Building Integrated Photovoltaic (BIPV) Market: Crystalline Silicon Segment Expected to Dominate During Forecast Periods
Growing awareness of less carbon emission
& increasing solar projects nationally are the factors fueling the market
expansion in the forecast period.
According to TechSci Research report, “Global
Building Integrated Photovoltaic (BIPV) Market - By Region, Competition,
Forecast & Opportunities, 2028”,
The Global Building Integrated Photovoltaic (BIPV) is expected to register
CAGR of 22.03%. Factors such as growing
investment, supporting government initiatives, and the decline in solar PV
costs are expected to expand the adoption of Global Building Integrated Photovoltaic
(BIPV) Market during the forecast period. Solar energy is on average one of
the most readily available natural resources in Sou th Africa more than 2500
solar hours per year. Average solar radiation of the Earth varies between
4.5-6.5 kWh/m2 per day, recognized by the South African government the
significant potential of solar energy and seeks to increase the adoption of
solar energy solar technology in the country's power sector. Owing to which
the Global Building Integrated Photovoltaic
(BIPV) Market is expected to register a high CAGR in the future period.
Recent Investments
- The International Institute of Sustainable
Development estimates that South Africa's energy subsidies have increased by
three times since 2017 and were worth roughly USD 10.4 billion in 2020. To keep
up with the rising demand and encourage investment in renewable energy, the
nation raised the levy on fossil fuels. However, fossil fuels and coal-fired
energy received the majority of the subsidies.
- Since coming into the project development
business in 2010, Canadian Solar has developed, built, and connected solar
photovoltaic panels to numerous projects across South Africa. As of March 2022,
in Europe, Middle East, and Africa (EMEA) region, the company has about 4,815
MWp installed capacity of total pipeline projects, nearly 15 MWp of projects
are under construction, 277 MWp backlog projects, and an additional 4,523 MWp
of projects in the pipeline (mid-to early-stage).
- In June 2021, Canadian Solar secured 54.22
million from Banco Santander S.A. to support growth in project development in
the EMEA region, especially in countries such as Italy, Spain, the United
Kingdom, South Africa, and others. Such strategic support is expected to
enhance the solar power market during the forecast period.
- As of 2021, the
Jinko solar company is focusing on expanding its footprint in South Africa
through investing in factories and strengthening the supply chain. Jinko Solar
has a solar module factory in Cape Town, South Africa, with an annual production
capacity of 120 MW, with a total investment of about USD 7.5 million.
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The demand for building-integrated
photovoltaics in the North America region is anticipated to grow on account of
the rising adoption of aesthetically appealing solar energy-harnessing systems.
In addition, the high disposable incomes of consumers in the region, primarily
the U.S. and Canada, and the advances in the production technologies of BIPV
solar panels are likely to lead to an increased demand for the product over the
next seven years. the demand for the product is anticipated to remain high in
economies such as China and Japan owing to the increasing efforts by
governments to adopt these solutions. Consumers in the region exhibit a high
demand for renewable energy sources in order to reduce the impact of
non-renewable energy sources on the environment.
The burgeoning building &
construction industry in the Central and South America is estimated to drive
the market over the forecast period. In addition, the demand for BIPV systems
in the region is predicted to increase due to their application in the
industrial and commercial sectors. Furthermore, the market in CSA, primarily in
Brazil and Argentina, witnesses’ high potential due to the increased
installation of solar energy-harnessing systems.
Key market players in the Global Building
Integrated Photovoltaic (BIPV) include:
- First Solar, Inc
- Solaria Corporation
- SunPower Corporation
- Hanergy Thin Film Power Group
- Trina Solar
- Onyx Solar
- Dow Solar:
- Tesla, Inc.
- Canadian Solar
- Sungrow Power Supply Co., Ltd.
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“Countries like China, India, Japan, and
ASEAN have proved themselves in solar power generation with new innovative
technologies for BIPV, rooftops, and many other applications. China's
production scale for each technology in the PV industry accounts 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.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Building Integrated Photovoltaic (BIPV) Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Technology (Crystalline Silicon, Thin Film, and Others), By Application (Roofs,
Walls, Glass, Façade, and Others), By End-Use (Residential, Commercial, and
Industrial), By Region, Competition 2018-2028 “ has
evaluated the future growth potential of Global Building Integrated
Photovoltaic (BIPV) Market and provides statistics and information on market
structure, size, share, and future growth. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities present in the has
evaluated the future growth potential of Global Building Integrated
Photovoltaic (BIPV) Market.
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