A building integrated photovoltaic (BIPV) system helps to convert solar energy into electricity and protects buildings from different weather conditions. They have emerged as a key component in buildings, in the last few years.
Factors such as increasing government support and promotion strategies, regarding the conservation of energy are the key growth drivers for the overall BIPV market.
The BIPV systems demand has also fueled owing to the rising focus on renewable energy by countries, which are looking to reduce their dependency on crude oil and natural gas.
BIPVs can improve the visual appearance of any building and can help reduce electricity costs and improve the overall efficiency, As a result, the demand for BIPV is expected to be high in the coming years, which could have a positive effect on the overall BIPV market, as well.
The photovoltaics element has become a key component of BIPV systems since they help in converting the solar energy into electricity.
Europe has dominated the global BIPV market in the last few years. Increased government investments, particularly for solar technology in countries such as Germany and UK has emerged as a key growth driver for the BIPV market, in this region.
In 2018, Europe emerged as the largest contributor, in terms of revenue, for the overall BIPV market.
Asia Pacific is expected to witness significant growth in the BIPV market in future owing to increasing construction activities in countries such as India and China.
Middle East is also expected to witness substantial growth in the BIPV systems market, in years to come owing to the anticipated growth in the commercial and residential building segment.
Other regions such as North America and Latin America are expected to witness moderate growth in the global BIPV market, in future.
The major regions worldwide are looking to build ultra low-energy buildings in the coming years, in a bid to tackle the climate change issues. BIPV systems could, as a result, witness high demand in the years to come, as well.