The China solar energy market is witnessing rapid expansion, propelled by substantial investments, favorable policies, and rising energy demands. According to a recent Report Ocean study, the market is expected to grow at a 12% CAGR from 2022 to 2028.
Market Dynamics
Market Size and Growth
As of 2020, China led the world in installed solar energy capacity, boasting 253 GW. Government initiatives and private sector investments drive this growth. China aims for carbon neutrality by 2060, which boosts solar energy adoption and reduces fossil fuel dependency.
China’s status as the largest energy consumer globally significantly impacts energy demand. BP plc. projects China will account for 20% of global primary energy consumption by 2050, with energy consumption peaking in the early 2030s. China is also leading in renewable energy expansion, expected to contribute 40% to global renewable capacity growth from 2019 to 2024.
Segmentation
The China solar energy market includes solar photovoltaic (PV) systems and concentrated solar power (CSP) systems. PV systems dominate due to cost competitiveness. Subsidy-free solar power in China has become cheaper than coal, driving significant demand for PV systems.
Pandemic Response
The renewable energy sector in China saw a positive impact from the COVID-19 pandemic. Investments in renewable energy surged by nearly 60% in 2020 compared to 2019 levels. The National Energy Administration reported substantial additions to solar energy capacity, including 48.2 GW in 2020 and 25.9 GW by November 2021.
Competitive Landscape
Key Players
Leading players in the China solar energy market include Zhejiang Chint Electrics Co. Ltd., State Power Investment Corporation, China Datang Corporation, JA Solar Holdings Co., Ltd., Hanwha SolarOne, Ltd., Trina Solar Ltd., Yingli Green Energy Holding Co Ltd., China Three Gorges Corporation, GCL-Poly Energy Holdings Limited, and ShunFeng International Clean Energy Limited. These companies engage in strategic collaborations and governmental partnerships to expand market presence and enhance technological capabilities.
Recent Developments
In January 2022, Asia Clean Capital Investment Holdings Ltd. announced a collaboration to install 20 MW of solar capacity in Xianju Economic Development Area. Huaneng Power International completed the world’s largest floating PV project in Dezhou, Shandong province, with a capacity of 320 MW.
Conclusion
The China solar energy market is poised for significant growth driven by robust investments, supportive government policies, and escalating energy demands. With a strong emphasis on achieving carbon neutrality and reducing reliance on traditional energy sources, the market presents substantial opportunities for stakeholders. Continued advancements in solar technology and strategic partnerships will be pivotal in sustaining growth and meeting ambitious renewable energy targets in China.
Source：taiwannews.com.tw
