Photovoltaic Skylights Market Analysis and Forecast to 2031: By Type (Crystalline Panel, Thin Film Panel), Application (Residential, Commercial, Industrial), Construction (New Construction, Renovation), and Region

Photovoltaic Skylights Market Analysis and Forecast to 2031: By Type (Crystalline Panel, Thin Film Panel), Application (Residential, Commercial, Industrial), Construction (New Construction, Renovation), and Region

The global photovoltaic skylights market was valued at US$ 1.4 billion in 2021 and it is anticipated to grow up to US$ 5.4 billion by 2031, at a CAGR of 13.8% during the forecast period.

Photovoltaic products are widely adopted in commercial, residential, and industrial sectors. A photovoltaic skylight is a window built into a roof to allow light on the surface of a building. The installation of photovoltaic skylights is increasing among buildings, as they provide proper ventilation, aid in energy saving, and help in smoke extraction from buildings. Further, a building-integrated photovoltaic skylight is an application of photovoltaic that involves installing photovoltaic materials in the facades, curtain walls, canopies, roofs, and walls of a building.

Market Drivers and Trends

Solar energy solutions are being incorporated into commercial infrastructures to conserve energy and optimize the architecture, resulting in significant demand for building integrated photovoltaic materials. Moreover, green materials and the green building movement are major factors accelerating the global photovoltaics skylights market growth. As a result, the key players focus on replacing positive carbon materials with clean building-integrated photovoltaic materials and gaining a competitive edge in the market.

Further, the rapid modernization of the construction and building sector and the increasing focus on clean energy have also increased the demand for green and zero-emission buildings. Also, solar energy harnessing systems in residential buildings have skyrocketed in popularity as consumers become aware of several ecological benefits of building-integrated photovoltaics skylights. Thus, growing popularity of green building and rapid modernization of the construction and building sector are acting as a driving factor.

Market Restraints and Challenges

The use of building-integrated photovoltaic technology converts buildings from energy consumers into energy producers. And to achieve this, the construction technology has to be merged with the building-integrated photovoltaics technology. It is an expensive approach to use building-integrated photovoltaics for curtain walls and other areas of industrial, commercial, and residential buildings. Because solar panels are not as mature of a product as building-integrated solar technology, costs remain high. Further, building-integrated photovoltaics cell efficiencies are lower than the efficiencies of solar panels. Thus users will likely incur higher costs for lower solar electricity production. Therefore, the elevated costs may hamper the market growth.

Global Photovoltaic Skylights Market Segmental Overview

The report analyses the global photovoltaic skylights market based on type, application, construction, and region.

Global Photovoltaic Skylights Market by Type

Based on type, it is segmented into crystalline panel and thin film panel. The thin film panel segment market growth is growing faster owing to rapid technological advancements that lead to the introduction of advanced products. Thin film panels are readily used in case of considerable weight constraints for the building. In such cases, the building envelope can't support the weight of crystalline silicon integration, leading to high demand for thin film integrated installation. Thin film is beneficial as it can be used for curved surfaces due to its superior flexibility. Thus, numerous benefits of the thin film panel segment boost the market's growth.

Global Photovoltaic Skylights Market by Application

Based on application, it is segmented into residential, commercial, and industrial. The commercial segment is likely to hold the major share of the market in 2021. The demand for building-integrated photovoltaics skylights in the commercial sector is likely to be fueled by the rising number of retrofit projects. Further, the high emphasis on the aesthetic appeal of solar energy-harnessing systems, majorly in the commercial sector, is likely to fuel the product demand in this sector.

Global Photovoltaic Skylights Market by Construction

Based on construction, it is segmented into new construction and renovation. The renovation segment is likely to hold the major share of the market in 2021. The renovation market continues to benefit from a strong housing market, including accelerating growth in homebuilding, sales, and home equity. Additionally to routine replacement and repair projects, homeowners are pursuing more and larger discretionary home improvements as the broader economy recovers.

Geographical Analysis of Global Photovoltaic Skylights Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Europe market is expected to hold the majority of the market share in 2021. With Germany and Italy promoting the use of solar energy, the adoption of building-integrated photovoltaics skylights will help in promoting European industry growth. This is because more players in the market are moving towards them. In addition, the European governments have been supporting growth by passing various regulations. This, in turn, boosts the demand for photovoltaic skylights in the European region.

Major Players in the Global Photovoltaic Skylights Market COVID-19 Impact

The COVID-19 pandemic has been affecting several sectors worldwide, adversely affecting the global economy in 2020. The massive outburst of the coronavirus had derailed the entire construction sector heavily, with several construction projects cancelled and several projects postponed indefinitely. The COVID-19 pandemic has also disturbed photovoltaic skylights market growth. Factory shutdowns and travel bans have adversely affected the construction industry, negatively impacting the growth of the photovoltaic skylights market. Also, the housing sector witnessed a huge drop in terms of trade due to lockdown restrictions in different countries, which hindered manufacturing operations during the COVID-19 pandemic. Therefore, the COVID-19 pandemic had negatively affected the global photovoltaic skylights market in 2020.

Recent Developments

• September 2021, AGC Inc. had announced that its photovoltaic glass had been adopted at the Singapore Institute of Technology's new Punggol campus, which is scheduled to open in 2024.
• June 2021, Spanish group Onyx Solar had an agreement with Sterling Bank (a leading financial institution in Nigeria) to install 6,500 sq m of crystalline silicon photovoltaic glass spandrels at its headquarters building in the capital Lagos. The project, which is set to become the largest PV integration development in Africa, is being implemented in co-ordination with Nigeria's energy firm Privida.

Frequently Asked Questions

Q1. How big is the photovoltaic skylights market?Ans. The global photovoltaic skylights market size was US$ 1.4 billion in 2021 and is anticipated to reach US$ 5.4 billion in 2031, growing at a rate of 13.8% from 2022 to 2031.Q2. What is the photovoltaic skylights market growth rate?Ans. The growth rate of the photovoltaic skylights market is 13.8% from 2022 to 2031.Q3. Which region holds a major market share for the photovoltaic skylights market?Ans. Europe holds a major market share of the photovoltaic skylights market in 2021.Q4. Which segment accounted for the largest photovoltaic skylights market share?Ans. Based on application, it is segmented into residential, commercial, and industrial. The commercial segment is likely to hold the major share of the market in 2021.Q5. Who are the key players in the photovoltaic skylights market?Q6. What are the factors driving the photovoltaic skylights market growth?Ans. The major factor driving the growth of the market is growing popularity of green building and rapid modernization of the construction and building sector.Q7. What are the key growth strategies of photovoltaic skylights market players?Ans. The key growth strategies of photovoltaic skylights market players are product launch, partnerships, and government initiatives.Q8. Which region will provide more business opportunities for the photovoltaic skylights market during the forecast period?Ans. The Asia Pacific region will provide more business opportunities for the photovoltaic skylights market during the forecast period.

Please Note: This report will be delivered by publisher within 3-4 business days of order confirmation.