BiPV Global Market to Grow to US$23.3 B by 2027, Says Report

Highlights :

  • The report highlights that emphasis on energy-efficient, green, LEED buildings has built fertile environment for BiPV market’s growth.
  • As per the report, C-Si segment is projected to record a 12.3% CAGR and reach US$16.3 Billion by the end 2027 and the Thin Film segment is readjusted to a revised 13.6% CAGR for the next 7-year period.

Amid the COVID-19 crisis, the global market for building integrated photovoltaics (BiPV) is estimated to grow from US$10.3 billion in the 2020 to reach US$23.3 billion by 2027, says a new report entitled “Building Integrated Photovoltaics (BiPV) – Global Market Trajectory & Analytics.” The full report can be accessed here.

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The CAGR over the analysis period 2020-2027 is likely to be 12.4%.

C-Si, one of the segments analyzed in the report, is projected to record a 12.3% CAGR and reach US$16.3 Billion by the end of the analysis period.

After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Thin Film segment is readjusted to a revised 13.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.7 Billion, While China is Forecast to Grow at 16.2% CAGR

The BiPV market in the U.S. is estimated at US$1.7 billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$5 billion by the year 2027 trailing a CAGR of 16.2% over the analysis period 2020 to 2027.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.6% and 11.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 11.7% CAGR.

Other Technologies Segment to Record 10% CAGR

In the global Other Technologies segment, USA, Canada, Japan, China and Europe will drive the 9.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$772.8 million in the year 2020 will reach a projected size of US$1.5 billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2027, while Latin America will expand at a 10.5% CAGR through the analysis period.

The report analyses several key contemporary trends in the BiPV market, such as:

  • BIPV is considered an economically viable, multifunctional, renewable energy source for buildings to stir future opportunities.
  • Developed countries are leading the market, developing economies are expected to spearhead future growth.
  • C-Si is the primary technology vertical in the BIPV domain.
  • Roofing remains the largest application segment for BIPV market.
  • With solar roofing shingles & tiles gaining popularity, roofing is set to solidify its dominant position.
  • Glass has emerged as a high growth application segment.

The companies analysed by the report include: Trina Solar, Ascent Solar Technologies, Inc., Canadian Solar, Inc., Hanwha Q CELLS Co., Ltd., Ertex solartechnik GmbH, Onyx Solar Energy S.L., Romag, etc.

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Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.