Global Building Integrated Solar PV Market to Grow at a CAGR of 9.78% During the Period 2017-2021: Research and Markets

One of the major factors hindering the growth of building integrated Solar PV market is absence of BIPV-specific standards. As BIPV modules serve dual functions, they must follow codes and standards of PV and construction industries

Research and Markets in its report “Global Building Integrated Photovoltaics Market 2017-2021″ forecasts building integrated Solar PV market to grow at a CAGR of 9.78% during the period 2017-2021.

Global Building Integrated Photovoltaics Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts says the firm. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

To calculate the market size, the report considers the revenue generated from the sales of BIPV-related products in the market. The latest trend gaining momentum in the market is growing number of green buildings. The actual construction, establishment, and subsequent continuous operation of a building require a substantial amount of energy.

The author of the report recognizes the following companies as the key players in the global building integrated photovoltaics: First Solar, Sharp Solar, Suntech Power, Trina Solar, and Yingli Solar. Other Prominent Vendors in the market are: altPOWER, Ascent Solar Technologies, Canadian Solar, Centrosolar, Dyesol, ertex solar, Hanergy, Heliatek, and Scheuten.

Commenting on the report, an analyst from the research team said: “The latest trend gaining momentum in the market is growing number of green buildings. The actual construction, establishment, and subsequent continuous operation of a building requires a substantial amount of energy. Buildings alone account for 40% of the total energy consumption worldwide. Generating that quantity of energy for regular operations in a building turns out to be very expensive. Moreover, buildings are responsible for emitting the largest volume of greenhouse gasses worldwide; more than that emitted from the transportation sector.”

According to the report, one of the major drivers for this market is need to reduce energy cost. Commercial buildings, healthcare facilities, and manufacturing plants are the most energy-intensive end-users as they need to function round-the-clock and use various equipment for the upkeep of their in-house operations. As a result, the demand and amount spent on electricity in these facilities is high. A growing number of commercial buildings with large floor spaces is adding to the energy cost of the building sector.

Further, the report states that one of the major factors hindering the growth of this market is absence of BIPV-specific standards. As BIPV modules serve dual functions, they must follow codes and standards of PV and construction industries. Presently, Solar PV modules, including BIPV, are subject to the design and qualification standards devised by the Underwriters Laboratory and the International Electrotechnical Commission. But, BIPV may be required to meet other criteria as a structural component, and this can act as a market inhibitor said the research firm.