Building Applied Photovoltaics (BAPV) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2020
Albany, New York (PRWEB) January 23, 2015
Transparency Market Research has released a new market report titled Building Applied Photovoltaics (BAPV) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2013 - 2020, which defines and segments the global BAPV market with analysis and forecast of the global volume in terms of annual installations (MW) and revenues (USD Million). This report observes that the annual installations of BAPV were 313.4 MW in 2013. This is expected to reach 716.7 MW by 2020 at a CAGR of 12.6% from 2014 to 2020.
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The key product segments analyzed in this study include rooftop and facades. In terms of volume, rooftop was the largest BAPV segment, accounting for around 54% market share in 2013. The facades segment is witnessing significant demand owing to growing applications in commercial and industrial sectors. Therefore, it is expected to be one of the fastest growing product segments in the next two to four years. BAPV modules are externally retrofitted on building structures; therefore, presence of old building structures is anticipated to offer new opportunities for BAPV products. This in turn is bolstering the overall market growth. Europe and North America have initiated practicing Feed-in Tariff (FIT) schemes, which helps in receiving guaranteed inflation-linked tax-free income. This scheme allows end users to generate electricity through BAPV systems and supply surplus electricity generated to the conventional power grid. The end users are paid in return for supplying surplus electricity to the conventional power grid as per regional policies. Rising energy prices along with supportive incentive schemes by several governments are likely to drive market growth over the next few years.
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Growing awareness and global acceptance with strong regulatory support across various regions are anticipated to augment growth of the BAPV market. Simplicity and cost-effectiveness of the Zero Energy Building (ZEB) concept are likely to offer new opportunities for the BAPV market in the next few years, thereby enhancing demand for BAPV products. Relatively high cost compared to conventional electricity cost per watt has hindered growth of the BAPV market. Though high cost barrier to market growth is expected to be overshadowed over the next few years with technological development and cost-effective solutions.
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The rooftop segment witnessed substantial demand in 2013; however, growing popularity of the facades segment is likely to boost its growth rate. North America dominated the global BAPV market in 2013, accounting for over 31% market share. Financial stimulus provided by the U.S. and Brazilian governments through the SunShot initiative has boosted growth of the BAPV market in recent years. Europe was the second-largest market for BAPV products, accounting for over 28% market share in 2013. The global BAPV market witnessed significant growth during the recent past, primarily due to implementation of strict environmental regulations. Asia Pacific is a lucrative market for commercial development and business expansion and is anticipated to bolster growth of the BAPV market during the forecast period.
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