PUBLISHER: The Insight Partners | PRODUCT CODE: 1482350
PUBLISHER: The Insight Partners | PRODUCT CODE: 1482350
The BIPV glass market size was valued at US$ 4.63 billion in 2023 and is projected to reach US$ 17.62 billion by 2031; it is estimated to register a CAGR of 18.2% from 2023 to 2031.
Based on end use, the market is segmented into residential, commercial, industrial, and others. The commercial segment held the largest share in 2023. The industrial segment is another attractive segment. The oil & gas, chemical manufacturing, food & beverages, and other industries are included in the industrial sector. Industrial constructions often need to withstand extreme conditions and heavy usage. The growing inclination of various industries toward constructing environment-friendly structures, which also help reduce carbon footprint, boosts the demand for BIPV glasses. The solar system is majorly used as energy backup in industries. These factors drive the BIPV glass market growth for the industrial segment.
Asia Pacific is estimated to register the fastest CAGR in the global BIPV glass market from 2023 to 2031. The BIPV glass market in the Asia Pacific is driven by factors such as the increasing demand for sustainable and energy-efficient buildings, the growth of the building & construction industry, and others. In recent years, the use of BIPV solar panels has gained wide application in the construction industry, especially in the design of energy-efficient buildings. The panels contribute to a green future and improve building performance by reducing dependence on fossil fuels. Energy efficiency and renewable energy are key factors in the transition of the region's buildings sector, driving the demand for BIPV glasses. In addition, the building & construction industry is growing rapidly in Asia Pacific due to increasing investments in the residential and commercial construction sectors, growing population, and urbanization. The growth of the industry in the region positively impacts the demand for BIPV glass from residential, commercial, and industrial applications.
Asia Pacific is home to some of the major BIPV industry players and many small players. The presence of these players contributes to the growth of the BIPV glass market in the region. These players partner with construction firms and architects to tailor BIPV solutions to regional demands. Also, market players operating in the region are focusing on adopting various strategies such as new product launches and investments in research and development. In April 2022, Japanese glass manufacturer AGC developed a building-integrated PV panel for different building requirements. It can be installed on facades, curtain walls, and canopies where normal glass can be placed. According to the company, SunJoule panels can be adapted to different building requirements. Also, SunJoule is available with monofacial or bifacial cells, and the cell arrangement can be customized according to a client's needs. Such developments by the market players fuel the BIPV glass market growth in Asia Pacific.
A few players operating in the global BIPV glass market include Koch Industries Inc, AGC Inc, Nippon Sheet Glass Co Ltd, Vitro SAB de CV, Onyx Solar Group LLC, MetSolar, Mitrex, Roofit.Solar, Grenzebach Envelon GmbH, and Hanergy Holding Group Ltd. Players operating in the market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.
The overall global BIPV glass market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the BIPV glass market.