Global Building Applied Photovoltaics Market is expected to witness tremendous growth owing to favorable government regulations and continuous R&D in terms of renewable energy over the forecast period. In addition, application of building applied photovoltaics helps in reducing fossil fuel use to a great extent which is estimated to increase the market share in the next six years. Increasing awareness regarding renewable energy sources in the wake of reducing CO2 emissions is expected to increase demand for building applied photovoltaics over the forecast period. High initial cost and lack of consumer awareness are expected to hinder building applied photovoltaics market development in the next six years. However, increasing financial incentives from various industries, supportive government norms and low maintenance costs are likely to aid in overcoming challenges thus propelling market growth. Feed-in-tariff rates and cost effectiveness of the zero net energy building concepts are poised to offer growth opportunities for the market, thereby increasing demand for building applied photovoltaics. Introduction and implementation of new norms and policies concerning renewable energy use and solar energy subsidies are expected to drive the commercial segment in the building applied photovoltaics market over the forecast period.
North America dominated the building applied photovoltaics market in 2013 on account of monetary support provided by the Brazilian and U. S government in order to facilitate production and use. Europe was the second largest market for building applied photovoltaics products over the past five years, owing to supplementary government incentives for photovoltaics use in addition to stand-alone solar systems subsidies. Europe and North America have implemented “Feed-in-Tariff” schemes which help in assured inflation-linked tax-free income. This factor is anticipated to promote market growth over the next six years. Rapid industrialization and stringent government regulations in emerging economies of Asia Pacific are expected to propel building applied photovoltaics market over the forecast period. Energy generated from building applied photovoltaics has wide applications in several sectors including residential, commercial and industrial sectors.