Building-Integrated Photovoltaics Market Size Worth Around US$ 32.5 bn by 2026
June 11, 2019 - 7:00 PM EDT
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Building-Integrated Photovoltaics Market Size Worth Around US$ 32.5 bn by 2026
Acumen Research and Consulting, Recently Announced Study on titled “Building-integrated Photovoltaics Market Size, Share, Growth, Trends, Forecast 2019-2026”.
LOS ANGELES, June 11, 2019 (GLOBE NEWSWIRE) -- The Global Building-integrated Photovoltaics Market is estimated to grow at CAGR above 17.8 % over the forecast time frame and reach the market value around USD 32.5 billion by 2026.
Conventional building materials, including skylights, roofs or facades, are substituting for photovoltaic materials called Building-Integrated Photovoltaics (BIPV), which are part of an infrastructure. They are commonly used as the main source of electricity for the building of new structures. Due to BIPV's countless benefits, it has become the fastest increasing sector in the PV sector.
Global demographic growth, manufacturing industry growth and increased infrastructure operations boost energy demand. Electricity has allowed transport, industrial operations and utilities functions. As a result of countries ' financial development and an increase in living standards, the demand for energy is rising. Countries all around the globe are building new plants or expanding the ability of current crops to meet the growing demand for energy by building new plants. Given strict public rules on greenhouse gas (GHG) emissions, businesses are focused on creating low-cost power sources. In order that businesses could invest in the worldwide BIPV market in the near future, rapid development in the building industry is expected. International Energy Outsight –2017 anticipates a growth in total global power usage from the 575 BTUs in 2015 to BTU 736 by 2040, an increase of 28 percent. BTU's total power consumption is anticipated to boost by 2040.
High Price of BIPV systems and lack of consciousness
Using the BIPV (photovoltaic integrated building) technology, houses are converted to electricity manufacturers from power customers. The building technology must be combined with BIPV technology in order to attain these goals. For curtain walls and other building elements, the photovoltaic (PV) technology is new and costly. Further, in Viet Nam, the Philippines and certain African nations, a absence of knowledge of and insufficient commercialization of BIPV products is probable to impede the photovoltaic construction industry in these nations during the projected era.
Favorable government Policies and Initiatives
Major areas all over the globe are creating strategies for moving to ultra-low-energy structures to tackle the problems related to climate change. The Energy Performance of Buildings Directive (EPBD) of the European Union (EU) stipulates that all new buildings in all EU countries must be close to nil energy buildings (nZEBs) by the end of 2020. Outside Europe, ZEB policies have been formulated in the US, Japan and South Korea and targets have been set. Some leading subnational governments, especially the United States, California and Massachusetts states in the United States have set ambitious ZEB objectives. For instance, the California State has an ambitious aim to "set Zero Net Energy (ZNE) for all state new residential buildings by the year of 2020 and all new business buildings to be ZNE by 2030." By 2020, Japan set targets in new public buildings for ZNE and by 2030. In 2014, South Korea drafted the "Zero Energy Buildings Activation Plan" and laid out a roadmap to attain objectives alongside a funding plan and pilot-project subsidies. These supporting strategies drive the worldwide photovoltaics market for construction-integrated systems.
In Asia Pacific, the highest development is projected owing to favourable regulatory and regulatory requirements in nations such as China, India, Japan and South Korea for the improvement of renewable energy facilities in industry and in business enterprises. In several nations like India and China, integrated residential solar plants are probable to develop as net measurement policies and programs are implemented. Moreover, awareness of green building construction is anticipated to fuel development further.
Key Players & Strategies
Major players on the market use policies, like new product development, to improve the general effectiveness and geographical presence of BIPV facilities, combined with fusions and acquisitions. Hanergy Holding Group Limited; Belectric; Heliatek GmbH; Dyesol Ltd.; AGC Solar; Ertex solartechnik GmbH; and Canadian Solar Inc. are the key players.
