Expanding Integrated Photovoltaics Market Predicted to Grow at a Rate of 16.2% by 24
Booming Building-Integrated Photovoltaics (BIPV) Market Set to Transform Global Architecture
The global Building Integrated Photovoltaics (BIPV) market is projected to experience significant growth, expanding from approximately USD 4.1 billion in 2024 to around USD 28.3 billion by 2034, with a compound annual growth rate (CAGR) of 21.3% over this period [2]. This growth is driven by the increasing adoption of BIPV systems in sustainable architecture, where photovoltaic elements are directly integrated into building facades, roofs, and windows.
Government incentives, such as the U.S. Investment Tax Credit (ITC) offering 30% refundable credits and the EU's REPowerEU plan aiming to expand solar capacity, further drive this market expansion [2]. The dominance of crystalline materials, which hold over 62% market share, characterizes the industry landscape [2].
In 2024, Europe led the global BIPV market, capturing 43.5% of the total market share and a value of approximately USD 9.8 billion [2]. The commercial sector held a leading 48.6% share of the BIPV market in 2024 [2].
Roofing applications are highly effective for both new constructions and retrofits, preserving architectural aesthetics and structural integrity. In space-constrained urban environments, solar roofing maximizes renewable energy production. For instance, the Solaria Corporation has introduced sleek, black solar panels for seamless rooftop integration.
Notable players in the BIPV market include Hanergy, expanding its thin-film solar solutions with flexible BIPV panels for rooftops and facades. SolarWindow Technologies, Inc. is developing transparent solar coatings for windows and large-scale installations in urban areas. Heliatek GmbH specializes in organic solar films for BIPV applications, with improved durability and performance in recent tests.
AGC Inc. has developed energy-generating glass under its "Fluvolac" brand and partnered with European architects for BIPV facades in smart buildings. In 2024, Crystalline Silicon modules are widely integrated into rooftops, facades, and skylights for both commercial and residential buildings.
BIPV supports energy independence, reducing reliance on fossil fuels and mitigating energy price volatility. The growth of the BIPV market significantly impacts global economies by fostering job creation, reducing energy costs, and driving sustainable development.
In 2025, the commercial segment is expected to sustain its leadership in the BIPV market. The Global Building Integrated Photovoltaics (BIPV) Market is poised for remarkable growth, transforming the landscape of architecture and renewable energy production.
| Metric | Value (2024) | Value (2034) | CAGR | |-------------------------------|--------------|--------------|---------| | Global BIPV Market Size (USD) | 4.1 Billion | 28.3 Billion | 21.3% |
[References] [1] Grand View Research, Inc. (2022). Solar Panel Market Size, Share & Trends Analysis Report by Type (Monocrystalline, Polycrystalline, Thin Film), By Application (Residential, Commercial, Utility-Scale), By Region, And Segment Forecasts, 2022 - 2030. Retrieved from https://www.grandviewresearch.com/industry-analysis/solar-panel-market
[2] MarketsandMarkets™. (2022). Building Integrated Photovoltaics (BIPV) Market by Type (Roofing, Facades, Skylights, Windows, and Others), by Technology (Crystalline Silicon, Thin-Film Solar, Organic Photovoltaics, and Dye-Sensitized Solar Cells), by Application (Commercial, Residential, and Others), by Region - Global Forecast to 2034. Retrieved from https://www.marketsandmarkets.com/Market-Reports/building-integrated-photovoltaics-market-489.html
[4] MarketsandMarkets™. (2022). Solar PV Glass Market by Type (Tempered, Laminated, and Others), by Application (Residential, Commercial, and Utility-Scale), by Region - Global Forecast to 2034. Retrieved from https://www.marketsandmarkets.com/Market-Reports/solar-pv-glass-market-1443.html
In the transforming global architecture landscape, the finance sector plays a crucial role as the growth of the Building Integrated Photovoltaics (BIPV) market, projected to reach USD 28.3 billion by 2034, attracts investment in renewable energy technology. The thriving BIPV market, driven by government initiatives and the commercial sector's leading adoption, holds the potential to revolutionize the renewable energy industry.
