How has the photovoltaic industry performed in China in 2023?

The first half of 2023 has shown a significant increase in the performance of the photovoltaic (PV) industry in China. This report provides an analysis of the industry’s performance during this period, focusing on the export and production volumes of PV products.

How has China's solar PV industry changed over the past nine months?

Over the past nine months, the growth rates of China’s solar PV industry, both up and downstream, have not failed to impress. In detail: production output of polysilicon, wafers, cells, and modules have all increased by more than 50% YoY.

How big is the PV industry in China?

The newly installed PV capacity in China is predicted to be between 120-140 GW, a significant increase from the previous prediction of 95-120 GW. This indicates a year-on-year growth exceeding 60%. Overall, the Chinese PV industry is demonstrating robust growth and a significant shift towards the production of N-type products.

What happened to solar panels in China?

Solar companies cut costs and prices sharply to maintain market share. That led to a few low-cost survivors while many other competitors were driven out of business in China and around the world. The deserted blue-walled factory of Hunan Sunzone, left, which once made solar panels in Changsha, China.

How big is China's PV industry in 2023?

Preliminary estimates indicate that the total export volume of China’s PV products (silicon wafers, cell chips, and modules) exceeded $29 billion in the first half of 2023, marking an approximate growth of 13% year-on-year.

What is China's production capacity for solar modules?

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.