Wednesday, November 6, 2013

China to significantly expand its domestic solar energy market in 2014

China will further expand its fast-growing solar energy market in 2014. China's updated solar energy target is to build more photovoltaic (PV) power stations in 2014 than originally planned, namely  12 GW of capacity as opposed to previous target of 10 GW.

China is world's largest solar panel manufacturer and exporter but the recent trade rows with European Union and US have led to oversupplied domestic solar energy market and now China plans to make the best out of it by further increasing its domestic PV capacity.

China's government has already introduced several measures which include promotion of distributed PV projects, elimination of outdated capacity and encouraging industrial restructuring and technological progress, all in effort to kick-start somewhat faltering solar energy industry.

It has been reported that decentralized solar power stations, for instance those installed in private homes, public buildings, will account for significant share (8 GW) of the new capacity.

It has been estimated that China's total solar power capacity will exceed 35 GW by the end of 2015. The strong growth of domestic solar energy market is seen as the best solution to counter the excessive supply of PV products available in the domestic market, though China still plans to retain its dominant position of world's largest solar panel exporters once all parties find the solution for current trade rows.