Building Integrated Photovoltaics Market Size & Analysis by 2028

 

The building integrated photovoltaics market is projected to reach US$ 13,023.97 million by 2028 from US$ 4,605.97 million in 2021; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.

The rising demand for renewable energy, combined with the electrification of transportation and increased involvement of oil and gas companies in the electricity value chain, is accelerating the convergence of the end-use industries. A surge in initiatives among states, cities, and utilities to pursue decarbonatization plans over the years is bolstering the demand for renewable energy. The development of renewable energy is expected to accelerate over the forecast period as the government bodies worldwide is adopting an agenda that includes in the favor of rejoining the Paris Climate Agreement, which is meant to investing US$ 2 trillion in renewable energy, and fully decarbonizing the power sector by 2035 to reach a larger goal of zero-carbon net emissions by 2050. Such initiatives are aiding the market growth over long run. The strategic initiatives by key players in developing new products developments, expansions, and mergers & acquisitions are also propelling supporting the building integrated photovoltaics market growth.


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