Ready for a new Chinese photovoltaics record?

Chinese photovoltaics, towards the crossing of a new milestone

Ready for a new record of Chinese photovoltaics? In 2023 the People’s Republic could install up to 120 GW of new solar power, bringing the national capacity over 510 GW. An astronomical figure if you think that in 2015 the nation counted “only” 43 GW of photovoltaic systems. The forecast comes from the Economic Analysis Forum hosted in Beijing by the China Photovoltaic Industry Association. The event brought together more than 700 industry experts in the capital to talk about the future of solar energy, especially China.

For Liu Yiyang, Deputy Secretary General and spokesperson of the China Photovoltaic Industry Association, China’s photovoltaic industry “is currently in a leading position in the world, but that doesn’t mean we can settle for the status quo. In this critical period, we must […] strengthen technological innovation and improve the capacity for economic analysis. Driven by grid parity policy, the country’s photovoltaic energy production will enter a new phase of high-quality development”. And the first data reported during the event predict a new national solar capacity of about 30% higher than the 2022 additions, year in which China has installed almost 85 GW of new photovoltaic. As a comparison, according to Hu Dan, an analyst at IHS Markit, the global growth of solar energy would be around 350-380 GW.

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Overall, however, added Wang Bohua, honorary president of the association “the development of solar power plants in China continues to face several problems despite a slight decrease in investment costs”. As reported by Reuters, the sector is facing more stringent regulations than in the past that bring with them a series of constraints. From the new restrictions on the use of land and water to local obligations to accompany the photovoltaic system with storage systems. Not only. “Trade barriers are bringing increasing difficulties to Chinese solar companies looking to expand into foreign markets”, added Wang “And the rapid development of local producers in those countries will affect the Chinese PV manufacturing industry”.