China Solar Energy Market to be Dominated by Photovoltaic Systems segment during the forecast period
Favorable government policies and
increasing adoption of solar PV systems are fueling the growth of China Solar
Energy Market.
According to TechSci Research report, “China
Solar Energy Market - By Region, Competition Forecast & Opportunities, 2018-2028,”
the China Solar Energy Market is expected to register robust growth during the forecast
period, 2024-2028. China Solar Energy Market will grow as demand for renewable energy
and its sources has increased because of the growing desire to lessen the
reliance on fossil fuels and reduce the carbon emissions that result from
burning them. During the forecast period, this aspect is anticipated to fuel the
market growth.
As of 2021, China had approximately
306.4 GW of installed solar PV capacity, which is an increase of 21% from 2020.
According to the National Energy Administration (NEA), China's installed solar
PV capacity reached approximately 53 GW in 2021. Furthermore, distributed solar
power generation projects accounted for approximately 29 GW of this capacity,
while large-scale solar power plants accounted for the remaining portion.
Two years ahead of schedule (2018-2029),
China reached its solar energy goal in 2020. The majority of solar PV projects
in China are concentrated in the country's eastern and southern regions. The
economy is doing the best in these two areas. Solar power is also in high
demand in these areas. Additionally, China has established itself as the
world's largest manufacturer of solar panel technology. More than 60% of all
solar panels produced worldwide came from this nation, in 2021. The fact that
seven of the world's top ten solar panel manufacturers are Chinese companies
demonstrates China's dominance in the industry.
Browse over XX market data Figures
spread through 70 Pages and an in-depth TOC on the ”China Solar Energy Market."
The China Solar Energy Market is
segmented into Technology, Solar Module, Application, End-User, Region, and
Competitive Landscape. Based on Technology, the market is segmented into
Photovoltaic Systems and Concentrated Solar Power Systems. Based on Solar
Module, the market is divided into Monocrystalline, Polycrystalline, Cadmium
Telluride, Amorphous Silicon Cells, and Others. Based on Application, the
market is split into Residential, Commercial, and Industrial. Based on
End-User, the market is split into Electricity Generation, Heating, Charging
and Lighting. Based on Region, the market is segmented into East, North,
Northeast, South Central, Southwest, Northwest.
Based on Technology, the market is
divided into Photovoltaic Systems and Concentrated Solar Power Systems. Due to
its high efficiency, solar photovoltaic segment will dominate the China solar energy
market. This is because of the rising power consumption and the rising
investments in solar photovoltaic projects. When only a small amount of power
is required, mini solar panels (small PV) can power wristwatches, calculators,
and other small electronic devices. Solar photovoltaic (PV) systems are
fuel-free, have a long lifespan, and require little upkeep. According to IRENA,
deep electrification and expedited deployment of solar PV could account for 21%
of the CO2 emission reductions by 2050. Thermal Energy Storage (TES)
technologies are utilized by CSP systems to store energy when there are
insufficient renewable energy sources. However, PV systems cannot store thermal
energy because they use direct sunlight rather than heat. This is why CSP
systems are better at storing energy. As a result, the CSP systems segment's
expansion is anticipated to be fueled by this component.
Based on Application, the industrial
segment will dominate the market in the forecast period. Population growth and
rapid industrialization have increased demand for a variety of commercial
goods. The demand for power has increased as a result of the rise in
production, which has increased the use of solar concentrators in the power
generation industries.
Major market players in the China Solar
Energy Market are: -
- Zhejiang Chint Electrics Co.
Ltd
- JA Solar Holdings Co. Ltd
- Hanwha SolarOne Ltd
- Trina Solar Ltd
- Yingli Green Energy Holding
Co. Ltd
- ReneSola Ltd
- JinkoSolar Holding Co. Ltd
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“The industry is expected to grow over
the forecast period due to the rising demand for renewable energy sources to
replace conventional energy sources. Due to lower costs for solar energy
systems, solar energy is now more competitive in the energy generation
industry. Component costs are expected to continue falling in the coming years
as a result of significant investments in solar energy technologies. This will make
solar energy systems more affordable than coal or gas power plants that are
currently in operation." said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based Global management consulting firm.
“China Solar Energy Market By Technology (Photovoltaic
Systems and Concentrated Solar Power Systems), By Solar Module
(Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells and Others), By
Application (Residential, Commercial and Industrial), By End-User (Electricity
Generation, Heating, Charging and Lighting), By Region, Competition
Forecast and Opportunities, 2028F,” has evaluated the future growth
potential of China Solar Energy Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in China Solar Energy Market.
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