China Solar Energy Market Outlook 2031
The China Solar Energy Market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 15% during 2023–2031. The growth of the market is attributed to increasing government policies including financial subsidies and incentives. China being the largest manufacturer, installer and exporter of solar panels provides lucrative opportunities for solar energy market.
In 2020, approximately 261.1 terawatt hours of electricity had been generated from solar power in China. Solar energy refers to the radiant heat and light from the Sun that is harnessed by means of a wide range of advanced and evolving technologies such as PV, solar heating, solar architecture, solar thermal energy, molten-salt power plants and artificial photosynthesis.
The power generation industry in china includes PV power generation, which uses solar cells to directly convert solar energy into electric energy and CSP.
The COVID-19 pandemic had an unpleasant impact on the China solar energy. The new installed capacity of solar energy will eventually decline, and the growth of solar power generation will slow down. The market suffered significant loss; however, the government’s steps and strategies have helped to neutralize the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
China Solar Energy Market Trends, Drivers, Restraints, and Opportunities
- Rising environmental consciousness, increasing domestic demand, and notable government policies and assistance are projected to boost the market expansion of China solar energy during the forecast period.
- Increasing investments for solar power generation is likely to spur the market growth. For instances, USD 86.5 billion was invested in 2017 to add 53 GW of PV power, China is projected to generate cumulative solar power generation of 530 DW by 2025.
- Declining price of solar PV plays a key role in expanding the market in near future
- China divulges subsidy-free projects for new wind and solar policies. The policy was implemented to take advantage of a rapid fall in construction costs and promote environment consciousness
- Scarcity of land to develop more solar panels is likely to impede the market during the forecast period.
- R&D investment and technological advancement in China solar energy market are expected to offer lucrative opportunities for the market players.
Scope of China Solar Energy Market Report
The report on the China solar energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report
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Attributes
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Details
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Report Title
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Solar Energy Market - China Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Category (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)) Application (Power Generation, and Heating)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Zhejiang Chint Electrics Co Ltd, JA SOLAR HOLDINGS CO., LTD., Hanwha SOlarOne, Ltd., Trina Solar Ltd., and Yingli Green Energy Holding Co Ltd
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China Solar Energy Market Segment insights
The Solar Photovoltaic (PV) segment is projected to constitute a large market share
Based on category, the China solar power market is segregated into and Concentrated Solar Power (CSP). The Solar Photovoltaic (PV) segment is expected to account for a key share of the market during the forecast period owing to improving technological assistance, significant reduction of production cast, improvement in construction and consumption of solar power.
This further plays curtail role in developing a clean, carbon-free, safe and efficient energy system. On the other hand, Concentrated Solar Power (CSP) segment is anticipated to expand at a rapid pace during the forecast period owing to its advantages over PV by having lower investment casts, higher efficiency and thermal storage capacity.
Power generation segment is expected to register a substantial CAGR
Based on application, the China solar power market is divided into power generation, and heating. The power generation segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to rising environmental consciousness and increasing domestic demand. The key players are focused on developing effective means to produce power and sustainable energy.
Segments
The China solar power market has been segmented on the basis of:-
Category
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
Applications
Key Companies
Competitive Landscape
Key players competing in the China solar power market include Zhejiang Chint Electrics Co Ltd, JA SOLAR HOLDINGS CO., LTD., Hanwha SOlarOne, Ltd., Trina Solar Ltd., and Yingli Green Energy Holding Co Ltd.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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