BIPV expected to reach market value of almost US$ 100 billion by 2031

Aug 3, 2022 02:40 PM ET
  • The building-integrated PV (BIPV) market is expected to get to US$ 94.4 billion by 2031, up from US$ 11.7 billion recorded in 2021.
BIPV expected to reach market value of almost US$ 100 billion by 2031
Image: Otovo

The international market is predicted to climb at a compound annual growth rate (CAGR) of 23.2% in between 2022 and 2031 and will be driven by the rise being used of electricity and BIPV's benefits in regards to power independce, according to research study company Transparency Market Research.

Europe is expected to be driven by a favorable outlook for renewables with the European Union speeding up the rate of its renewables installation, with a more powerful rooftop implementation as a key element to meet REPowerEU's targets.

In 2021, the continent represented more than 43% of the marketplace share in BIPV, with a faster execution in Italy and Germany according to the US-based study firm.

At the same time, the Asia-Pacific market will increase at a quick pace up until 2031 with Japan and China revealing greater development in BIPV.

The largest sector in 2021 was exterior applications with virtually 48%, with demand specifically strong in developed countries with "well-established power distribution systems", most especially in the commercial market.

Crystalline silicon cells have controlled the market in 2021 making up 68% of release as a result of their high performance and low cost to install in rooftops.

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