China
Solar Energy Market is anticipated
to grow at a steady pace in the forecast period,
2024-2028. Demand for the solar energy market is
driven by factors like rising investments and expanding government policies to
provide financial incentives and subsidies.
Solar energy is defined as the energy obtained from
solar radiation, which can be used and transformed into different forms of
energy, that is electrical energy and heat energy. This energy is abundant and
renewable, making it an attractive replacement to traditional fossil fuels,
which are finite and add to climate change. Solar energy can be employed
through various technologies, including solar cells that change sunlight directly
into electricity, or concentrated solar energy systems. Also, solar cells utilize the heat of the sun
to conduct electricity or hot water for various purposes. There are various
advantages of using solar energy including reduced dependence on fossil fuels,
more sustainable energy and reduced greenhouse gas emissions.
Growing Adoption of Renewable Sources for Power
Generation to Boost Market
Renewable energy sources are regarded as the most
viable alternative to conventional power sources like coal and oil. They help
reduce carbon emissions and provide an affordable supply of daily power. Over
29% of the world's electricity is currently produced from renewable sources. In
2021, solar photovoltaic (PV) installed capacity was around 842.14 GW, making
it the second-largest renewable energy source after wind. It is anticipated
that it will also rise significantly and broaden the market in the coming
years.
In developing nations like China, population growth
has a direct impact on energy consumption and production. The most viable
alternative to conventional power sources is power generation from renewable
sources due to the growing need to reduce carbon emissions. The cost of coal
and oil products is steadily rising. The construction of new grids and mass
storage systems by utilities to use the energy produced by renewable sources is
another reason for the expansion of the solar power sector.
Supportive Government Policies to Drive the Market
Growth
One of the primary drivers of growth for solar
energy in China is the government's support toward policies to achieve carbon
neutrality. In addition, the nation is making significant investments in
renewable energy in order to meet its two carbon goals; to achieve carbon
neutrality by 2060 and peak emissions by 2030. According to China energy data, the
nation invests the most in renewable energy worldwide.
Economies of scale and support for continuous
innovation throughout the supply chain have been made possible by Chinese
industrial policies that focus on solar PV as a strategic sector and on growing
domestic demand. Due to these policies, the price of solar PV has dropped by
more than 80%, making it the most cost-effective method of producing
electricity in many parts of the world. The global limit for the assembly of
wafers and cells, which are crucial solar-powered PV components, and their
collection into solar-powered chargers (also known as modules) exceeded
requests by at least 100%.
In addition, the country is one of the largest
carbon emitters due to its numerous fossil fuel-based power generation
facilities. The nation was responsible for about 30% of global emissions in
2021. As a result, the nation is making significant investments in solar power
and other forms of renewable energy in order to meet its carbon-neutral
targets. According to 2025 and 2030 mission, China intends to consume 20%
non-fossil energy and 25% fossil energy. Additionally, by 2030, the nation
intends to install more than 1200 GW of wind and solar power capacities. It is
expected that it will also rise extensively and expand the market in the coming
years.
Additionally in the nation, 327 TWh (Terawatt-hour)
of electricity was generated by solar energy in 2021. Additionally, the nation
added approximately 55 million KW of new solar capacity in 2021 and solar power
contributed to approximately 13% of total capacity and 30% of the nation's new
generation capacity. The solar energy market in China is expected to grow
during the forecast period due to all of the aforementioned factors and
developments.
Integration of New Technologies to Hold Immense
Growth Opportunity
Artificial intelligence can unlock the enormous
potential of solar energy with the support of other cutting-edge technologies
like big data, the Internet of Things (IoT), sensors, and distributed ledger
technology.
China has driven down sun powered PV fabricating
costs, helping spike the fundamental innovation's prosperity while
simultaneously bringing about a significant centralization of worldwide PV
supplies. Expanding and diversifying global production of solar panels, whose
supply chains are currently heavily concentrated in China, will be necessary to
ensure a secure transition to net zero emissions. Solar photovoltaic (PV)
technology has emerged as the most cost-effective method of producing
electricity in many regions of the world as a result of Chinese industrial and
innovation policies aimed at expanding the production and markets for solar
panels.
Adoption of Solar Photovoltaic (PV) Drives the
Market Growth
Over the past decade, China has steadily replaced
Europe, Japan, and the United States in terms of solar PV manufacturing
capacity. Since 2011, China has created over 300,000 manufacturing jobs across
the solar PV value chain and invested over USD50 billion in new PV supply
capacity—ten times more than Europe. China currently accounts for more than 80%
of all solar panel manufacturing stages, including polysilicon, ingots, wafers,
cells, and modules. More than twice as much as China's share of global PV
demand. Additionally, the nation is home to the ten best manufacturers of solar
PV manufacturing equipment in the world. China has lowered the cost of solar
photovoltaic (PV) worldwide, which has numerous advantages for transition to
clean energy. At the same time, the degree of geographic concentration in
global supply chains creates potential difficulties that governments must
address.
The International Renewable Energy Agency (IRENA) has
stated that China's installed solar photovoltaic capacity has reach 306.4 GW in
2021, up from 253.4 GW in 2020. The widespread installation of solar
photovoltaic (PV) systems, particularly for utility projects, contributed to
the expansion. The Center for Renewable Energy Development (CRED) in China
wants to install more solar PV panels. The major solar power generating
facilities use PV modules due to their versatility, so the country's growing
solar capacity will likely have a direct impact on the solar PV market. In2022,
the nation put into operation the 100 MW Xiangyang Solar PV Power Plant in
Hubei Province, and this power plant project is still going on and the project
requires a USD200 million investment. In addition, the nation intends to
construct approximately 400 GW of solar and wind projects in China's desert
region. By 2025, the plant is expected to be completed. As a result, it is
anticipated that the developments in the solar PV will drive the solar energy
market growth during the forecast period.
Recent Developments
- China Energy Engineering
Group and Guangdong Power Engineering Company (GPEC) awarded the LONGi
module supply contract to the 400
MW (DC) Rabigh Solar PV IPP project in China in June 2022.
- In March 2022, as part of
the third round of China's National Renewable Energy Plan (NREP), a
contract to build the 300MW Saad photovoltaic (PV) solar project was
awarded to China's Jinko Power. As part of the competitive tendering
process (SPPC), Jinko Power and Jinko Power Dhafra Holding signed a power
purchase agreement (PPA) with Saudi Power Procurement Company for 25
years.
- Covestro announced in
January 2023 that it had signed a f multi-year power purchase agreement
with the Chinese producer CGN. 300 GWh of solar and wind energy will be
purchased annually from CGN under the terms of the contract.
- JA Solar and the Chinese
municipal government of Erdos reached an agreement in January 2023 to
construct a brand-new vertically integrated production facility. The new
factory will receive USD 5.9 billion from the Chinese manufacturer of
solar modules. The facility will be able to produce 100,000 metric tons of
polysilicon, 20 GW of ingots and wafers, and 30 GW of solar cells when it
is finished.
- In China's Shandong
province, Huaneng Power International put into operation a 320 MW floating
solar PV array in January 2022. In two stages, the project is being put
into operation on a reservoir near its 2.65 GW Dezhou thermal power
station.
Market Segment
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.
Market Players
The main market players in 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.
Download Free Sample Report
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018 – 2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024– 2028
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023E-2028F
|
|
Report coverage
|
Revenue forecast, company share,
growth factors, and trends
|
|
Segments covered
|
Technology
Solar Module
Application
End-User
Region
|
|
Regional scope
|
East, North, Northeast, South
Central, Southwest, Northwest
|
|
Key companies profiled
|
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
|
|
Customization scope
|
10% free report customization
with purchase. Addition or alteration to country, regional & segment
scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We
can also provide the editable version of the report in PPT/Word format on
special request)
|
Report Scope:
In this report, the China Solar Energy Market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
·
China
Solar Energy Market, By Technology:
o Photovoltaic Systems
o Concentrated Solar Power Systems
o China Solar Energy Market, By Solar Module:
o Monocrystalline
o Polycrystalline
o Cadmium Telluride
o Amorphous Silicon Cells
o Others
·
China
Solar Energy Market, By Application:
o Residential
o Commercial
o Industrial
·
China
Solar Energy Market, By End-User:
o Electricity Generation
o Heating
o Charging
o Lighting
·
China
Solar Energy Market, By Region:
o East
o North
o Northeast
o South Central
o Southwest
o Northwest
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the China Solar Energy Market.
Available Customizations:
TechSci Research offers customizations according
to a company's specific needs. The following customization options are
available for the report:
Company Information
·
Detailed
analysis and profiling of additional market players (up to five).
China Solar Energy Market is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]