China’s PV sector maintains strong growth in first 10 months
Published: Dec 01, 2022 07:31 PM

A technician inspects the rooftop photovoltaic (PV) power generation project of a company in Jimo district, East China's Shandong Province on May 4, 2022. Local authorities have been encouraging the construction of rooftop PV projects in recent years, so firms can use clean electric energy for production and operation. Photo: cnsphoto

A technician inspects the rooftop photovoltaic (PV) power generation project of a company in Jimo district, East China's Shandong Province on May 4, 2022. Photo: cnsphoto

China's photovoltaic (PV) sector maintained strong growth momentum from January to October, with exports hitting a record high amid surging demand overseas, contributing to the global low-carbon energy transition and energy security.

In the first 10 months this year, exports of solar panels hit $44.03 billion, reaching a record high, up 90.3 percent year-on-year, data revealed by the annual conference of China's PV industry showed on Thursday.

The value of solar panels export increased 85.8 percent year-on-year. As demand for PV products in Europe climbs, the share of modules exported to European markets now accounts for more than half of the total, and demand from Spain, Germany, and Poland is growing significantly, Wang Bohua, chairman of the China Photovoltaic Industry Association, said at the conference.

The South American market also showed strong growth, especially from Brazil, Wang noted.

Robust market demand drove strong growth in solar panels manufacturing. In the first three quarters, the output of four major products — polysilicon, silicon wafers, cells and modules — exceeded last year's total, with year-on-year growth of more than 40 percent.

"The strong growth of the domestic solar power sector will greatly contribute to the global low-carbon and green transformation, while help global energy security," Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Thursday.

For instance, Chinese solar giant LONGi Green Energy Technology Co has contributed to the green football World Cup in Qatar, providing all the modules of an 800-megawatt solar farm in al-Kharsaah, west of Doha. The solar plant is Qatar's first non-fossil-fuel power plant, marking a milestone in the country's new energy development. 

In the first three quarters, the PV giant achieved operating revenue of 87.04 billion yuan ($12.28 billion), up 54.85 percent year-on-year, while net profit rose 45.26 percent to 10.98 billion yuan.

In addition to the European market, the company is also expanding its businesses in South America, Middle and East Africa as well as the Asia-Pacific, a source close to the enterprise told the Global Times on Thursday.

As a firm supporter of the dual carbon commitment, China has actively promoted solar panels development. According to Wang, from January to October, China's new PV installations grew 98.7 percent year-on-year.

"Solar power will become the major resource for global industrial transformation. Despite some unreasonable restrictions like US detention of imported solar products made in Northwest China's Xinjiang Uygur Autonomous Region at its ports, the PV giant will continue to benefit all countries with its cost-effective products," Lin noted.

Global Times