TechNavio, a tech-focused research firm, has published a new report on the Global Building Integrated Photovoltaic (BIPV) Market, which is expected to grow at a CAGR of 15.4 percent from 2014-2019.
The latest report from TechNavio emphasizes concerns over hazardous greenhouse gas emission and their environmental impact as a major market growth driver in this segment. Solar energy, being the most abundant source of renewable energy, is extensively used for power generation.
The consumption of solar energy has increased tremendously in recent years, due to the rising costs of fossil fuels and the pressing need to reduce emissions.
"Increased awareness about the capabilities of building integrated photovoltaics and use of solar energy has increased the demand for photovoltaic installations worldwide," says Faisal Ghaus, Vice President of TechNavio.
The new report also highlights the growing focus on BIPV systems, which help facilitate energy management, thereby increasing cost savings. The installation of these systems can also lead to a building being certified as green or eco-friendly.
"Installation of BIPV systems attract good incentives from governments, as these systems help encourage use of alternative energy sources," says Ghaus.
