China’s solar industry experiences substantial growth in 2023, leading the global market with technological breakthroughs, but challenges such as overcapacity and price weakness loom.
Unprecedented Growth in Photovoltaic Installations
China witnesses a remarkable 149.4% YoY growth, installing 163.88 gigawatts of new photovoltaic capacity in the first 11 months of 2023. This surge prompts an upward revision of the year-end forecast to 160-180 gigawatts by the China Photovoltaic Industry Association (CPIA).
Dominance in Global Market and Technological Prowess
China’s solar power global market share exceeds 80%, fueled by continuous breakthroughs like achieving a 33.9% conversion efficiency in crystalline silicon-perovskite tandem solar cells. The country sets world records, showcasing its technological prowess.
Impressive Output, Exports, and Market Share
PV manufacturing output sees a 70% YoY increase, contributing to an output value surpassing ¥1.3 trillion ($182 billion). PV exports experience a surge, with a 90% increase in wafers, 72% in cells, and 34% in modules, totaling $43 billion in exports.
Concerns Over Overcapacity and Price Decline
Despite impressive growth, concerns arise over fiercer competition and overcapacity. PV module prices witness a continuous decline, falling below ¥1 per watt, raising challenges for PV enterprises. Industry experts emphasize the need for innovation to reduce costs and improve efficiency.
Source：chinadaily.com.cn
