Press release
BIPV Market: Forecasts for Growth, 2023-2030
According to Triton's research report, the global building integrated photovoltaics market gained $12528.61 million in 2022, and is expected to advance with a CAGR of 17.31% by 2030.A recent study by Triton Market Research titled Global Building Integrated Photovoltaics Market includes the Global Analysis and Forecasts by Technology (Crystalline Silicon [Monocrystalline, Polycrystalline], Thin Film, Other Technologies), Industry Vertical (Industrial, Commercial, Residential), Application (Architectural Shading, Roofing, Facades, Glazing), and Regional Outlook (Asia-Pacific, Middle East and Africa, North America, Latin America, Europe).
Read the Market Summary Here:
https://www.tritonmarketresearch.com/reports/building-integrated-photovoltaics-market?utm_source=PaidPRNew&utm_medium=OpenPR&utm_campaign=TritonPR
BIPV products refer to photovoltaic materials that replace traditional construction components in the building envelope, such as roof tiles, curtain walls, and windows, among others.
Triton's report suggests that the global building integrated photovoltaics market is estimated to witness growth at a CAGR of 17.31% during the forecast period 2023-2030. It is estimated to reap revenue worth $42973.99 million by 2030.
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The BIPV industry is expected to be driven by reasons such as reduced emissions, increased energy demand, and government measures to standardize PV technology. Several countries are helping to generate power for use in the commercial, industrial, and residential sectors. As a result, regulatory organizations have been forced to develop electrical regulations and quality standards in order to establish integrated PV systems that are both productive and efficient.
Nonetheless, the market for building integrated photovoltaics is anticipated to be hindered by the sluggish expansion of solar electricity in emerging nations.
The building integrated photovoltaics market is divided into three segments: application, vertical industry, and technology. The technologies are classified into thin film, crystalline silicon, and other categories. Silicon comes in two varieties: monocrystalline and polycrystalline. The industry vertical category is made up of three categories: industrial, commercial, and residential. Finally, roofing, glass, façades, and architectural shading are discussed in the application section.
Europe has the world's largest market for integrated photovoltaic structures. The region's growth is due to the European Union's increased emphasis on establishing regulatory criteria for building energy performance. Furthermore, incentives for renewable energy production have hastened the installation of PVs in commercial, residential, and industrial settings. The European Commission proposes amending the Energy Performance of Buildings Directive in 2022 to encourage on-site solar and storage energy use during building restorations. These reasons are boosting the need for integrated photovoltaic systems in buildings.
Ertex Solartechnik GmbH, MetSolar, Tesla Inc, Kaneka Corporation, ClearVue Technologies Limited, AGC Inc, SunPower Corporation, Waaree Energies Ltd, Heliatek, and Saule Technologies are major companies in the BIPV market.
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Question & Answer: Global Building Integrated Photovoltaics Market
Question 1: What trends are estimated to fuel the BIPV market?
Answer: Factors such as reduction in emissions, high energy demand, and government initiatives to standardize PV products are estimated to fuel the BIPV market. Several governments are promoting clean energy sources for power generation across residential, commercial, and industrial sectors. This has influenced regulatory bodies to set quality standards and electrical codes to develop efficient and effective building integrated photovoltaics.
Question 2: What factors impede the building integrated photovoltaics market?
Answer: The slow growth of solar power across developing economies is expected to impede the building integrated photovoltaics market.
Question 3: Which region leads in the building integrated photovoltaics market?
Answer: Globally, Europe leads the building integrated photovoltaics market. The region's growth can be attributed to the rising European Union's focus on establishing regulatory standards pertaining to energy performance in buildings. Other than this, the supportive investments in renewable energy generation have accelerated the adoption of PVs across commercial, residential, and industrial sectors. In 2022, the European Commission introduced a revision to the Energy Performance of Buildings Directive that supports the deployment of on-site solar and storage during renovations. These factors are fueling the building integrated photovoltaics market.
Question 4: Which are the major companies in the BIPV market?
Answer: Ertex Solartechnik GmbH, MetSolar, Tesla Inc, Kaneka Corporation, ClearVue Technologies Limited, AGC Inc, SunPower Corporation, Waaree Energies Ltd, Heliatek, and Saule Technologies are major companies in the BIPV market.
Related Report:
Global Distribution Transformers Market-
https://www.tritonmarketresearch.com/reports/distribution-transformers-market
The global market for distribution transformers is expected to advance with a CAGR of 7.57% in value during the forecast period 2019-2027.
Factors such as increasing focus on electrical safety, deployment of smart grid, and technological advancement are driving the studied market. However, the electricity failure in the distribution transformer may negatively impact the market.
Global Energy Harvesting Market -
https://www.tritonmarketresearch.com/reports/global-energy-harvesting-market
The global energy harvesting market is likely to advance at a CAGR of 10.15% over the forecasted period 2020-2028.
The market is expected to witness growth owing to factors such as growing demand for sensors in smart cities, technological advancements in manufacturing, and IoT implementation for building automation.
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