits of BIPV as a building material, at the same time reaching out to homeowners.

Competitive Landscape

Some of the companies profiled in the report includeSunPower Corporation, ISSOL SA/NV, Tesla Inc., Canadian Solar Inc., Wuxi Suntech Power Co. Ltd. (Suntech), AGC Glass Europe, Flisom AG, Global Solar Energy Inc. (GSE), Sunflare Solar, Solbian Energie Alternative Srl, Onyx Solar Group LLC, Ascent Solar Technologies Inc., JinkoSolar Holding Co., Ltd., First Solar Inc., and Heliatek GmbH.

The key companies operating in the building integrated photovoltaic solar power market are engaged in new/upgraded product developments and contracts & partnerships. Companies are also catering to requests of designing and customizing solar panels aesthetics according to client specifications.

  • In October 2020, AGC Glass Europe has fully developed the latest version of the Glass Configurator which is a tool that glass processors, facade and window manufacturers, architects and designers can use to calculate light, energy and safety properties.
  • In September 2019, Sony Pictures Entertainment signed a contract with SunPower Corporation for a 1.6-megawatt project which is expected to generate over 58 million kilowatt hours of solar power over 25 years at its studio lot in Culver City, Calif
  • In June2019, SunPower installed solar systems at eight Whole Foods locations across California and Nevada which amounts to more than 2.6 MW of SunPower solar projects.

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About Visiongain

Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports means that you can have a bespoke piece of market intelligence customized to your very own business needs.

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