SAN JOSE, Calif. — The annual installed capacity of building integrated photovoltaics (BIPV) is projected to exceed 11 GW by 2020, driven by the increasing focus on renewable energy and the green building movement in the construction sector, according to a new report by Global Industry Analysts Inc.
BIPV refers to photovoltaic products such as solar panels and modules that are integrated into traditional building materials. BIPV takes on the dual role of both building envelope material and power generator, thus providing significant savings in terms of electricity and materials costs. Driven by technological advancements, BIPV systems are being designed to completely replace building components including parts of the building envelope such as roofing, façades, and windows; and in structural elements and accessories such as porches, railings, and balconies. Rising awareness of the benefits offered by integrated photovoltaic modules for onsite electricity generation and its favorable impact on improving the energy efficiency of buildings is a major factor encouraging BIPV installations, worldwide. While BIPV is generally used in new building construction, stringent energy efficiency norms are spurring demand in retrofit projects as well.
Increasing focus on renewable energy, particularly solar power, against the backdrop of depleting fossil fuel reserves, is poised to benefit the market. The market also stands to gain from the green building movement in the construction sector, particularly in developed countries. The aesthetic appeal of building integrated photovoltaics will continue to be the major source of attraction for end-users and building architects. Availability of flexible, energy efficient, and transparent solar materials and the implementation of favorable solar power policies and building regulations will encourage deployment of BIPV systems. R&D efforts focused on developing new BIPV products are also poised to favor market growth. Technology advances related to new and enhanced solar materials, such as thin-film CIGS, organic PV, and dye-synthesized cells (DSC) are also expected to play an influential role in the development of low-cost and high-performance BIPV systems.
As noted in the report, Europe represents the leading market worldwide. Adoption of BIPV systems in the region is benefiting from the higher customer willingness to adopt green practices as a result of both voluntary environmental stewardship and stringent building energy efficiency regulations. Asia-Pacific is forecast to record the fastest growth with a compound annual growth rate (CAGR) of 48 percent over the analysis period. Strong residential and commercial construction activity, growing importance of energy conservation, and government backing for solar energy are expected to bolster demand for building integrated PV systems in the region.
For more information on this market research report, click here.
Publication date: 5/18/2015