Global Building Integrated Photo Voltaics Market to Record 20% CAGR Through 2025

January 06, 2021

According to the recent research report titled ‘Global Building Integrated Photo Voltaics Market Analysis, 2020’, available with Market Study Report LLC, global building integrated photo voltaics market is expected to record a y-o-y growth rate of 20% during 2020-2025.

Surging demand for electricity driven by a rise in the global population, in consort with escalating development in the industrial and commercial sectors are augmenting the growth of worldwide building integrated photo voltaics.

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For those unversed, building integrated photo voltaics is an advanced version of solar power generation technology. These are solar building materials which are utilized in place of traditional building materials in parts of the building envelope including facades, skylights, or roof to produce electricity. This electricity is either used as the primary source or as an additional source of power.

Rapid modernization, urbanization, and industrialization have surged the demand for electricity, thereby encouraging the adoption of renewable energy, which is boosting the demand for building integrated photo voltaics.

With respect to end-user scope, commercial segment held considerable share of global building integrated photo voltaics market in 2019 and is projected to expand further through 2025, on account of growing awareness regrading environmental benefits of the system. Development of green building, cost benefit, energy efficiency, and less maintenance expenses are fostering the segmental share. New commercial buildings are gradually installing solar energy photovoltaic systems, with high productivity levels and a willingness to reduce dependency on traditional energy sources as well as to curb the company's overall electricity expenditure.

Speaking of application spectrum, global building integrated photo voltaics industry share from roof segment is poised to surge decently over 2020-2025, creditable to low-cost installation, and availability of vast areas on the roof. Meanwhile, glass segment is anticipated to grow substantially over the study period, on account of favorable features such as being visually appealing along with ease of installation.

Established firms in global building integrated photo voltaics market sphere are Ertex Solartechnik GmbH, Heliatek GmbH, Carmanah Technologies, BIPVco Limited, BELECTRIC GmbH, AGC Inc. (formerly Asahi Glass Co. Ltd.), ISSOL SA, Dyesol (Greatcell Solar Ltd.), and Onyx Solar Energy S.L.

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