Market Size of Building Integrated Photovoltaic (BIPV) Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 6.31 Billion |
| Market Size (2029) | USD 12.59 Billion |
| CAGR (2024 - 2029) | 14.79 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Building Integrated Photovoltaics Market Analysis
The Building Integrated Photovoltaic Market size is estimated at USD 6.31 billion in 2024, and is expected to reach USD 12.59 billion by 2029, growing at a CAGR of 14.79% during the forecast period (2024-2029).
- Over the medium term, factors such as the reduction in energy bills due to self-power consumption and the reduction in the building's carbon footprint are expected to drive the market during the forecast period.
- On the other hand, the high installation cost compared to rooftop PV systems is likely to negatively impact the market growth.
- Nevertheless, the inclination towards renewables-based power generation worldwide is an enormous opportunity for BIPV systems. The governments of almost all countries are moving towards renewables-oriented energy policies to reach their carbon neutrality goals. The industrial and commercial sectors are even incentivized to adopt cleaner energy generation methods.
- Due to declining solar technology costs, Asia-Pacific is expected to grow faster during the forecast period.
