Record-breaking Export Values and Manufacturing Output
China’s photovoltaic product exports hit an all-time high in the first 10 months of 2023, reaching a staggering $43 billion, according to the China Photovoltaic Industry Association. The industry experts predict this momentum to persist, fueled by increased global demand amid a green energy transition.
Diverse Market Growth and European Dominance
While the export market diversifies, Europe remains the largest importer, constituting around 52.9% of the total export value. In 2022, the European Union bought nearly $23 billion worth of photovoltaic products, marking a 113% YoY increase. The total volume of solar cells and modules exported by China in the first 10 months of 2023 rose by 19% compared to the entirety of 2022, reaching 212 GW.
Chinese Solar Industry’s Dominance and Global Impact
China’s photovoltaic manufacturing sector achieved a record output value of 1.3 trillion yuan ($182.6 billion), and the newly installed photovoltaic power generation capacity reached an unprecedented 142.56 gigawatts. Wang Bohua, honorary chairman of the association, anticipates China adding 160 to 180 GW of solar power in 2023, setting a record annual rise in capacity.
Advancements in Photovoltaic Technology
China continues to lead in global research and development in solar power generation technology. Longi Green Energy Technology Co Ltd recently broke the world record with a 33.9% conversion efficiency for silicon-perovskite tandem solar cells. These breakthroughs contribute to the growth in solar exports from China, meeting the rising global demand for clean and affordable power.
Strategic Importance of China’s Solar Exports
Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute, highlights the strategic importance of China’s solar exports for markets like Europe aiming to enhance energy security. With increasing global demand for solar power, China, as the world’s top solar manufacturer, is poised for continued robust growth in solar component exports in the coming years.
Source：chinadaily.com.cn
