BAKU, Azerbaijan, September 24. China's solar industry is poised for unprecedented growth in the upcoming years, Rystad Energy, independent energy research and business intelligence company from Norway, said, Trend reports.
As the company forecasts, this will mark a significant achievement when the installed capacity surpasses the 500 GW threshold by 2023-end, having taken 13 years to reach this milestone. Remarkably, this cumulative capacity is expected to double to 1 TW in just three more years.
As of today, China's 500 GW accounts for roughly 40 percent of the global capacity, making it the dominant player, while the US holds the second position, contributing about 12 percent with 145 GW. The US is also projected to witness growth in installations, bolstered by incentives provided through the Inflation Reduction Act. However, its total capacity is forecasted to reach approximately 209 GW in 2026, representing around 11 percent of the global total, Rystad Energy noted.
In 2023, the addition of new capacity in China is anticipated to exceed 150 GW, nearly doubling the 87 GW installed in 2022. Rystad Energy forecasts indicate that this rapid acceleration won't lose momentum any time soon, with an estimated 165 GW to be added in 2024 and another 170 GW in 2025.
This robust growth trajectory is expected to propel China's cumulative solar PV capacity beyond 700 GW by 2024 and close to 900 GW by the end of 2025, ultimately surpassing the 1 TW mark in 2026.