Worldwide BIPV Market to Reach $11.6 Billion by 2027
While most of the BIPV opportunity will remain in the commercial sector, residential BIPV will grow at a much faster rate and will account for 15% of the worldwide BIPV market by 2023.
The worldwide building-integrated photovoltaics (BIPV) market will reach $2.9 billion in revenues in 2018, $5.7 billion in 2023 and $11.6 billion in 2027, according to a recent report by n-tech Research. While most of the BIPV opportunity will remain in the commercial sector, residential BIPV will grow at a much faster rate and will account for 15% of the worldwide BIPV market by 2023, generating $872 million in revenues. For now, much of the BIPV business will remain in the hands of local developers, builders and architects; however, as BIPV revenues grow, unique BIPV products and brands will emerge.
By 2023, the top three geographical markets for BIPV will be (in order of generated revenue) the U.S., China and Japan. Together, these three countries will account for 75% of the BIPV market’s revenues in 2023. Both China and Japan are expected to generate well over $1 billion in revenues in 2023, with the U.S. supporting $2 billion. The drivers for BIPV adoption vary from country to country, however. In the U.S., certain states (notably, California) have strong pro-solar mandates. Anti-nuclear sentiments in Japan, combined with a long-established tradition of using integrated solar, help to fuel BIPV demand.
Additional details are available at www.ntechresearch.com.