China’s installed capacity of solar power has reached over 470GW in the first half of 2023, according to statistics from the country’s national energy administration.
In July, the administration announced statistics of China’s cumulative installed power generation capacity. In H1 2023, China’s installed solar capacity was increased by 39.8% to 470.67GW year-on-year, higher than other energy sources.
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China’s newly installed power generation capacity in H1 was over 78GW, increasing by 47.5GW year-on-year. Previously, PV Tech reported that China’s newly added PV capacity in the first five months of 2023 was 61.2GW, while the investment in solar power projects in the same period increased by 140.3% year-on-year.
In the same period, China invested RMB134.9 billion (US$18.87 billion) in solar energy generation, representing a year-on-year increase of 113.6%.
Globally, expansions in China and the European Union (EU) will account for more than 85% of the growth in annual PV capacity additions this year, according to the International Energy Agency’s (IEA) report Renewable Energy Market Update June 2023.
Looking forward, the annual solar PV market growth is expected to continue, reaching almost 310GW in 2024, an increase of over 7% from 2023. Lower module prices, greater distributed PV system uptake and a policy push for large scale deployment will trigger higher annual additions in all major markets, including China, the EU, the US and India.