by The building-integrated photovoltaic (BIPV) roofing system combines traditional building materials and solar panels as parts of the aesthetic building design, allowing structures to become power sources. BIPV roofing products include roof tiles, windows, facades and canopies that function both as envelopes and as solar energy producers. These systems offer advantages such as decreasing the visual impact of conventional solar panels on buildings while generating on-site electricity. BIPV roofing also improves the energy efficiency of structures and reduces electricity bills for homeowners. With increasing awareness about cost and time savings from reduced construction waste along with eco-friendly renewable energy credentials, adoption of BIPV roofing solutions is on the rise.
The global BIPV Roofing Market is estimated to be valued at US$ 23.98 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Some of the major trends in the Global BIPV Roofing Market Size include growing emphasis on renewable sources of energy generation. Solar energy harnessed through BIPV systems helps reduce the carbon footprint of buildings and dependency on fossil fuels. Ongoing technological advancements are also leading to higher energy yields and more efficient solar cells for better power output. There is a rising preference for aesthetically pleasing and multifunctional building elements which BIPV roofing provides. Government incentives and policy frameworks supporting solar power adoption further encourage businesses and homeowners to implement BIPV projects for new construction as well as retrofitting of existing structures.
Porter’s Analysis
Threat of new entrants: Low barrier of entry makes it easier for new players to enter the market. However, the presence of established brands makes it difficult for new entrants to gain market share.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various alternatives in the market. However, unique product offerings increase customer retention.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials. However, suppliers may choose to integrate forward to gain bargaining power.
Threat of new substitutes: Potential threat from new energy efficient technologies like solar rooftops. However, strong brand loyalty and performance differentiates product in the market.
Competitive rivalry: Intense competition among existing players to gain market share.
Key Takeaways
The global BIPV Roofing market is expected to witness high growth. Regional analysis comprises the market in Europe dominated over 35% of the global market share in 2023 due to strict regulatory norms regarding energy consumption. The Asia Pacific is expected to be the fastest growing market due to rapid infrastructure development and rising construction spending in China and India.
Key players operating in the BIPV Roofing market are Hans Zipperle AG, Archer Daniels Midland Company, Kerry Group, Sensient Technologies, AGRANA Beteiligungs-AG, Kanegrade Natural Ingredients, Taura Natural Food Ingredients, Olam International Limited, Sunopta, Inc., Roquette Freres, Sensoryeffects Ingredient Solutions, Yaax International Ltd, Diana SAS, Svz International BV, DMH Ingredients Inc., Cargill Incorporated, Tate & Lyle PLC, and Dohler Group.
Some major players are focusing on new product launches and mergers & acquisitions to strengthen their foothold in the market. For instance, in 2022, Kanegrade Natural Ingredients partnered with Toffeewala Industries to expand their fruit snacks business in India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
