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

In 2021, Europe led the BIPV market with a share of 43% and will be driven by a positive outlook up to 2031. Image: Otovo.

The building-integrated PV (BIPV) market is expected to reach US$94.4 billion by 2031, up from US$11.7 billion recorded in 2021.

The global market is projected to rise at a compound annual growth rate (CAGR) of 23.2% between 2022 and 2031 and will be driven by the increase in use of electricity and BIPV’s advantages in terms of power independce, according to research firm Transparency Market Research.

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Europe is expected to be driven by a positive outlook for renewables with the European Union accelerating the pace of its renewables installation, with a stronger rooftop deployment as a key element to meet REPowerEU’s targets.

In 2021, the continent accounted for more than 43% of the market share in BIPV, with a faster implementation in Italy and Germany according to the US-based research firm.

Meanwhile, the Asia-Pacific market will expand at a rapid pace until 2031 with Japan and China showing higher growth in BIPV.

The largest segment in 2021 was facade applications with nearly 48%, with demand especially strong in developed nations with “well-established electricity distribution systems”, most notably in the commercial market.

Crystalline silicon cells have dominated the market in 2021 making up 68% of deployment due to their high efficiency and low cost to install in rooftops.

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