Bipv Roofing or building integrated photovoltaics is a construction material that replaces conventional building materials like asphalt, slate, concrete tile and integrates solar PV modules within the roof of the building. Bipv roofing helps generate solar electricity from rooftops while serving as functional construction material.
The global Bipv Roofing Market is estimated to be valued at US$ 23.98 Bn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of Global BIPV Roofing Market Size is the need for sustainable construction. As concerns around climate change increases, there is rising demand for green buildings and renewable energy integrated construction. Bipv roofing provides a sustainable solution by turning building rooftops into solar panels to generate clean energy. Many countries are also offering subsidies and policies to promote the use of Bipv roofing which has boosted their large scale adoption in residential as well as commercial sector.
SWOT Analysis
Strength: Bipv roofing systems provide an effective way to generate on-site renewable energy from solar power. They have longer lifespan than traditional rooftop panels due to their integration with roof structures.
Weakness: High initial setup costs of Bipv roofing systems make them less affordable compared to traditional roofing materials. Producing Bipv materials at scale also requires significant investments.
Opportunity: Growing emphasis on green building concepts and renewable energy adoption is driving the demand for building integrated photovoltaic solutions. Government incentives and subsidies in many countries also support the use of solar roofing systems.
Threats: Availability of cheaper alternatives such as standalone rooftop solar panels can reduce the demand for Bipv roofing systems. Supply chain disruptions due to global events may temporarily impact the availability of Bipv materials.
Key Takeaways
The global Bipv roofing market is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing concerns regarding carbon emissions and focus on renewable energy sources for buildings. North America dominated the global Bipv roofing market in 2023 with a share of over 30%, backed by strong government support through tax credits and net metering policies.
Regional analysis
Europe is anticipated to be the fastest growing regional market for Bipv roofing during the forecast period, owing to favorable government regulations mandating renewable energy use in buildings and new construction projects. Countries like Germany, Italy, Netherlands are at the forefront of adopting advanced Bipv technologies for residential and commercial rooftops in the region. Asia Pacific is also emerging as a major market with China and Japan being early adopters of solar roofing solutions to meet their decarbonization goals.
Key players
Key players operating in the Bipv roofing market are Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group, and Suntech Power Holdings Co., Ltd. Tesla has started offering Bipv shingles that resemble conventional roofing materials and can power buildings entirely or supplement their electricity needs. First Solar is a leading global provider of thin-film solar modules for integration into roof and facade applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it