The global market for Building Integrated Photovoltaics (BiPV)is projected to reach US$23.3 billion by the year 2027, trailing a CAGR of 12.4% over the analysis period 2020 through 2027.Demand for BIPV materials is broadly linked to the growth of construction and infrastructure development as well as renovation activities across the world. The state of the construction industry in each geographic region, both new constructions as well as refurbishments, has a heavy bearing on the demand for BiPV materials. With the global construction industry facing severe challenges amidst the COVID-19 pandemic, demand for building integrated photovoltaics (BiPV) is expected to decline in the 2020. The significant disruption caused to materials supplies, labor shortage, and rising cost of construction projects are all affecting growth outlook for the BiPV market. The lockdowns, quarantines, and travel restrictions in place around the world are affecting prospects in residential, commercial and industrial construction sectors, whereby the supplies of materials, equipment and labor is affected. With the short term economic outlook being bleak in view of the continuous surge in COVID-19 cases around the world, there will be significant impact on construction investments, while delays or cancellations are likely in planned new build as well as retrofit projects. Investments in new construction projects will also be impacted considerably. The weakening economy and rising unemployment levels are expected to significantly impact the construction activity. Public spending on infrastructure projects is also likely to be impacted, as governments allocate funds for management of COVID-19 pandemic. With residential, commercial and industrial construction activity under severe stress due to the health crisis, the market for BiPV materials is also poised to be impacted in 2020 and 2021.

Smart buildings are important in creating economic development opportunities. Not surprisingly in the post pandemic period, smart buildings will emerge to be a rich source of revenues for building-integrated photovoltaics (BiPV). Smart buildings are all about maximizing building efficiency & BiPV is an important component of this concept. The rush to turn residential & commercial buildings into smart buildings will be greater post Covid-19 & beyond, as sustainability & safety become top priority for a pandemic scarred world focused on resilience. The scenario bodes well for long-term growth in the market. Also expected to influence growth during this period will be the emphasis on energy-efficient, green, LEED buildings. Building Integrated Photovoltaics (BiPV) refers to the use of solar panels, shingles and modules for generating electricity in a building, wherein the panels are integrated into roof tiles, facades, awnings, windows, and other building components. BIPV is essentially a new age building material that can be used as replacement of conventional building materials. BiPV systems are fixed to a utility grid and can be designed as both standalone and off-grid systems. Grid-connected BiPV system supplies power to onsite production facility, which is larger at the time of a building`s peak loads.

Since its first adoption in few government constructions, green building has evolved to become a global phenomenon, and transformed from a niche space to a mainstream concept. Rising awareness about environmental conservation and the adoption of government mandates and voluntary standards are fostering growth in green buildings, and hence driving up demand for a wide range of Green/LEED building technologies and techniques, including BIPV, energy-efficient residential windows and lighting, smart-window coatings, green roofing, solar-thermal and rain water recycling, among others. BIPV is more promising most of the other Green/LEED technologies due to their electricity-generating prowess and enhanced energy efficiency of the building. In particular, architects are displaying greater interest in building integrated PV, due to the emphasis on saving costs by increasing energy efficiency and for aesthetic benefits. Further, the higher occupancy rates of rental buildings with Green/LEED appeal and substantial operational savings achieved by building owners is encouraging the shift towards Green/LEED building, thereby stimulating investment in BIPV refurbishment works. Against this backdrop, demand for BIPV systems will expand in the coming years. Development of renewable energies, specifically solar photovoltaic is one area that will regain focus among governments across the world to deal with rapid depletion of conventional resources. The European Union (EU)has already set the target of achieving approximately 20% renewable energy by 2020 and announced mandates pertaining to nearly zero-energy buildings, in an effort to curb CO2 emissions. All new buildings are required to be carbon neutral, and new public buildings are required to comply with the regulations. Building-integrated renewable energy will therefore gain popularity for ensuring reliable supply of power, while reducing carbon footprint.