With a rise in cost of energy and the trend to build eco friendly buildings that generate some part of the energy they consume using renewable sources of energy, architects are coming up with plans to build projects that make use of solar panels integrated into the rooftops, windows and facades. While the conditions in the solar energy market are definitely unstable with big brands like Konarka Technologies shutting down operations earlier this year, Pike Research believes that the BIPV market could quadruple in size in the next five years, giving solar panel industries a new revenue stream.
In total, the installed capacity of BIPV worldwide is just 400MW at present, which could reach 2,250MW by 2017. Along with a great increase in installed capacity and the amount of renewable energy thus produced, the value of the market will grow from $606 million at present to more than $2.4 billion in the next five years.
Smart Planet states that currently there are 53 companies in the building integrated solar industry, with many such as Global Solar Energy and Konarka that have shut their doors. If Pike Research is to be believed, the market should soon start to realize the importance of renewable energy generation and come up with products more innovative and useful than the solar shingles.