Building Integrated Photovoltaics (BIPV) Market
The growing need for alternative power solutions in commercial and residential buildings has boosted the demand for solar energy. As a result of this, the deployment of building integrated photovoltaic (BIPV) systems has also increased in industrial, commercial, and residential complexes. Building integrated photovoltaic systems retrieve electrical energy from solar radiation by utilizing building integrated solar panels.
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The burgeoning need for electricity and the unmet requirements of the industrial sector has impelled them to opt for alternative sources of energy. Building integrated photovoltaic systems are potential and feasible solutions for meeting the energy requirements of new structures. The building integrated photovoltaics market is segmented on the basis of product type, end user, technology, and regions.
Based on technology, C-Si technology dominated the global building integrated photovoltaics market owing to the cost efficiency of the technology. As a result of this, the C-Si technology segment accounted a share of over 60% in 2012. The thin film segment emerged as the leading segment in terms of growth and is expected to rise at a 19.10% CAGR from 2013 to 2019. On the basis of end user, the commercial sector dominated the global building integrated photovoltaics market in 2012 in terms of consumption. The growing awareness regarding the environmental benefits of building integrated photovoltaic system is anticipated to intensify their deployment in the residential as well the commercial sectors in the forthcoming years.
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The report provides an analysis of the prime factors driving or restraining the market growth of building integrated photovoltaics. It further has evaluated the key components at play in the building integrated photovoltaics market both in the regional and global level. The study further projects the volume and revenue growth of the global building integrated photovoltaics market along with the growth trajectory and prospects for future development. The report also presents a clear picture of the market by answering questions pertaining to the trends in the market and providing information about the strategies and products of the key players and the degree of competition in the market.
The growth of the global building photovoltaic market can be attributed to the rising need for reducing carbon footprint coupled with increasing environmental awareness. Furthermore, the growing number of government incentives and subsidies regarding power generation from solar energy sources is also expected to push the market towards strong growth. A shifting focus to generate electricity from renewable resources coupled with feasible feed in tariff rates and low cost electricity generation are factors that are anticipated to propel the demand for solar energy thus intensifying the growth of the global building integrated photovoltaics market.
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