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The global BIPV market is set to grow by over US$5 billion by 2015, according to a report by NanoMarkets.

Currently worth just US$2.1 billion, the market will increase to US$7.5 billion by 2015, the industry analysts predict.

The report, Building-Integrated Photovoltaics Markets – 2012, revealed that the growth in BIPV market share will mostly be at the expense of conventional solar panels. Furthermore, 63% of total BIPV revenues are expected to come from new builds.

As reported by PV-Tech’s sister site Design Build Solar, a breakdown of the market shows that by 2015 revenues from BIPV roofing products will be worth US$2.5 billion, revenues from the BIPV walling market will be worth US$830 million and revenues generated from BIPV glass products are projected to be worth US$4.2 billion.

Factors driving the growth in the industry include greater availability of BIPV products and a move towards zero-energy buildings.

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