Beijing is set to further increase its manufacturing and installation of solar panels as it seeks to master global markets and wean itself from imports. China unleashed the full might of its solar energy industry last year. It installed more solar panels than the United States has in its history.
China unleashed the full might of its solar energy industry last year. It installed more solar panels than the United States has in its history. It cut the wholesale price of panels it sells by nearly half. And its exports of fully assembled solar panels climbed 38 percent while its exports of key components almost doubled.
Ember notes that China accounts for “at least” 80% of the world’s solar manufacturing capacity, highlighting the world’s reliance on Chinese manufacturing. Crucially, the rate of capacity additions in China is set to grow in line with, or even exceed, the rate at which the world’s appetite for solar power increases.
The numbers highlight over 216 gigawatts (GW) of solar power China built during the year. When the Asian superpower set its energy targets in 2020, aiming to achieve peak emissions by 2030 and carbon neutrality by 2060, most dubbed it ambitious.
Much of China’s dominance of the global solar sector in general, and that of Europe in particular, comes from China’s significant investment into solar capacity additions. Ember notes that China accounts for “at least” 80% of the world’s solar manufacturing capacity, highlighting the world’s reliance on Chinese manufacturing.
In 2020, China saw an increase in annual solar energy installations with 48.4 GW of solar energy capacity being added, accounting for 3.5% of China's energy capacity that year. 2020 is currently the year with the second-largest addition of solar energy capacity in China's history.