In line with this growth, new installations in China totaled 181.3GW, a 27.2%increase from the previous year.Exports of photovoltaic cells surged by 41.8%, while module exports grew by 15.9%.
From China Electronics News
The China Photovoltaic Industry Association (CPIA)has raised its 2024 installation forecasts, citing strong growth in production and exports, as highlighted at the 2024 Photovoltaic Industry Annual Conference. From January to October 2024, China's production of key photovoltaic components—includingpolysilicon, silicon wafers, cells, and photovoltaic modules—rose by over 20%.However, the overall manufacturing value(excluding inverters)saw a significant year-on-year drop of 43.17%, reachingapproximately 781.1 billion yuan.
In line with this growth, new installations in China totaled 181.3GW, a 27.2%increase from the previous year.Exports of photovoltaic cells surged by 41.8%, while module exports grew by 15.9%.
In response to the strong demand, the CPIA has raised its global photovoltaic installation forecast for 2024 from 390-430GW to 430-470GW, with the domestic forecast adjusted from 190-220GW to 230-260GW.
Despite the increase in output, prices across the PV supply chain have dropped significantly. Polysilicon prices fell by over 35%, silicon wafer prices dropped by over 45%, and cell and module prices decreased by over 25%. While domestic production capacity growth has slowed, with new and planned projects down by more than 75%, Chinese companies are increasingly shifting their focus to international markets, particularly the Middle East and the United States.
China's photovoltaic industry is poised for continued growth despite challenges. With global demand rising, China’s shift toward overseas production capacity will likely play a crucial role in shaping the industry's future.