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Building Integrated Photovoltaic (BIPV) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 125 Pages
  • June 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4622544
UP TO OFF until Dec 31st 2023
The Building Integrated Photovoltaic (BIPV) market is expected to rise with a CAGR of around 3.5% during the forecast period. The COVID-19 pandemic did not visibly impact the market, as it was a steady growth in solar PV installed capacity, from 583.87 GW in 2019 to 709.67 GW in 2020. The BIPV market is expected to witness high growth in the near future mainly due to two factors, the reduction in energy bills due to self-power consumption, and the reduction in the building's carbon footprint. However, the high installation cost as compared to rooftop PV systems is likely to render a negative impact on the market growth.

Key Highlights

  • The Crystalline photovoltaic (PV) segment is expected to have the lion's share in the coming years due to high versatility for small to large-area applications.
  • The global inclination towards renewables-based power generation is the most enormous opportunity for the BIPV systems. The governments of almost all the countries are moving towards renewables-oriented energy policies to reach their carbon neutrality goals. The industrial and commercial sectors are even provided with incentives for adopting cleaner energy generation methods.
  • Asia-Pacific is expected to grow at a faster rate during the forecast period due to declining solar technology costs.

Key Market Trends

Crystalline PV Expected to Dominate the Market

  • Most of the solar panels for roof and facade applications are made up of crystalline silicon. They are thick glasses that produce more power (10-12 watts per ft² of PV array under the full sun) as compared to other technologies.
  • According to the Fraunhofer Institute for Solar Energy Systems, Germany, the global annual monocrystalline PV production share in 2020 was around 80%, the highest among all other technologies. The percentage explicitly reflects the demand for the technology at the global level due to low prices and technical maturity attained by it.
  • In 2021, Spanish BIPV systems manufacturer Onyx Solar started the construction of a giant BIPV solar facade for the refurbishment of the Sterling Bank headquarters in Lagos, Nigeria. The company will install around 3,250 crystalline solar modules in the building facade. The project is expected to get completed within two to three years.
  • In December 2021, Italian solar panel manufacturer Solarday launched a glass-glass monocrystalline PERC BIPV panel, which is available in red, green, gold, and grey color. The power conversion efficiency of the product is 17.98%, and its temperature coefficient is -0.39% per degree Celsius. Along with higher power conversion capability, it also adds aesthetic value to buildings by varying colors.
  • Such kind of developments is expected to have an overwhelming effect on the market development.

Asia-Pacific Expected to Witness Significant Growth

  • The Asia-Pacific region has been highly successful in implementing solar PV technologies in many industries in the most cost-effective way. The technology in the region has reached the maturity stage and has witnessed continuously plummeting prices.
  • The countries like China, India, Japan, and ASEAN countries have proved themselves in the arena of solar power generation with new innovative technologies for BIPV, rooftop, and many other applications. China's production scale for each technology in the PV industry accounted for more than 50% of the world and is expected to remain at the top in the near future.
  • The developments happened in other parts of the region too. In September 2021, AGC Inc., the Japanese manufacturer of glass, chemicals and high-tech materials announced that its BIPV glass had been selected to be installed at the Singapore Institute of Technology's new Punggol campus, which is scheduled to be open by 2024.
  • - In September 2021, Steel manufacturer China Southeast Space Frame Group (SSFG) and back sheet maker First PV created a new joint venture company to install 950 MW of BIPV capacity in China over the next five years. The new company will be headquartered in Hangzhou in Zhejiang province.
  • Owing to such developments, it is expected that Asia-Pacific will have the highest growth rate in the coming years.

Competitive Landscape

The global building integrated photovoltaic (BIPV) market is moderately consolidated. The key players in this market include ONYX Solar Group LLC, Merck KGaA, AGC Inc., Solarday, and Changzhou Almaden Co. Ltd. among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5.1 Type
5.1.1 Thin Film PV
5.1.2 Crystalline PV
5.2 End User
5.2.1 Residential
5.2.2 Commercial & Industrial
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Onyx Solar Group LLC
6.3.2 Merck KGaA
6.3.3 Nanoflex Power Corporation
6.3.4 Hanergy Holding Group Ltd.
6.3.5 AGC Inc.
6.3.6 Polysolar Domestic
6.3.7 Issol SA
6.3.8 Changzhou Almaden Co. Ltd
6.3.9 Solarday
6.3.10 Ertex solartechnik GmbH

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Onyx Solar Group LLC
  • Merck KGaA
  • Nanoflex Power Corporation
  • Hanergy Holding Group Ltd.
  • AGC Inc.
  • Polysolar Domestic
  • Issol SA
  • Changzhou Almaden Co. Ltd
  • Solarday
  • Ertex solartechnik GmbH