Positive Projections for PV Growth
The China Photovoltaic Industry Association (CPIA) predicts significant growth for China’s photovoltaic (PV) industry in 2024, maintaining the momentum of domestic installed capacity and power generation. Wang Bohua, Honorary Chairman of CPIA, announced during a PV industry conference that the forecasted new PV capacity addition for the year ranges from 190 to 220 gigawatts (GW).
Optimistic Outlook and Export Trends
Zhao Tianyi, an analyst at BloombergNEF, echoes optimism, suggesting a more favorable scenario with a prediction of 255 GW in alternating current. Despite challenges like solar energy consumption and land use concerns, the PV market is expected to maintain high-level and high-quality development.
Diversified Export Markets
China’s solar product exports have become more diversified, with the top 10 export destinations’ share declining from 70% to 62%. Notable countries in this list include the Netherlands, Brazil, Spain, and India. European countries remain a major export market, constituting 42% of total exports.
Technological Advancements and Achievements
China’s solar power generation technology has consistently led global research and development. Longi Green Energy Technology Co Ltd set a world record with a 33.9% conversion efficiency in crystalline silicon-perovskite tandem solar cells in 2023. Continuous enhancements in conversion efficiency and cost reduction drive the industry’s development.
Impressive Growth Statistics
In 2023, China added 216.88 GW of new PV capacity, marking a substantial increase of 148.12% from 2022. The cumulative PV capacity in China reached 609.49 GW by the end of 2023, showcasing the nation’s commitment to solar energy. Investments in the Chinese PV market totaled ¥670 billion ($94.4 billion) in 2023.
The positive projections underline China’s leadership in the global PV industry and its commitment to sustainable energy development.
Source：http://www.chinadaily.com.cn
