Building Integrated Photovoltaics Market Research Report and Outlook by 2028

The Building Integrated Photovoltaics (BIPV) sector is anticipated to grow significantly, reaching an estimated US$ 13,023.97 million by 2028, up from US$ 4,605.97 million in 2021, reflecting a compound annual growth rate (CAGR) of 16.0% during the period from 2021 to 2028.

The growing awareness of the detrimental impacts associated with fossil fuel consumption for energy production is propelling the shift towards alternative energy solutions across various sectors. This shift has led companies within the BIPV market to enhance their investments in strategic collaborations, innovative product development, and market expansion. Key players in this industry include Onyx Solar Group LLC, Heliatek, Saule Technologies, MetSolar, and ertex solartechnik GmbH. These prominent companies have initiated several significant actions, including:

• In October 2021, Meyer Burger, a Swiss manufacturer of photovoltaic modules, acquired rights to broaden its offerings by incorporating BIPV systems. The company plans to design and produce in-roof solar systems and showcased its first self-manufactured solar tiles at the smarter-E-Europe fair in 2021, with the first client deliveries expected in the latter half of 2022.
• In January 2020, True Metal Solutions (TMS), which specializes in building cladding fabrication, partnered with NanoFlex Power Corporation (NFP), known for its high-efficiency photovoltaic and organic photovoltaic technologies, to form a joint venture aimed at advancing the market for organic photovoltaic (OPV) thin-film materials for building facades.
• In January 2022, Hevel Group, a Russian producer of solar modules and cells, introduced a new BIPV product utilizing heterojunction technology. Their BIPV offerings feature cells with efficiencies reaching up to 24.2%, surpassing traditional monocrystalline and polycrystalline photovoltaic products.

It is expected that the BIPV market will continue to expand throughout the forecast period, driven by increased strategic partnerships and the introduction of innovative products by leading industry players.

Impact of COVID-19 on the Building Integrated Photovoltaics Market
The COVID-19 pandemic has had a profound impact on the North American region, severely disrupting various industries, including manufacturing and construction, due to supply chain interruptions and the closure of production facilities. In 2020, the pandemic posed challenges for manufacturing and construction sectors in critical areas such as supply chain management, workforce availability, investment levels, and product offerings. Although construction activities persisted in many regions of the US and Canada during the pandemic, numerous projects in the bidding or final planning stages faced cancellations or delays, forcing companies in the BIPV market to temporarily halt production operations.

The BIPV market is predominantly driven by Europe, followed by North America and the Asia-Pacific (APAC) region. The growth in Europe can be attributed to increasing government incentives, ambitious renewable energy targets, and heightened investments in solar technology. Key contributors to the European BIPV market include the UK, Italy, Spain, and France, all of which benefit from supportive policies from the European Commission, including financial incentives such as subsidies. The European Commission's initiatives to reduce the levelized cost of electricity for solar systems also present lucrative opportunities for the BIPV market in Europe. North America holds the second-largest market share, with government initiatives providing financial incentives to promote green infrastructure, thereby fostering the growth of the BIPV market in this region.

The expansion of the BIPV market in Germany has been fueled by favorable regulatory frameworks aimed at enhancing renewable energy adoption and improving building energy efficiency. The Buildings Energy Act, enacted by the German Bundestag in June 2020, consolidates the Energy Conservation Act, the Energy Saving Ordinance, and the Act on the Promotion of Renewable Energy in the Heat into a single, modernized law. This regulation addresses building energy performance, the utilization of energy performance certificates, and the integration of renewable energy in buildings. Additionally, amendments to the Renewable Energy Act in January 2021 have significantly boosted onshore wind, solar PV, and biogas by establishing grid priority. These regulatory measures are expected to continue influencing the dynamics of the BIPV market in Germany throughout the forecast period.

In 2020, North America accounted for the second-largest share of the BIPV market. The increasing governmental support through financial incentives to promote green infrastructure is conducive to market growth in this region. The US and Canada are significant contributors to the revenue growth of the BIPV market in North America. According to the Solar Energy Industries Association, the US solar power sector attracted an investment of US$ 18.0 billion in 2019. Such substantial investments are likely to enhance solar energy integration in both residential and commercial sectors in North America during the forecast period.

Several companies operating in the global BIPV market are profiled in this study, including ClearVue Technologies Limited, AGC Inc., Onyx Solar Group LLC, Metsolar, and Heliatek.

The size of the BIPV market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data regarding the market. This approach facilitated a comprehensive understanding and forecast of the overall market size across various segments. To validate the findings and obtain further insights, multiple primary interviews were conducted with industry participants and experts, including VPs, business development managers, market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders specializing in the BIPV market.