Summary

The China solar energy market is expected to grow at a CAGR of more than 12.33% during the forecast period 2020-2025. An increase in government policies, providing financial incentives and subsidies, are the major factors driving the demand for the solar energy market. However, the scarcity of land o set up large solar farms is restraining the growth in the demand for china's solar energy market.

Key Highlights
China is the largest market for solar PV in the world with a cumulative installed capacity that amounted to 35.4% of the global market in 2018. Solar PV capacity in the country increased significantly from 864 MW in 2010 to 175.01 GW in 2018 at a compound annual growth rate of 94.2%.
The country’s target of 105 GW of cumulative installed photovoltaic power, which was originally planned for 2020, has already been surpassed by more than 50% in 2018. The country is now targeting 210–270 GW of solar PV capacity by 2020. This, in turn, is expected to create a significant amount of opportunity for the market players in the near future.
China is set to have the largest capacity additions each year with more than 25 GW planned to be added annually.


Key Market Trends

Solar Photovoltaic (PV) to Dominate the Market


In 2017, China's solar power attracted USD 160.8 billion of investment, more than any other technology. China, where a staggering 53 GW was added and USD 86.5 billion invested in 2017, was a driving factor behind the increase in the solar energy sector.
China’s solar PV industry reached an important milestone in 2019 as its cumulative installed capacity exceeded 200GW and ended the year at approximately 204.8GW.
The supportive government policies also help to increase the solar target up to 270GW by 2020.
The cumulative solar generation capacity in China is expected to hit 530 GW by 2025, to generate around 690 TWh per year.


Declining Costs of Solar PV to Drive the Market


Photovoltaic power generation has continued to develop rapidly, with the technology level continuously improving, the cost significantly reduces, and the quality of development and construction and consumption significantly improves, which plays an important role in building a clean, low-carbon, safe and efficient energy system.
In 2019, Northwest China boasted the largest share of new PV plants with 3.43 GW of new grid-connected capacity – followed by the north of the huge nation, with 3.29 GW, and the east, with 2.28 GW.
China revealed new solar and wind policies for subsidy-free projects. The policy was introduced to take advantage of a rapid fall in construction costs and to resolve a payment backlog issues and grid logjam.


Competitive Landscape

China’s solar energy market is moderately fragmented. Some of the key players are Zhejiang Chint Electrics Co Ltd, JA SOLAR HOLDINGS CO., LTD., Hanwha SOlarOne, Ltd., Trina Solar Ltd., and Yingli Green Energy Holding Co Ltd.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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