What Will Drive the Growth of the Building Applied Photovoltaics (BAPV) Market?

There are several cases that demonstrate the remunerative potential of photovoltaics. In Germany, for instance, the solar industry, which was initially given the status of a cottage industry, has grown magnificently to emerge as a multibillion-dollar business. Another parallel change that has been observed is that solar energy has found encouraging acceptance in the residential sector as well, leading to an appreciable increase in the demand for building applied solar photovoltaic (BAPV) systems. BAPVs are retrofitted on facades and rooftops, and capture the sun’s energy to convert it into electricity. Their attribute of generating energy at rates cheaper than fossil fuels has furthered the acceptance of BAPVs.

The market for building applied photovoltaics is thus poised to reach greater heights. Data published by business intelligence firm, Transparency Market Research, shows that the annual installation of BAPV hovered just above 313 MW as of 2013. By 2020, annual installation of BAPV are expected to rise to 716.7 MW by the end of 2020, translating to a CAGR of 12.6% from 2014 through 2020. Innovative products addressing the evolving needs in the building applied photovoltaics market are fuelling growth – a trend that will only move sharply upward in the next few years before it stabilizes.

Top 3 Factors Aiding Adoption of BAPV

The heightened interest in solar energy, among other renewable energy types, bodes well for the global building applied photovoltaics market. But there are several other elements at play that will do the same. Here are the three most high-impact factors driving the BAPV market:
 

• The greatest advantage, perhaps, that BAPV systems offer is a reduction in the dependence on fossil fuels. With solar energy prices dipping steadily, they are projected to reach on par with conventional energy sources that are primarily derived from fossil fuel. This cost benefit will lure more consumers into installing building applied photovoltaics, helping annual installations of BAPV exhibit a CAGR of 12.6% from 2014 through 2020. 

• Manufacturers are striving to produce highly efficient photovoltaic materials that do not compromise the aesthetic appeal of buildings, and in many cases, even add to it. Sleek-looking, weather-proof BAPV systems that can be fitted on both facades and roofs, combined with the promise of cost-savings on energy production, are a strong-enough factor for the growth of the BAPV market.

• Governments worldwide are in favor of encouraging building applied photovoltaics; many of them have drafted policies and introduced subsidies reflecting this positive regulatory sentiment around the solar energy sector. Energy-sufficiency is a topic that is widely discussed at national and international events, and the ability of solar energy to now seamlessly replace fossil-fuel-derived energy in a myriad of applications will aid the adoption of BAPV.

C-Si technology is expected to see bright days ahead as C-Si BAPV modules are lighter and less expensive than other available alternatives. The second-generation technologies, especially, will see greater demand in the coming years thanks to their improved efficiency and seamless integration with new building materials.

Source: http://www.transparencymarketresearch.com/building-applied-photovoltaics-market.html