The availability of raw materials in abundance, such as aluminum, is anticipated to lower the product price by 2024. In addition to these market drivers, the development of solar panels that provide usable electric energy and its integration in the building skin is also anticipated to catalyze the industry growth by 2024.
Moreover, the development of sustainable facades materials offering the capability of shielding buildings from environmental conditions such as heat, wind and rain is a primary factor expected to drive ventilated facades growth. Thus, the product demand in commercial buildings is expected to remain high over the next eight years owing to the growing need for better safety measures and ambiance in corporate and the hospitality industry.
It is worth noting that according to Research and Markets, the global aluminum market for building and construction sector to grow at a CAGR of 6.31 percent during the period 2016-2020.
A trend helping to boost market growth is the increased use of aluminum in BIPV systems. BIPV systems are considered as green initiatives. BIPV systems are aluminum-framed photovoltaic systems. These systems are used in facades and roofs of buildings. In BIPV systems, a thin solar cell is integrated into flat roofs made of polymer roofing membrane. Instead of conventional construction materials, these systems are used as a source of energy in buildings and help reduce the overall cost of construction. Aluminum facades can be installed on old buildings giving them a new look as well as a functional advantage as these materials help in generating renewable energy.
RnR Market Research forecasts a 15.4 percent CAGR for BIPV market to 2019. The global BIPV market has been segmented based on: Panel types, End-user, and Geography. One key trend upcoming in this market is increased focus on energy efficiency in buildings. BIPV installation enables considerable energy conservation, which will generate more revenue for the market. Moreover, installation of BIPV systems can also help in attracting incentives from governments to encourage use of alternative sources of energy.
The report adds that solar energy consumption worldwide has increased and thus has led to a corresponding increase in BIPV installations, which is expected to continue during 2015-2019. Increased awareness about BIPV capabilities and use of solar energy has increased the demand for BIPV installations worldwide. Further, the report states that seasonal fluctuations in availability of solar power are hindering market growth. Solar power generation depends heavily on energy derived from the sun during off-seasonal periods. Consequently, buildings using BIPV technology are compelled to find an alternative source for power generation. This will be an additional expenditure for consumers.