At 20.5% CAGR, Asia Pacific BIPV Glass Market is Projected to be Worth US$ 6,661.10 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific BIPV glass market was valued at US$ 1,494.02 million in 2023 and is expected to reach US$ 6,661.10 million by 2031, registering a CAGR of 20.5% from 2023 to 2031. Increasing demand for green buildings and rising popularity of solar energy are among the critical factors attributed to drive the Asia Pacific BIPV glass market growth.

The emphasis on sustainability and environmental consciousness is on the rise across the world. As a result, there is a growing preference for green buildings that are energy-efficient, resource-efficient, and environmentally friendly. These green structures rely on construction materials that meet specific sustainability and performance standards, which propels a need for innovative solutions in the construction industry. According to environmental studies experts, nearly 40% of the greenhouse gases and waste come from the construction industry. The building & construction industry is resource-intensive and consumes vast amounts of energy. According to data published by the International Energy Agency (IEA), in 2022, energy demand in buildings increased by nearly 1% compared to 2021. Electricity consumption accounted for about 35% of energy use in buildings in 2022, up from 30% in 2010. There has been an increase in the demand for electric energy in residential and commercial buildings. Green buildings will reduce the consumption of conventional energy, causing a negligible impact on the natural environment of the project site. BIPV glass is an efficient solution to sustainability concerns, especially in commercial projects such as malls, institutions, manufacturing units, train stations, and airports where huge operating cost and energy utility is involved. BIPV glass generates clean energy for plants, factories, and office premises and enhances the aesthetics of the building by using it as a construction material. Major players operating in the construction industry pay high attention to Leadership in Energy and Environmental Design (LEED) ratings, green points, and sustainable buildings. BIPV glass boasts environmental performance and efficiency ratings in line with nearly zero-energy building (NZEB) standards, which means it helps meet various green building certifications such as Building Research Establishment Environmental Assessment Method (BREEAM) and Leadership in Energy and Environmental Design (LEED). Therefore, the rising demand for green buildings is expected to offer lucrative opportunities for the BIPV glass market during the forecast period.

On the contrary, high initial investment cost and less energy efficiency for BIPV system hampers the growth of Asia Pacific BIPV glass market.

Based on material, the Asia Pacific BIPV glass market is segmented into crystalline silicone, amorphous silicone, and others. The crystalline silicone segment held 72.5% share of Asia Pacific BIPV glass market share in 2023, amassing US$ 1,083.86 million. It is projected to garner US$ 4,917.23 million by 2031 to register 20.8% CAGR during 2023–2031.

In terms of glazing type, the Asia Pacific BIPV glass market is bifurcated into single module and double module. The double module segment held 58.2% share of Asia Pacific BIPV glass market in 2023, amassing US$ 869.00 million. It is anticipated to garner US$ 4,027.88 million by 2031 to expand at 21.1% CAGR during 2023–2031.

By component type, the Asia Pacific BIPV glass market is divided into BIPV glass roofs, BIPV glass facades, and others (windows and floors). The BIPV glass roofs segment held 61.5% share of Asia Pacific BIPV glass market in 2023, amassing US$ 918.61 million. It is projected to garner US$ 4,011.55 million by 2031 to expand at 20.2% CAGR from 2023 to 2031.

Based on end use, the Asia Pacific BIPV glass market is categorized into residential, commercial, industrial, and lightweight hybrid construction. The commercial segment held 51.8% share of Asia Pacific BIPV glass market in 2023, amassing US$ 774.02 million. It is predicted to garner US$ 3,436.71 million by 2031 to expand at 20.5% CAGR between 2023 and 2031.

By country, the Asia Pacific BIPV glass market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 37.5% share of Asia Pacific BIPV glass market in 2023. It was assessed at US$ 559.51 million in 2023 and is likely to hit US$ 2,708.80 million by 2031, registering a CAGR of 21.8% during 2023–2031.

Key players operating in the Asia Pacific BIPV glass market are Koch Industries, Inc.; AGC Inc.; Nippon Sheet Glass Co., Ltd.; Vitro, S.A.B de C.V; Onyx Solar Group LLC.; Roofit.Solar; and Hanergy Holding Group Ltd., among others.

• In March-2023, Vitro X™ Innovation Partnerships will identify and develop inspired solutions to challenges in the glass industry and support future-focused companies in bringing innovative products and technologies to market. This strategic partnership program is focused on identifying and developing inspired solutions to existing and future challenges in the glass industry.
• In March-2021, Vitro Architectural Glass announced that it launched Solarvolt™ building-integrated photovoltaic (BIPV) glass modules, which combine the aesthetics and performance of Vitro Glass products with CO2-free power generation and protection from the elements for commercial buildings.

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