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Global Building Integrated Photovoltaics (BiPV) Market to Reach $20.1 Billion by 2026

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. For instance, in a BIPV project spandrel glass (in arch spaces), skylights, or roofing materials will be substituted with architecturally equivalent PV modules, thereby performing dual function of constructing roof membrane and power generator. Integrated photovoltaic arrays in the buildings are being used as an ancillary or principal source of electricity in many domestic and industrial buildings. 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. Peak shaving and demand-side-management (DSM) capabilities deliver energy cost savings.

Amid the COVID-19 crisis, the global market for Building Integrated Photovoltaics (BiPV) estimated at US$10.7 Billion in the year 2022, is projected to reach a revised size of US$20.1 Billion by 2026, growing at a CAGR of 12.4% over the analysis period. 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 a thorough 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 $2.0 Billion in 2022, While China is Forecast to Reach $4.1 Billion by 2026

The Building Integrated Photovoltaics (BiPV) market in the U.S. is estimated at US$2 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.1 Billion by the year 2026 trailing a CAGR of 16.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.6% and 11.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.7% CAGR.

A confluence of factors is expected to drive growth in the market in the post COVID-19 period, including the declining cost per watt; enhanced aesthetics of BIPV; improving efficiency of c-Si modules as well as flexible thin-film panels; and unabated desire among residential and commercial building owners to "go green". In the post COVID-19 period, BIPV adoption will be driven by anticipated rise in the construction activity in countries such as the US. In addition, there is also promise for BIPV technology adoption in developing economies such as China, India, Africa, and Latin America, which not only lack the infrastructure required for enabling traditional solar installations but also do not have the adequate grid infrastructure network. This implies that customers in such developing economies will move to distributed networks rather than choose the grid linked network, thus presenting significant potential for BIPV products. New constructions, retrofits and refurbishment works in both commercial and residential sectors are expected to drive demand for BIPV products in the coming years. Advancements in technology that enhance efficiency as well as reduce silicon prices and thus BIPV costs is also expected to fare well for the market`s progress in the foreseeable future. BIPV companies are also eyeing opportunities in emerging markets such as Asia-Pacific, particularly India for market expansion. Going forwards, building integrated PV is expected to generate significant economic interest in the future development of the low-energy housing market, and in PV roof applications and curtain wall installations.

By Application, Roofs Segment to Reach $11.6 Billion by 2026

Roofs are one of the most common applications of BIPV systems. This is because of the fact that pitched roofs at a specific angle are known to offer best energy harvesting. BIPV roof solutions make use of thin film as well as C-Si technologies. While c-Si is the dominant technology, thin film technology finds use in case of shading caused by trees or structures such as chimneys that could lower efficiency levels if c-Si panels are used. Thin film technology is typically used only when crystalline modules cannot be used owing to their rigidity and heavy weight, or when the modules are required to be used on curved roofs. Global market for Roofs (Application) segment estimated at US$6.1 Billion is projected to reach US$11.6 Billion by 2026 reflecting a compounded annual growth rate of 12.0% over the analysis period. Europe constitutes the largest regional market for Roofs segment, accounting for 41.6% of global sales. China is poised to register the fastest compounded annual growth rate of 15.7% over the analysis period, to reach US$3.1 Billion by the end of the analysis period.

Growing R&D Efforts to Spur Growth in the Market

Emerging roofing technologies with integrated capabilities of heat and electricity generation apart from providing shelter are increasingly beginning to replace the conventional single-purpose roofs. Generally, most commercial PV modules have low efficiency levels in converting solar energy into electricity. PV modules in general have been found to offer efficiency levels ranging between 6% and 18%. The remaining energy is typically lost either in the form of heat or as reflection. The efficiency of PV modules can be significantly enhanced by eliminating a part of the heat escaping from the panels. This is being achieved by the use of BIPV-T (Building Integrated Photovoltaic-Thermal) system, which is capable of producing both electricity and thermal energy from the same system. BIPV-T system is the latest technology, which not only brings together steel roof panels and thin film PV panels, but also uses the sealed chamber within these panels for the purpose of thermal energy. The thermal duct system of BIPV-T system is used to warm and cool the air, thereby acting as a supplement to air conditioning units in residences. Each of the roof panels features thin film PV cells that are placed between the roof`s seams, which creates a sealed channel for enabling air movement. On heating of this air, it can be pumped for heating use in homes.

Colored photovoltaic (PV) systems are currently the key growth area for market participants. With rapid surge in demand for windows that serve as shading elements, skylights as well as PV modules, various companies are coming up with PV systems in a broad range of neutral transparent colors such as grey, white and black. The demand for semi-transparent and tinted glass façades is also expected to gain momentum, particularly in western countries owing to their capabilities of reflecting external environment. In addition, companies are also launching a variety of interferential colored coatings for providing constructors with highly consistent building shells. However, irrespective of these recent product advances, color filters in PV systems continue to remain angle dependent, which is a major reason behind their relatively slower adoption rate. Consequently, most of the players are now manufacturing advanced BIPV equipment with additional insulation features in order to expand existing customer base. Furthermore, the demand for terracotta and black colored PV systems is also witnessing an upward momentum in the private housing segment. Neutral grey is also being widely used in newly constructed buildings. However, colored PV modules are less effective in houses with sloping roofs due to their relatively higher reflective surface compared to various other solutions. In order to overcome this challenge, a leading Switzerland-based research organization introduced an advanced a-Si module that resembles the color of conventional clay tiles. Researchers are also developing glass coatings with a broad range of colored filters. Efforts are also focused on improving optical features of interferencial filters, surface microstructure, as well as anti-reflective glass coatings.

European scientists at the Interdisciplinary Research Institute of Grenoble (IRIG) have developed mini modules with an active area of 14 cm² and a 3.68% efficiency rating. The novel panels also have a self-adjusting feature to potentially mitigate the volume of light when they are exposed to full sunlight, or to extreme temperatures of buildings with large glass facades and/or windows. The scientists replaced the commonly used organic dyes in the cells, with photochromic dyes based on diphenyl-naphthopyran. These dyes are colorless in the dark and when exposed to light, can become colorful.