BIPV skylights offer a huge potential for energy savings, as they are able to produce electricity from the sun’s rays and reduce the need for grid-supplied electricity. In addition, they are also aesthetically pleasing and can improve the building’s overall appearance. As a result of these benefits, the demand for BIPV skylights is on the rise.
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 increasing demand for BIPV skylights is largely driven by the growing awareness among the public and businesses about the importance of renewable energy sources. Governments around the world are also providing incentives and subsidies to promote the use of renewable energy sources, which is further aiding the growth of the BIPV skylight industry.
In addition, technological advancements in the field of photovoltaics have made BIPV skylights more efficient, reliable, and cost-effective. This has further boosted the demand for BIPV skylights in the commercial, industrial, and residential sectors.
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In recent years, the BIPV skylight industry has seen an influx of new players, as well as new products and services. This has increased the competition in the market and has led to innovation and improved quality of products. Companies are now offering BIPV skylights in different sizes, styles, and materials, thus providing customers with more options to choose from.
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.
Overall, it is clear that the BIPV skylight industry is experiencing tremendous growth. The industry is expected to continue to grow in the coming years, driven by the increasing demand for renewable energy sources and technological advancements.
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