China Solar Energy Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR||> 15.00 %|
*Disclaimer: Major Players sorted in no particular order
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China Solar Energy Market Analysis
The Chinese solar energy market is expected to record a CAGR of more than 15% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the medium term, factors such as rising investment and increasing government policies for providing financial incentives and subsidies drive demand for the solar energy market.
- On the other hand, the solar power sector faces challenges from alternate sources of clean power generation, mainly natural gas, and wind power. It is restraining demand for the Chinese solar energy market.
- Nevertheless, capital costs are predicted to stabilize at lower levels with advances in technology, improvements in the solar photovoltaic market, and an increase in the supply of panels in China. As a result, it is anticipated that investors and developers will pay close attention to the commercial feasibility of solar projects, which will soon present chances for the solar energy market in China.
China Solar Energy Market Trends
This section covers the major market trends shaping the China Solar Energy Market according to our research experts:
Solar Photovoltaic (PV) Segment to Dominate the Market
- The solar photovoltaic (PV) segment is estimated to witness significant growth during the forecast period owing to the declining cost of solar modules and the flexibility of these modules for various applications like water heating, electricity generation, and others.
- According to the International Renewable Energy Agency (IRENA), the installed solar PV capacity was around 306.4 GW in 2021, up from 253.4 GW in 2020 in China. The growth resulted from huge deployments of solar PV installations, particularly for utility projects. China's Center for Renewable Energy Development (CRED) plans to increase its solar PV installed capacity.
- The expansion of solar capacity across the country will likely directly impact the solar PV segment as the major solar power generating facilities deploy PV modules due to their versatility.
- For instance, by the end of 2022, the country plans to commission Xiangyang Solar PV Power Plant, with a capacity of 100MW, located in Hubei Province. The project has an investment cost of USD 200 million. Further, the country plans to construct around 400 GW of solar and wind projects in the desert area of China. The plant is expected to be commissioned by 2025.
- Therefore, the above developments in the solar PV segments are estimated to drive growth during the forecast period.
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Supportive Government Policies to Drive the Market
- The government in China is implementing supportive policies to achieve carbon neutrality, and this is one of the major growth-driving factors for solar energy in China. For instance,
- Moreover, the country is heavily investing in renewable energy to reach the targeted limits of its two carbon goals; to reach peak emissions by 2030 and carbon neutrality by 2060. The country is said to be the biggest investor in renewable energy globally.
- Apart from this, the country is also one of the largest emitters of carbon as the country has lots of fossil fuel-based power generation facilities in operation. In 2021, the country accounted for about 30% of global emissions. Thus, in order to achieve the nation’s carbon-neutral goals, the country is significantly investing in renewable energy, including solar.
- China aims to increase the share of non-fossil energy consumption to 20% by 2025 and 25% by 2030. Also, the country aims to install more than 1200 GW of wind and solar power capacities by 2030.
- Solar energy accounts for an electricity generation capacity of 327 Twh in 2021 in China. In 2021, the country also added around 55 million KW of new solar capacities. Also, solar contributed to around 30% to new generation capacity in the nation and around 13% of cumulative capacity.
- All the above-mentioned factors and developments are anticipated to boost the solar energy market of China during the forecast period.
China Solar Energy Industry Overview
The Chinese solar energy market is moderately fragmented. Some of the key players in the market (not in particular order) include Zhejiang Chint Electrics Co. Ltd, JA Solar Holdings Co. Ltd, Hanwha SolarOne Ltd, Trina Solar Ltd, and Yingli Green Energy Holding Co. Ltd, among others.
China Solar Energy Market Leaders
Zhejiang Chint Electrics Co Ltd
JA SOLAR HOLDINGS CO., LTD.
Trina Solar Ltd.
Yingli Green Energy Holding Co Ltd
Hanwha SolarOne, Ltd.
*Disclaimer: Major Players sorted in no particular order
China Solar Energy Market News
- In January 2023, Covestro announced the signing of several multi-year power purchase agreements with CGN, a Chinese producer. The contract includes the annual purchase of 300 GWh of solar and wind energy from CGN.
- In January 2023, JA Solar signed an agreement with China’s municipal government in Erdos to build a new vertically integrated production facility. China’s solar module maker will invest USD 5.9 billion in the new factory. After completion, the facility will have 100,000 metric tons of polysilicon capacity, 20 GW of ingot and wafer capacity, and 30 GW of solar cell capacity.
- In January 2022, Huaneng Power International commissioned a 320 MW floating solar PV array in China’s Shandong province. The project is being deployed on a reservoir near its 2.65 GW Dezhou thermal power station in two phases.
China Solar Energy Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.2 Installed Capacity and Forecast in GW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1.1 Solar Photovoltaic (PV)
5.1.2 Concentrated Solar Power (CSP)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Zhejiang Chint Electrics Co. Ltd
6.3.2 JA Solar Holdings Co. Ltd
6.3.3 Hanwha SolarOne Ltd
6.3.4 Trina Solar Ltd
6.3.5 Yingli Green Energy Holding Co. Ltd
6.3.6 ReneSola Ltd
6.3.7 JinkoSolar Holding Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
China Solar Energy Market Research FAQs
What is the current China Solar Energy Market size?
The China Solar Energy Market is projected to register a CAGR of greater than 15% during the forecast period (2023-2028).
Who are the key players in China Solar Energy Market?
Zhejiang Chint Electrics Co Ltd, JA SOLAR HOLDINGS CO., LTD., Trina Solar Ltd., Yingli Green Energy Holding Co Ltd and Hanwha SolarOne, Ltd. are the major companies operating in the China Solar Energy Market.
China Solar Energy Industry Report
Statistics for the 2023 China Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Solar Energy analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.