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China Solar Photovoltaic Market Size (2024 - 2029)

The China Solar Photovoltaic Market is anticipated to experience significant expansion in its installed base over the forecast period, driven by supportive government policies and the increasing adoption of solar PV systems. The declining costs of solar panels and installation are further propelling this growth. However, the market's expansion may face challenges from the development of other renewable technologies like wind and bioenergy. Despite these challenges, opportunities are expected to arise from governmental efforts to ensure electricity access in remote areas, the potential of off-grid applications, and advancements in solar PV technology.

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Market Size of China Solar Photovoltaic Industry

China Solar Photovoltaic Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Market Volume (2024) 0.62 Thousand gigawatt
Market Volume (2029) 1.98 Thousand gigawatt
CAGR (2024 - 2029) 26.09 %
Market Concentration High

Major Players

China Solar Photovoltaic Market Major Players

*Disclaimer: Major Players sorted in no particular order

China Solar Photovoltaic Market Analysis

The China Solar Photovoltaic Market size in terms of installed base is expected to grow from 0.62 Thousand gigawatt in 2024 to 1.98 Thousand gigawatt by 2029, at a CAGR of 26.09% during the forecast period (2024-2029).

  • Over the medium term, favorable government policies and increasing adoption of solar PV systems, with the declining price of solar panels and installation costs, will likely support the growth of the global solar energy market during the forecast period.
  • On the other hand, factors like the growth of other renewable technologies, such as wind and bioenergy, are expected to hinder market growth.
  • Nevertheless, the efforts of governments to provide 100% electricity access in remote areas coupled with off-grid applications and technological advancements in solar PV modules are expected to create ample opportunities in the near future.

China Solar Photovoltaic Industry Segmentation

Photovoltaic solar energy is a clean, renewable energy source that uses solar radiation to produce electricity. It is based on the so-called photoelectric effect, by which certain materials can absorb photons (light particles) and release electrons, generating an electric current.

China's solar photovoltaic market is segmented by product type and end-user deployment. By product, the market is segmented into thin film, multi-si, and mono-si. By end-user, the market is segmented by residential, commercial and, industrial, and utility. By deployment, the market is segmented into ground-mounted and rooftop solar. 

For each segment, the market sizing and forecasts have been done based on installed capacity (Gigawatts).

Type
Thin Film
Multi-Si
Mono-Si
Deployment
Ground Mounted
Rooftop Solar
End-User
Residential
Commercial and Industrial
Utility
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China Solar Photovoltaic Market Size Summary

The China solar photovoltaic market is poised for substantial growth, driven by favorable government policies and the decreasing costs of solar panels and installation. As the largest solar energy market globally, China is expected to maintain its leading position throughout the forecast period. The country's strategic focus on renewable energy, particularly solar, is evident in its ambitious capacity targets and detailed plans outlined in the 14th Five-Year Plan. This plan aims to significantly increase renewable energy generation, with solar energy playing a crucial role in meeting these targets. The development of localized manufacturing hubs for solar equipment further supports the market's expansion, ensuring a steady supply of cost-effective solar solutions.

The market is characterized by a mix of ground-mounted and rooftop solar installations, with ground-mounted systems gaining traction due to their economic advantages in large-scale projects. The Chinese government's commitment to expanding solar capacity, including significant projects in desert regions, underscores the country's dedication to enhancing its solar infrastructure. Despite competition from other renewable technologies, the solar photovoltaic market in China is expected to benefit from technological advancements and government initiatives aimed at achieving universal electricity access. The presence of major industry players and ongoing investments in utility-scale projects are set to drive the market's growth, positioning China as a key player in the global solar energy landscape.

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China Solar Photovoltaic Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecasts in GW, until 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Supportive Government Policies

      2. 1.5.2 Restraints

        1. 1.5.2.1 Rising Adoption Of Alternate Clean Power Sources

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Thin Film

      2. 2.1.2 Multi-Si

      3. 2.1.3 Mono-Si

    2. 2.2 Deployment

      1. 2.2.1 Ground Mounted

      2. 2.2.2 Rooftop Solar

    3. 2.3 End-User

      1. 2.3.1 Residential

      2. 2.3.2 Commercial and Industrial

      3. 2.3.3 Utility

China Solar Photovoltaic Market Size FAQs

The China Solar Photovoltaic Market size is expected to reach 0.62 thousand gigawatt in 2024 and grow at a CAGR of 26.09% to reach 1.98 thousand gigawatt by 2029.

In 2024, the China Solar Photovoltaic Market size is expected to reach 0.62 thousand gigawatt.

China Solar Photovoltaic Market Report Snapshots

China Solar Photovoltaic Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)