Solar Roofing is fastest growing segment fueling the growth of the Global Bipv Roofing Market

 

Bipv roofing products integrate solar cells into the roof structure or cladding materials of a building, thereby generating renewable energy from the roofing material itself. It provides dual benefits of acting as conventional roofing as well as generating clean electricity from natural sunlight. These products are lightweight, durable and environment friendly.

The global Bipv Roofing Market is estimated to be valued at US$ 23.98 Bn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the Bipv roofing market is the development of high efficiency solar roof tiles. Manufacturers are focused on developing Bipv roof tiles with higher power conversion efficiencies and lower manufacturing costs to make them more competitive against conventional solar panels. For instance, certain companies have developed solar roof tiles that can achieve up to 22% power conversion efficiency while still retaining the appearance and functionality of traditional roof tiles. This has boosted their adoption in residential sector.

Segment Analysis

The Global BIPV Roofing Market Size can be segmented by type, application, and region. Based on type, the market is divided into crystalline silicon, thin film, and others. The crystalline silicon segment accounts for the largest market share and is expected to remain dominant during the forecast period. Crystalline silicon solar panels are cheaper to produce with high conversion efficiency. They have better overall performance and durability compared to thin film solar panels.

Key Takeaways

The global Bipv roofing market is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing awareness about renewable energy sources and government incentives and initiatives to promote renewable energy adoption.

Regional analysis

Asia Pacific dominated the global Bipv roofing market in 2023 and is expected to continue its dominance over the forecast period. Rapid industrialization and infrastructure development in China, Japan, and India is driving the demand for Bipv roofing in the region. Europe is expected to be the fastest growing market, supported by strong government support for renewable energy adoption in countries like Germany, UK, France, and Italy.

Key players

Key players operating in the Bipv roofing market are Tesla Inc., First Solar Inc., Hanergy Thin Film Power Group, and Suntech Power Holdings Co., Ltd. The global Bipv roofing market is highly fragmented with the presence of several global and regional manufacturers. Leading players focus on new product launches and expanding their manufacturing facilities to strengthen their market position. For instance, in 2022, Tesla launched its Solar Roof product with integrated Bipv tiles for roof surfaces.

For More Insights, Read- https://www.newsstatix.com/bipv-roofing-market-size-share-analysis-2023-2030/    

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