Building Integrated Photovoltaics Market, By Technology (Thin-Film Solar Cells, Crystalline Silicon Solar Cells, and Building-Integrated Photovoltaics), By Application (Residential Buildings, Commercial Buildings, and Industrial Buildings), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Sep 2024

Code : CMI7422

Pages :110

Formats :

Excel and PDF

Industry : Advanced Materials

Market Challenge - High initial costs of BIPV systems

Global building integrated photovoltaics market growth can be hampered due to high initial costs associated with BIPV systems. Integrating solar panels into the building envelope during new construction or renovations requires upfront investment. The installation of roof tiles or glass modules that serve the dual purpose of generating renewable energy as well as forming part of the building structure increases costs. Manufacturers are also continuously researching innovative ways to incorporate solar cells seamlessly into building designs, whether facade panels or skylights, and this increases cost. While BIPV delivers long term savings through electricity cost reductions and government incentives offset some of the premium, the high capital expenditure remains a major deterrent for widespread adoption, especially in price sensitive markets. For the market to truly take off, solutions must be developed that can reduce installation costs and make BIPV more affordable for homeowners and commercial clients.

Market Opportunity - Technological advancements in solar cell efficiency

Global building integrated photovoltaics market can witness growth opportunities due to continued technological advancements that can improve the efficiency and performance of solar cells. Higher efficiency photovoltaic materials and components used in BIPV modules translate directly to more electricity generated per unit area. This enhances the overall value proposition for building owners. Ongoing research into new thin film technologies, multifunction cells as well as organic and perovskite cells holds promise to significantly boost efficiency ratings in the near future. Advancements are also being made through new nanoparticle formulations, enhanced light trapping mechanisms and cell interconnection designs. As efficiency levels increase steadily, the energy and cost savings from BIPV will rise accordingly, strengthening the business case for investments. This will accelerate market expansion rates globally as the technology becomes increasingly competitive against traditional construction materials and electricity rates.