The Europe building-integrated photovoltaics market size is expected to reach USD 20.4 billion by 2027, expanding at a 27.2% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Rising demand for crystalline silicon (C Si) based Building-integrated Photovoltaics (BIPV) generated the premier revenue share on account of the high strength of the product.
Increasing demand for facade integration stems from the growth of building and construction industry, primarily in the developing economies in European region. The introduction of ventilated photovoltaic facades provides superior benefits such as greater yield in low irradiation and high temperature conditions, reduction of acoustic pollution, elimination of thermal barriers, and superior insulation performance.
The demand for building-integrated photovoltaics in Europe is anticipated to grow on account of the rising demand for aesthetically appealing solar energy-harnessing systems. According to a report published in Netherlands titled The Relative Importance of Aesthetics in the Adoption Process of Solar Panels in the Netherlands, aesthetic value of a solar panel is the greatest variable for 40% of buyers once the price is in a reasonable range. Hence, consumer preference towards BIPV products having good aesthetic value is gaining momentum which is anticipated to drive the market for black colored panels in the region during the forecast period.
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Germany is one of the top country level market for the Europe accounting for 25.11% of the market share in 2019. The demand for building-integrated photovoltaics in roofs accounted for the highest market share driven by ease of product installation. BIPVs can be installed easily in the building roofs post-construction of the building as it requires minimal renovations. Besides, the segment has realized high technological advancements, which is expected to result in a decline in the overall installation costs leading to market growth over the forecast period.
Rising concerns regarding environmental pollution caused using non-renewable sources of energy are anticipated to drive the Europe BIPV market over the forecast period. The demand for the integration of photovoltaics stems from the superior aesthetic properties they impart. Building-integrated photovoltaics can replace regular roofs, windows, and building walls without compromising the aesthetics of the building, thereby leading to an increased adoption.
The presence of significant industry participants such as AGC Inc.; Canadian Solar; UAB GLASSBEL BALTIC; Onyx Solar Group Inc.; BiPVco; ISSOL sa; Heliatek GmBH; Polysolar; Flisom; ertex solartechnik GmbH; and Hanergy Mobile Energy Holding Group Limited will further aid market penetration.
Europe Building-integrated Photovoltaics Market Report Highlights
• The Italy building-integrated photovoltaics market revenue was valued over USD 613.8 million in 2019 and is projected to register a CAGR of over 29% over the projected period
• Roofs-mount photovoltaics held the largest market share of over 39% in terms of revenue in 2019
• Improved aesthetic appeal due to its transparent nature along with significant technological advancements in glass integrated installations is expected to drive the glass segment over the forecast period
• Residential segment led the market due to efforts made by end users to limit their reliance on conventional sources and increase their adoption of greener sources of power generation
• Spain is expected to witness the highest CAGR of 30.9% over the forecast period
• Some of the major market players are AGC Solar, BIPV Ltd., Belectric Holding GmbH, and Heliatek GmbH. The companies are utilizing merger and acquisition strategy to enhance their global reach
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Europe Building-integrated Photovoltaics Market Segmentation
Grand View Research has segmented the Europe BIPV market on the basis of technology, application, and end use:
Europe BIPV Technology Outlook (Revenue, USD Million, 2016 - 2027)
• Crystalline Silicon (C Si)
• Thin Film
• Others
Europe BIPV Application Outlook (Revenue, USD Million, 2016 - 2027)
• Roofs
• Façade
• Wall
• Glass
• Others
Europe BIPV End-use Outlook (Revenue, USD Million, 2016 - 2027)
• Commercial
• Industrial
• Residential
Europe BIPV Country Outlook (Revenue, USD Million, 2016 - 2027)
• Germany
• Italy
• Spain
• France
• U.K.
• Switzerland
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportu