SAN FRANCISCO, Nov. 19, 2019 /PRNewswire/ -- The global building-integrated photovoltaics facade market size is expected to reach USD 3.96 billion by 2025, expanding at a CAGR of 25.3% over the forecast period, according to a new report published by Grand View Research, Inc. Rising awareness among consumers from the developing economies of Asia Pacific coupled with the superior performance of the product as compared to the traditional facades is anticipated to fuel the growth.
Key suggestions from the report:
Crystalline silicon technology captured the highest market share in 2018 and is estimated to reach USD 2.76 billion by 2025 due to high conversion efficiency on a commercial scale
Thin film technology is anticipated to expand at a significant CAGR of 27.3% over the forecast period due to ease of production, light weight, and flexibility during installation on curved surfaces
Europe dominated held the leading market share of 34.8% in 2018, attributed to high product penetration due to supportive regulations set by the European Union (EU)
Asia Pacific is estimated to be the fastest growing region and will reach USD 1.30 billion in 2025 due to increasing consumer awareness and subsidies offered by the local governments in India, China, and Japan
Some of the prominent players operating in the building-integrated photovoltaics (BIPV) facade market include AVANCIS GmbH, Hanergy Mobile Energy Holding Group Limited, ISSOL SA, Onyx Solar Group LLC, Solaria and Nippon Sheet Glass Co., Ltd.
The demand for thin film BIPV facades is estimated to witness considerable growth in the forthcoming years on account of their high performance as well as the introduction of colored BIPV panels that provide better aesthetic value to the overall structure. However, factors such as high price and longer duration for the return of investment are expected to hinder the market growth.
Increasing investments and continuous R&D in BIPV products have led to the introduction of BIPV facades with enhanced efficiency and durability. Moreover, color, ease of application, and customization options offered by the manufacturers are contributing to higher product demand in the BIPV facade market.
Grand View Research has segmented the global building-integrated photovoltaics facade market based on technology and region:
BIPV Facade Technology Outlook (Revenue, USD Million, 2014 - 2025)
BIPV Facade Regional Outlook (Revenue, USD Million, 2014 - 2025)
Wind Turbine Components Market– Global wind turbine components market is expected to experience brisk growth over the forecast period owing to increase in renewable energy demand over the forecast period.
Third Generation Energy Sources Market– The global third generation energy sources market is expected to progress at a considerable rate owing to limited availability of sustainable sources.
Building Applied Photovoltaics Market– Global building applied photovoltaics market is expected to witness tremendous growth owing to favorable government regulations and continuous R&D in terms of renewable energy over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.