The Global "Building Applied Photovoltaics Market" is expected to grow at a high CAGR of 7.20% during the forecasting period (2022-2029).
Building Applied Photovoltaics (BAPV) is a photovoltaic technology retrofitted on different building structures, primarily during the construction stage. It is fairly less detrimental to the environment and enables energy generation at a lower cost than conventional power generating sources.
Solar cells are used as intermediate products embedded in glass sheets to manufacture BAPV panels. BAPV products commonly include rooftops and facades. Building applied photovoltaics (BAPV) is commonly used to build envelopes such as facades, roofs, and skylights. BAPV system is primarily used for residential and commercial application purposes.
BAPV systems are gaining popularity as they help reduce the uncontrollable use of fossil fuels and offer weather protection without affecting building aesthetics where they are installed.
Increasing energy demand globally and growing demand for renewable energy sources are key factors driving the growth in the global building applied photovoltaics market.
Besides these factors, subsidies provided by the government and continuous innovations have fuelled the Building Applied Photovoltaics market over the last few years. The energy generated has broad applications in several sectors, including residential, commercial, and industrial sectors.
High capital investment in research and development for developing highly efficient photovoltaic (PV) cells is a major factor restraining the growth of the global building applied photovoltaics market. Simultaneously, there is a high cost involved in setting up these Building Applied Photovoltaic (BAPV) cells into buildings, houses and commercial houses.
Lack of consumer awareness, especially in developing countries like India and China, and difficulty retrofitting to old houses and old buildings in these economies are some other factors expected to hamper the growth of the global building applied photovoltaics market over the forecast period 2020-2027.
The product type Global Building Applied Photovoltaics (BAPV) market is broadly segmented into-Rooftop, Facades, and others.
Global Building Applied Rooftop photovoltaics is majorly used in buildings, houses, residential apartments as they are being used easily to operate, maintain and cost-effective compared to other photovoltaic cells. The rooftop photovoltaics are in use for the past ten years and are still holding a major share in usage. Facades use has started just last five years back and is still lacking in known to the common people due to its high cost and are very much popular in North American countries and European nations. Developing countries still can’t afford these facades photovoltaics cells installing in their residential and commercial premises.
By material, Global Building Applied Photovoltaics PV modules are classified into five types -amorphous Silicon, monocrystalline, polycrystalline, cadmium telluride and copper indium gallium selenide solar cell. Monocrystalline PV module holds the major share in terms of material used in PV module. They provide an efficiency of 13.50% and are the first generation primary modules that are still used. Polycrystalline modules hold the next major share as they provide an efficiency of 11.60%, now slowly replacing monocrystalline modules. Amorphous crystalline silicon provides efficiency of 6.30% is still finding a way into the market as they are slightly expensive. Copper indium gallium selenide (CIGS) has an efficiency of 8.20% is still in the development phase where companies are developing their technology to increase their efficiency.
Based on the type of application, it is classified into-Industrial, residential and commercial applications. New strict environmental norms and regulations regarding the use of renewable energy and subsidies over solar energy drive the growth of the commercial end-use segment of the BAPV market. For Instance, Renewable Energy Law 2006 in China is driving the growth of renewable energy in the commercial sector in that region.
The market in North America accounts for the highest market share in terms of revenue compared to other markets. Thus, this growth can be attributed to increasing government subsidiaries adopting renewable energy sources for electricity generation. The market in Europe accounts for the second-highest market share in terms of revenue, owing to the increasing adoption of building applied photovoltaics by residential and commercial buildings and government subsidiaries in the solar-powered energy systems region. Moreover, the market in the Asia Pacific is projected to witness the fastest growth over the forecast period 2020-2027, owing to enhanced financial support from the government for solar-powered energy systems in emerging economies such as China and India.
Global Building Applied Photovoltaics market is a highly competitive market with daily innovations are leading to stiff competition in the market. Some of the major international players include First Solar, Ascent Solar Technologies, Pythagoras Solar, Sapa Solar, Centrosolar AG, Power Film, Inc., Suntech Holding LLC, and United Solar Ovonic LLC are important players in the BAPV market.
First Solar is one of the prominent players in the Building Applied Photovoltaics market is enhancing the market through new innovative product launches. For Instance, In Dec 2017, First Solar unveiled the first functional Series 6 thin-film photovoltaic module with a conversion efficiency of over 17 percent.
The financial stimulus provided by the U.S. and Brazilian governments through the SunShot Initiative has boosted the growth of the BAPV market in the Americas in recent years.
Growing awareness and acceptance for Building Applied Photovoltaics backed with strong regulatory support across various regions are anticipated to augment the growth of the BAPV market in the forecast period 2020-2027.
Zero Energy Building (ZEB) concept in the Applied Photovoltaics market is emerging for the last few years, especially in developed countries, which is likely to open new doors of opportunities in the BAPV market, enhancing the demand for BAPV products.
Over time, BAPV prices show continuously decreasing trends and are changing depending upon the type of product. There is a slight reduction in the per product profit margin of manufacturers and distributors; the overall profit margins are increasing as the demand for BAPV is expected to increase continuously at a tremendous rate.
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