The rising awareness about reduction in carbon footprints across nations has led to the paradigm shift in the generation of electricity from conventional to renewable sources. The low cost of electricity generation through building applied photovoltaics has encouraged governments to offer attractive Feed in Tariff (FiT) rates and incentive schemes. The global building applied photovoltaics market witnessed annual installations worth 313.4 MW in 2013 and is anticipated to reach to 716.7 MW by 2020, expanding at a CAGR of 12.6% during the period between 2013 and 2020.
How is the emerging net zero energy building (ZEB) policy defining the future of the global building applied photovoltaics market?
It is estimated that commercial and residential buildings account for about 75% of the total energy used across cities. According to the United Nations, about 2.5 bn people are anticipated to join the global urban population by 2050. The net zero energy building policy outlines that the total amount of energy used by a residential/commercial building in a year need to be equivalent to the amount of renewable energy generated at the location. The policy has led to an increase in the sales of rooftop and facades as a large number of building owners are relying on renewable energy while producing as much energy as they use. Furthermore, in the U.S., some of the cities have implemented benchmarking and disclosure laws that mandate building owners to disclose their buildings’ annual energy usage to the local governments. Such policies are expected to pave way for the positive growth of the global building applied photovoltaics market.
Which are the key regions that hold significant potential for the growth of the global building applied photovoltaics market?
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North America and Europe have been the leading markets for building applied photovoltaics. In 2013, both these regions held the majority of the market. In North America, efforts such as SunShot initiative launched by the U.S. Department of Energy have been instrumental in the growth of the market. The SunShot initiative offers financial aids to the research and development activities associated with improving reliability and efficiency, and lowering manufacturing costs to make solar electricity cost-competitive by 2020. The success of the building applied photovoltaics market in Europe can be attributed to the stringent environmental regulations across the European Union nations.
However, in the near future, Asia Pacific is anticipated to emerge as the largest market for building applied photovoltaics owing to the rapid economic growth across many countries such as China. The high cost of building applied photovoltaics systems is one of the major hiccups in the adoption of these systems across Asia Pacific. However, the ongoing business development and commercial expansion in this region will support the growth of the market.
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