Building-integrated PV market to reach US$94.4 billion by 2031: TMR study

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  • Rising electricity demand globally is expected to drive the building integrated photovoltaic market to grow at a CAGR of 23.2% during 2022-2031
  • Increased adoption of renewable energy sources in Europe is expected to contribute to the growth of the regional market in the near future

WILMINGTON, Del., November 15, 2022 /PRNewswire/ — An assessment from Transparency Market Research (TMR) indicates that the Building-integrated photovoltaic market is predicted to reach a value of US$94.4 billion by the end of 2031. Further, TMR Review notes that the building integrated photovoltaic market is expected to grow at a CAGR of 23.2% during the forecast period, 2022 to 2031.

The application of crystalline silicon cells is increasing in building roofs using smart mounting systems. These systems replace parts of the roof while maintaining the integrity of an intact roof. The adoption of such integration is increasing due to the high efficiency and minimal investment in such projects. Therefore, the crystalline silicon technology segment is expected to maintain its leading position during the forecast period, according to the study by gtr. Apart from this, the thin film segment of the market is expected to exhibit growth at a significant rate during the forecast period owing to the increase in the adoption of technological advancements, which results in the launch of innovative products .

The major players in the market are focusing on the development of environmentally friendly and building-integrated photovoltaic solutions. We therefore see them investing substantial sums in R&D. In addition, companies use the strategies of mergers, acquisitions and new product launches to develop their activities. These efforts, in turn, are expected to drive market growth, TMR analysts say.

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Key Market Findings

  • With an increase in understanding regarding greenhouse gas emissions concerns, government authorities in many developed and developing countries are implementing stringent regulations. Therefore, major market players are investing in R&D to develop cost-effective renewable energy generation sources, says a TMR review that sheds light on building-integrated photovoltaic market trends.
  • Major nations are focusing on building their power generation capabilities. Therefore, they invest in the launch of new power generation plants. Additionally, they are also focusing on meeting the increasing market demands by increasing the capacity of their existing factories. These factors, in turn, are likely to contribute to the expansion of building integrated photovoltaic market share during the forecast period.
  • The market is estimated to enjoy promising growth prospects in the near future owing to the increase in the number of renovation projects that use building-integrated photovoltaics in commercial establishments. That aside, the emphasis on the visual appearance of solar energy harvesting systems in various commercial establishments is expected to drive sales of building-integrated photovoltaic solutions in the coming years.

Market growth boosters

  • Rising electricity demand across the globe is expected to increase the building integrated photovoltaic market size over the forecast period
  • Rising construction activities in major developing countries is one of the major drivers for the growth of the building integrated photovoltaic market

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Regional Market Analysis

  • The market is estimated to gain significant business prospects in Europe over the forecast period due to increase in consumer understanding about renewable energy
  • The Asia Pacific The market is expected to attract profitable prospects in the near future owing to the increasing attention from the government authorities of several countries in the region, including Japan and China on the adoption of building-integrated photovoltaic solutions

Key market players

Some of the key players profiled in the report are:

  • BIPVco Ltd.
  • ISSOL sa
  • ertex solartechnik GmbH
  • ViaSolis
  • NanoPV Solar Inc.
  • Sphelar Power Corporation
  • Ankara Solar AS
  • Navitas Green Solutions Pvt. ltd
  • Onyx Solar Group LLC
  • Hermans Techniglaz BV
  • Polysolar Ltd
  • Jiaxing Feiya New Energy Co., Ltd.

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Market segmentation

Technology

  • Crystalline silicon
  • Thin layer
  • Others

Application

  • Rooftops
  • facades
  • the Windows
  • Others

Final user

  • Residential
  • Commercial
  • Industrial

Regions covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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About Transparency Market Research

Transparency Market Research, a global market research firm registered in Wilmington, Delaware, United Statesprovides personalized research and consulting services. The company examines the factors that shape demand dynamics in various markets. Market insights and insights assess opportunities in various segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine the growth of the markets over the next decade.

Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers, made possible by experienced teams of analysts, researchers and consultants. Proprietary data sources and the various tools and techniques we use always reflect the latest trends and information. With a broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques in all of its trade reports.

For more information on advanced industries research, visit our YouTube channel – https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact us:

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Transparency Market Research Inc.
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SOURCE Transparency Market Research

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