BIPV Boom: By 2032, Building Integrated Photovoltaics Will Be Worth Over $143B

The market is ready and the increasing demand highlights its potential. The building-integrated photovoltaics market will reach $143.99 trillion by 2032.

After a 2022 closed with $19 billion in sales, the size of the BIPV – Building Integrated Photovoltaics – sector grew to $23.28 billion in 2023. Now estimates are for a steady growth of about 22.5 percent from now and for the next 9 years. That is confirmed by the Precedence Research Report.

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What is meant by Building Integrated Photovoltaics (BIPV)

BIPV technology seamlessly integrates photovoltaic technology within the building envelope, turning components such as the roof, walls, or windows into true clean energy generators. Building-integrated PV also completely eliminates the additional mounting structures usually required to install solar panels on top of an architecture.

Not only that. BIPVs can also be harnessed as shading systems for parking lots, canopies, and connecting pathways, combining two essential elements in counting a building’s energy needs: reducing solar gain, resulting in lower cooling costs, and producing clean energy directly on site.

The increasing demand for more efficient buildings, but also the need to minimize land consumption, will drive the BIPV market to exponential growth. Integrated PV technology encompasses multiple market segments, but alongside the more obvious ones, Building Automation System solutions are gaining ground in recent years.

Smart cities, smart buildings, and the quality of design and aesthetics of future green architecture will make the globle market for BIPVs a point of investment focus.

Which technology will dominate the market?

Two technology segments are driving the integrated PV market: thin-film technology and crystalline silicon solutions. Moving toward a historical moment characterized by increasingly extreme weather events, it will be the latter technology, i.e., the one that offers the most resilience, that will dominate the industry. According to the report, this technology is set to hold 70 percent of the market share in the next analyzed period, aided by declining prices.

Which Global Area will hold the largest share?

According to the report, it will be Europe that will grab the largest share. In 2022, the European integrated PV market held 40 percent of total sales, followed by the Asia Pacific regions with 29 percent of the total due to the rapid growth of the construction industry. In third position was the North American market with 21% of the total held by the United States and Canada.

The next moves by the European Commission and the trend toward a real estate stock composed of Zero Emission Buildings will mark the ultimate goal of BIPVs. Nonetheless, there are still some knots to be untangled to ensure full deployment of building-integrated systems. First problem is the cost of installing and manufacturing components, which is higher than for more conventional solutions. In addition, a skilled workforce will be required, which, on the other hand, will produce growth in employment levels.

Among the most celebrated examples of architecture that exploits the properties of building-integrated photovoltaics to improve its efficiency and aesthetics is the Gioia 22 Tower, designed by Pelli Clarcke Pelli Architects for Milan.

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(Featured image by RoyBuri via Pixabay)

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