Global market value of building integrated photovoltaics 2018-2032

The global building integrated photovoltaics market reached a value of roughly 10.8 billion U.S. dollars in 2022. This figure is expected to experience a steep growth in the next years, amounting to over 48 billion U.S. dollars by 2032. Building integrated photovoltaics are materials that perform traditional functions in buildings and generate electricity from the sun. They can replace traditional construction materials such as roofs, facades, and skylights. This multifunctionality offers great potential for the implementation of solar PV in buildings.

Europe leads the building integrated solar PV market

In 2022, Europe was the region with the largest share of the building integrated photovoltaics market, surpassing a market value of four billion U.S. dollars in 2022. The region of Asia-Pacific, however, is forecast to experience the largest growth in this market, with a forecast compound annual growth rate (CAGR) of over 17 percent from 2023 to 2032. In that last year, the market value of building integrated solar PV in the Asia Pacific region is forecast to amount to roughly 13 billion U.S. dollars.

Building integrated photovoltaics market segments

Crystalline silicon accounts for roughly 68 percent of the building integrated solar PV market, whereas thin film photovoltaics have a share of approximately 24 percent. Crystalline and thin-film silicon technologies are the materials that are predominantly employed in solar cell manufacturing. Thin-film solar panels are generally cheaper and require less materials. They have, however, a lower efficiency than crystalline solar panels, requiring more space to meet the same energy needs. The thin-film segment is expected to have a slightly larger growth in the building integrated PV market, with a CAGR of almost 17 percent from 2023 to 2032.