According to a new report published by Allied Market Research, titled, “Building-integrated Photovoltaic Skylights Market by Type, Application, and Construction: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global building-integrated photovoltaic skylights market was valued at $1.5 billion in 2020 and is expected to reach $5.3 billion by 2030, registering a CAGR of 15.3% from 2021 to 2030. In 2020, Europe dominated the global building-integrated photovoltaic skylights market accounting for nearly one-third share of the market.
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The report analyzes the global building integrated photovoltaic skylights market on the basis of type, application, construction, and region. The type covered in this report are crystalline panel and thin film panel.
The applications taken into consideration in the report are residential, commercial, and industrial. By construction, the market is bifurcated into new construction and renovation.
In 2020, based on type, the crystalline segment dominated the global building integrated photovoltaic skylights market, owing to rise in commercial and residential construction building. Moreover, the market in Europe is growing with high CAGR, owing to urbanization and economic development in the developing countries such as Japan, China, and the U.S.
Rapid development of the residential and commercial industry drives the demand for photovoltaic skylights products such as solar panel, facades, and roof tops, thereby fueling the growth of the global building-integrated photovoltaic skylights market. Increase in commercial and residential construction activities drives the growth of the global building-integrated photovoltaic skylights market.
In addition, increase in spending on construction and renovation activities in countries such as Germany, the U.S., and Japan fosters the market growth. For instance, the U.S. Government spending on public and private infrastructure activities increased by 20% from 2012 to 2020.
The growth of the global building-integrated photovoltaic skylights market is driven by development in residential, commercial, and industrial sectors and economic growth globally. However, fluctuation in raw material prices and unfavorable weather conditions are anticipated to hamper the growth of the building integrated photovoltaic skylights market. Conversely, increase in construction of green building is predicted to offer lucrative opportunities for the global building-integrated photovoltaic skylights market development.
COVID-19 has already affected the sales of global building-integrated photovoltaic skylights in 2020, and is expected to hamper the growth of the global market. The major demand for photovoltaic skylights was affected due to the spread of COVID-19 virus. Furthermore, the disruption of supply chains hinders the installation of photovoltaic skylights in the commercial and residential buildings.
Several manufacturers in the global building-integrated photovoltaic skylights market stopped their business activities due to lockdown implemented in developed and developing countries, owing to ban on construction activities. This halt in production activities impacted the revenue of the building integrated photovoltaic skylights manufacturing companies.
For instance, net sales of ClearVue Technologies Limited dropped by 29.6% from January 2020 to December 2020. In addition, lack of man power and raw materials affected the supply chain of the global building integrated photovoltaic skylights market. However, the market is projected to cover from the first quarter of 2021, due to the reduced restrictions and reopening of the global building integrated photovoltaic skylights industry. Moreover, in 2021, with the availability of vaccine against COVID-19, the global building-integrated photovoltaic skylights market is expected to gradually witness growth.
The global building-integrated photovoltaic skylights market is segmented into type, application, construction, and region. Depending on type, the market is fragmented into crystalline panel and thin film panel. The crystalline panel segment dominated the market in 2020. By application, the market in divided into residential, commercial, and industrial. The commercial segment registered the highest growth in 2020. On the basis of construction, the market is divided into new construction and renovation. Renovation was the prominent segment in 2020.
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Regionally, the global building-integrated photovoltaic skylights market analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Europe was the major revenue contributor in 2020.
The key players profiled in the market report include EnergyGlass, ClearVue Technologies Limited, Kaneka Corporation, ML System S.A., Onyx Solar Group LLC, Norsk Hydro ASA, Polysolar Ltd., Super Sky Products Enterprises LLC, Wuxi Suntech Power Co Ltd., and Solaria Corporation.
Key Findings Of The Study
By type, the crystalline panel segment dominated the market, in terms of revenue in 2020, and thin-film panel segment is projected to grow at a CAGR of 17.5% during the forecast period.
On the basis of application, the commercial segment registered highest growth in 2020.
Depending on construction, the renovation segment is projected to register the highest growth rate in the coming years.
The report provides an extensive analysis of the trends and emerging opportunities of the market.
In depth, the global building-integrated photovoltaic skylights market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.
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