Building Integrated Photovoltaics Market is increasing demand with CAGR of 16.0% from 2021 to 2028

According to the new research report published by The Insight Partners on "Building Integrated Photovoltaics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Colored, and Regular), Type (Monocrystalline, Polycrystalline, and Thin Film), Application (Roofs, Walls, Glass, Façade, and Others), and End Use (Industrial, Commercial, and Residential)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The building integrated photovoltaics market is projected to reach US$ 13,023.97 million by 2028 from US$ 4,605.97 million in 2021; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.

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The rising demand for renewable energy, combined with the electrification of transportation and increased involvement of oil and gas companies in the electricity value chain, is accelerating the convergence of the end-use industries. A surge in initiatives among states, cities, and utilities to pursue decarbonatization plans over the years is bolstering the demand for renewable energy. The development of renewable energy is expected to accelerate over the forecast period as the government bodies worldwide is adopting an agenda that includes in the favor of rejoining the Paris Climate Agreement, which is meant to investing US$ 2 trillion in renewable energy, and fully decarbonizing the power sector by 2035 to reach a larger goal of zero-carbon net emissions by 2050. Such initiatives are aiding the market growth over long run. The strategic initiatives by key players in developing new products developments, expansions, and mergers & acquisitions are also propelling supporting the building integrated photovoltaics market growth.

The new administration is required to exercise its executive power to facilitate the implementation of renewables. The implementation may require government land, procurement, foreign relations, trade, and agency appointments. Fossil fuels have been dominating the energy regime of most countries in the world since the industrial revolution. This significantly affects both the global climate and human health. The combustion of fossil fuels for electricity results in three-quarters of global greenhouse gas emissions. The air pollution caused by this combustion is responsible for health issues that contribute to at least 5 million premature deaths per year. To reduce global carbon dioxide emissions, renewable energy consumption has increased. According to the International Renewable Energy Agency, the top 10 countries in terms of renewable power and electricity generation capacity are the US, China, Brazil, Germany, the UK, Thailand, Japan, Italy, India, and Finland. Thus, rising investments in renewable power generation by major economies influence the uptake of photovoltaics and thus, impacting the building integrated photovoltaics market.

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The growth of the construction sector in North American countries, coupled with an increase in commercial spaces, is the key factor driving the building integrated photovoltaics market growth in the region. The integration of solar power generation equipment directly into building areas could improve material efficiency and reduce product costs. In addition, the growing awareness about the need for improving the energy efficiency of buildings has been promoting the use of clean or renewable energy technologies. North America exhibits a rise in initiatives and action plans for improving energy efficiencies. For instance, the government of Canada is committed to making homes and buildings more energy-efficient with the help of its low-carbon economy fund and other infrastructure initiatives. In May 2021, the government launched the Canada Greener Homes initiative to upgrade homes, buildings, and commercial complexes for improving their energy efficiencies. As per the research conducted by American Council for an Energy-Efficient Economy, an increase in energy efficiency can halve the energy usage and GHG emissions in the US by 2050. Thus, these factors are contributing to the growth of the building integrated photovoltaics market.

The List of Companies - Building Integrated Photovoltaics Market

The key players operating in the building integrated photovoltaics market include Heliatek, AGC Inc., ertex solartechnik GmbH, ISSOL sa, MetSolar, Onyx Solar Group LLC., ClearVue Technologies Limited, ASCA SAS, Saule Technologies, and Waaree Energies Ltd.

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