Solar PV additions are expected to exceed 260 GW globally. Following a record year of solar installations, Solarbe and Solarbe Consulting have made four predictions for the solar market and solar supply chain in 2023. 1. China is projected to install 100-120 GW of solar in 2023
Consolidation in China's crowded solar power sector is pushing smaller players out of the market, but excess production capacity - with more on the way - threatens to keep global prices low for years.
Pent-up demand from what one source calls “all-time high” procurement, with China’s National Energy Administration approving a third batch of Gigawatt-base power projects, means falling prices could find a floor. According to the China Photovoltaic Industry Association, the country is set to install up to 120 GW of solar power in 2023.
At the end of 2023, China's annual production capacity for finished solar modules was 861 gigawatts (GW) equivalent according to China Photovoltaic Industry Association data, more than double global module installations of 390 GW.
Currently, over half of the nation's new installations of power generators are photovoltaic facilities. The surge prompted the CPIA to revise its projections for China's new PV installations this year, raising the forecast from an initial range of 120-140 GW to 160-180 GW. "China's solar power global market share has exceeded 80 percent.
The association forecasts new PV capacity addition of 190-220 gigawatts (GW) this year, with consumption and demand for solar energy in China projected to remain high and steady in the coming years, said Wang Bohua, honorary chairman of CPIA, during a PV industry conference in Beijing on Wednesday.