BIPV Market: Trends Supplement Large-Scale Solar Systems Adoption

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BIPV Market Trends Supplement Large- Scale Solar
Systems Adoption As per the International Energy
Outlook, the global power demand is expected to
rise by 80, requiring an investment of around
19.7 trillion by 2040. Also, the Paris Agreement
set a target of limiting global warming
temperature below 2 Celsius, preferably 1.5
Celsius. This has influenced governments to seek
innovative ways to reduce emissions while meeting
energy demand, which has paved the way for
photovoltaic materials in buildings. Tritons
analysis estimates that the global building
integrated photovoltaics market will propel at a
CAGR of 17.31 during the forecast period
2023-2030. Building integrated photovoltaics
serves the dual purpose of being the outer layer
of a building and a power generator. This, in
turn, has opened a new frontier in green
infrastructure, influencing architects to develop
energy-efficient and aesthetically appealing
buildings. For instance, Ubiquitous Energys
transparent solar window panels, UE Power, have
emerged as an aesthetically appealing
power-generating alternative to conventional
windows.
BIPV Revolution Trends Reshape Energy
Landscape According to the International
Renewable Energy Agency (IRENA), around 90 of
the worlds power can be generated with renewable
energy by 2050. Since buildings consume high
amounts of energy, BIPV integration will
facilitate their transition from energy users to
producers. On that note, the notable trends
reshaping the market are
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• Governments Shine Light on PV Benefits
• Governments perceive investing in green energy
  solutions as an opportunity to attain GHG
  reduction targets. Hence, over the past few
  years, authorities worldwide have employed
  various measures to stimulate the adoption of
  sustainable technologies, including BIPV modules,
  across residential, commercial, and industrial
  sectors. For example
• As per the Indian Ministry of New Renewable
  Energy (MNRE), the government has implemented the
  production-linked incentive (PLI) scheme for
  high-efficiency solar PV modules with an outlay
  of INR 24,000 crore, to achieve domestic
  manufacturing capacity of solar PV cells and
  modules.
• In 2021, the German government amended the
  Renewable Energy Act by establishing grid
  priority to drive the onshore wind, solar PV, and
  biogas growth. The government proposed to
  increase its solar capacity installations to 100
  GW by 2030.
• The Chinese government also formulated a policy
  that requires all new buildings to conform to
  energy guidelines modeled after LEED
  specifications. This policy combines a recent
  initiative to reconstruct 50 of residential
  high-rise buildings. The country is anticipated
  to add more than 600 GW of solar power by 2030.
• Reaping the benefits from such incentives, the
  industrial sector leads the BIPV market at
  39.54. However, over the forecast period
  2023-2030, the commercial sector is expected to
  witness the fastest growth at 17.38.
• Rooftop Solar Systems Widens Scope
• As per IEA, the global solar PV generation
  reached around 821 TWh in 2020, a whopping 23
  increase from 2019. The energy association also
  stated that next to utility-scale deployment,
  distributed applications on buildings contribute
  to around 40 of PV use globally. In this regard,
  rooftop-based applications are alleviating the
  burden on the distribution grids, enabling
  companies and households to pay lesser energy
  bills while reducing emissions. Moreover, the
  cost of installing rooftop PV systems reached
  around 1 per watt. Hence, roofing captures the
  majority of the market share at 55.69 in terms
  of application.
• China drives the global market, followed by the
  US, European nations, and Japan playing a major
  role. The rise in installations from around 19.4
  GW in 2017 to 27.3 GW in 2021 was the key aspect
  that made China a leader in rooftop
  installations. For instance, Shanghai and Dezhou
  have acquired the title of Solar City, which
  features a large fleet of rooftop solar water
  heaters. Besides, the Net Zero Energy Building
  mandate across China is expected to accelerate
  the PV roofing segment, with solar tiles gaining
  major traction. Hence, these developments are
  expected to widen the scope of the Asia-Pacific
  BIPV market over the forecast period 2023-2030.
• Solar Systems Fulfill Sustainable Energy Needs
• IEA projects that photovoltaic systems are
  estimated to account for approximately 14 of the
  total power generation by 2050, owing to the
  rising detrimental impact of fossil fuels. In
  fact, the

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organization stated that PV systems saved more
than 860 million tons of C02 in 2020. The
construction industry is highly innovative in the
commercial sector owing to the development of
cost-effective zero-emission green facilities. As
per IRENA, Germany ranks fourth in solar energy
production globally. In 2021, the nation
installed solar capacities of almost 60 GW, an
increase of 5.3 GW from 2020. These actions are
based on the countrys aim to obtain a 65 share
of the renewable energy sector by 2030. Moreover,
the Energy Efficiency Strategy for Building
suggested advanced technology development to
achieve the goal of a virtually climate-neutral
building stock by 2050. Hence, the growing focus
on sustainable energy sources fuels the overall
Europe BIPV market, spearheaded mainly by
Germany. PV Cost Reduction A Driving Force for
Market Players Since photovoltaic systems
generate energy with around 42 efficiency using
multi-junction cells, they have emerged as an
ideal alternative over complex installations,
such as wind turbines. As per the UN, between
2010 to 2020, the cost of power from solar
systems plummeted by around 85. This highlights
the question What induced PV cost reduction? The
significant cost decline is mainly because of
overproduction and higher investment in PV
modules. Another factor is the efforts by Chinese
suppliers and wholesalers to reduce the stock
held in European warehouses to prevent
anti-dumping and anti-subsidy tariffs. This
oversupply, from China to Europe thus shrunk the
cost of silicon. Such developments led energy
solutions supplier Sungrow to supply products to
the worlds largest BIPV plant (120 MW) in
Central Chinas Jiangxi Province. Therefore, the
increasing efficiency, ease of installation, and
decreasing cost of PV modules over conventional
sources like coal and natural gas are expected to
open new avenues for players in the building
integrated photovoltaics market.
FAQs Q1) What is the size of the building
integrated photovoltaics market? The building
integrated photovoltaics market attained 12.52
billion in 2022 and is expected to reap revenue
worth 42.97 billion by 2030. Q2) Which are the
major industry verticals in the BIPV
market? Residential, commercial, and industrial
are key industry verticals in the BIPV market.