The global market for rooftop Solar Photovoltaic or building attached photovoltaics (BAPV) is to reach 716.7 MW by 2020, compared to 313.4 MW in 2013, Transparency Market Research says in a new report.
The sector will achieve a compound annual growth rate (CAGR) of 12.6% in the period between 2014 and 2020, the market intelligence firm calculates.
Transparency Market Research focuses mainly on rooftop and facades BAPV sector in its study, both of which have been experiencing growth.
Rooftop was the biggest BAPV segment last year with a market share of 54%, while the facades sector is projected to be one of the fastest growing segments in the next two to four years.
Transparency Market Research noted that the global BAPV market in 2013 was driven by North America, which had a market share of over 31%, followed by Europe with a share exceeding 28%.
For the period until 2020, Asia Pacific will join the list of major BAPV markets due to its appeal for commercial development and business expansion, the market intelligence firm predicts.
Some of the key players on the BAPV market are US-based First Solar Inc (NASDAQ:FSLR), Ascent Solar (NASDAQ:ASTI), Israeli Pythagoras Solar Ltd and Germany’s Centrosolar Group AG.