Building Integrated Photovoltaics Market: The Future of Green Power

1. Building Integrated Photovoltaics Market: The Future of Green Power With the transition to sustainable living, investors, businesses, as well as governments are looking for the most abundant energy resources in order to effectively achieve energy-efficiency goals. In this regard, building integrated photovoltaics (BIPV) is a remarkable solution gaining significant popularity and traction within the solar world. According to Inkwood Research’s estimates, the global building integrated photovoltaics market is projected to grow with a CAGR of 16.84% during the forecast period of 2023-2032, capturing a revenue of $48660.38 million by 2032. Building integrated photovoltaics (BIPV) are defined as solar power generating systems or products that can be seamlessly integrated into parts of building components, such as windows, roofs, and façades, as well as the building envelope. In addition to generating on-site clean electricity without the need for supplementary land area, building integrated photovoltaics can also influence a structure’s energy consumption by means of reduced cooling loads and daylight utilization. BIPV: From Sustainable Construction to Green Aesthetics Since buildings consume substantial amounts of energy, their transformation from energy users to producers has led to an increasing interest in the optimization of energy share. And this factor, in turn, leads to a rise in energy efficiency as well as environmental protection measures. Varieties of solar technologies are largely recognized as clean with minimal greenhouse gas emissions. They also contribute to the efforts towards climate change mitigation via a direct reduction in CO2 emissions. Accordingly, as per a study conducted by Shukla et al., solar energy can be harnessed through a range of advanced technologies, such as solar heating, solar thermal energy, solar architecture, artificial photosynthesis, and building-integrated photovoltaic (BIPV). Aligning with this, building

2. integrated photovoltaic technology is increasingly becoming one of the most efficient approaches in terms of harvesting renewable energy for buildings in the quest to reduce the energy crisis. “BIPV is the next phase of the solar market,” says Danial Hadizadeh, the CEO of Mitrex - Integrated Solar Technology. The key applications of BIPV technology enable photovoltaic modules to serve several purposes, such as façades, thermal insulators, weather protectors, noise protectors, and roofing. Inkwood Research’s expert analysis suggests that roofing was the dominating application in 2022. The segment is expected to follow a similar growth trend during the forecast years of 2023 to 2032, capturing the highest share of 55.24% by 2032. The diverse advantages of using BIPV solutions, such as energy storage at night from daylight generation and the production of clean energy during the day, grant novel opportunities for building designers as well as architects to enhance a building’s visual and aesthetic appearance. Likewise, building owners also have the added benefit of reducing utility expenses while creating a positive image by remaining green and sustainable. The Integral Role of Market Contenders in Boosting BIPV Adoption According to the International Journal of Photoenergy, the semi-transparent integrated PV is the most widely used BIPV solution in windows, facades, and greenhouses. Its adoption is accredited to the fact that the technology enables natural light to enter the building while generating electricity, thus accounting for the most promising future energy system within the urban realm. Leading players operating in the global BIPV market, such as Ertex Solar Technik GmbH (Austria), Saule Technologies (Poland), MetSolar (Lithuania), etc., are increasingly focusing on providing innovative, semi-transparent photovoltaic modules, thus boosting their adoption. Some of the key developments in this regard are as follows – The semi-transparent BIPV module glass manufactured by MetSolar entails standard, glass/backsheet, glass/glass BIPV solar panel options with variations in size, shape, and transparency for seamless integration and blending design. In collaboration with key companies like Skanska and Ergis, Saule Technologies’ first A4- sized, flexible perovskite solar module on an ultrathin plastic foil is inkjet-printed. Ertex Solar Technik GmbH, on the other hand, offers a wide range of cells, including polycrystalline, high-efficiency, monocrystalline, as well as semi-transparent options. China – An Emerging, Solid Foundation for BIPV Growth As per the International Energy Agency (IEA), solar PV manufacturing capacity across the globe has increasingly moved from Europe, Japan, and the United States to China over the last ten years, and presently, the latter dominates the solar PV supply chains across the world. This raises an important question – What Contributes to China’s Remarkable Growth in the BIPV Market? China invested around $50 billion in new PV supply capacity, as per the IEA, accounting for over ten times higher than Europe. Subsequently, this factor has also created over 300,000 manufacturing employment opportunities across the solar PV value chain since the year 2011. Moreover, government policies in the country have also shaped the global demand, supply, and price of solar photovoltaics over the last decade. Chinese industrial policies

3. concentrating on growing domestic demand as well as on solar PV as a strategic sector have also facilitated unremitting innovation across the supply chain. oFor instance, under the National Energy Administration, 2013, solar and wind power plants in China may be eligible for a three-year exemption from income tax, with a 50% reduction of income tax for up to another three years. oThe nation also formulated a policy that will require all new buildings to conform to Chinese-specific energy guidelines modeled after LEED specifications. oThis policy is combined with a recent government initiative (Policy Roadmap to 50% Energy Reduction in Chinese Buildings by 2050) to rebuild 50% of the residential high-rise buildings in order to make them modern, energy-efficient and functional. oFurthermore, within the global building integrated photovoltaics market, the residential segment under the end-user category is estimated to grow with a 16.88% CAGR between 2023-2032 (Source: Inkwood Research) In addition to housing some of the leading suppliers of solar photovoltaics manufacturing equipment, China has also been instrumental in plummeting solar PV costs across the globe, with manifold benefits for clean energy transitions. Currently, China’s share within all the production stages of solar panels, including cells, modules, and ingots, exceeds a whopping 80% – more than double the country’s share of global PV demand. (Source: IEA) These aspects contribute toward China’s ranking as the highest-revenue-generating country in the Asia-Pacific building integrated photovoltaics market, with an approximate share of 41.21% by 2032. Such aspects, therefore, point to the remarkable growth of solar energy utilization. Consequently, it provides lucrative market opportunities for solar manufacturers as well as building envelope industries. Moreover, technological advancements linked to energy efficiency are further paving the way for the broader adoption of BIPV solutions. This will be integral to boosting the dynamics of the global building integrated photovoltaics market growth during the forecast period. Frequently Asked Questions (FAQs) – 1.What is crystalline silicon? A: Crystalline silicon is the predominant semiconducting material utilized in photovoltaic (PV) technology for manufacturing solar cells. 2.What are the main applications of building integrated photovoltaics? A: The main applications of building integrated photovoltaics include roofing, facades, glazing, and architectural shading.