Building Integrated Photovoltaic (BIPV) Market is expected to grow at a CAGR of 22.03% through 2028

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 South 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.

Browse over xx market data Figures spread through 180 Pages and an in-depth TOC on " Global Building Integrated Photovoltaic(BIPV) Market.”

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.