China added 102.48GW of new PV installations between January and June 2024, according to the latest data from China’s National Energy Administration.
Notably, the second quarter saw a significant increase, with an average of over 17GW of new installations per month.
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On July 20, the National Energy Administration released the statistics on the national power industry from January to June. In the first half of 2024, China’s new PV installations reached 102.48GW, a year-on-year growth of 30.68%.
In February, Wang Bohua, the honorary chairman of the China PV Industry Association, predicted that new PV installations in China for 2024 would be between 190GW and 220GW. Compared to the new installed capacity of 216.88GW last year, this forecast indicates that he does not expect the installed capacity to continue to grow rapidly this year.
Another point of concern is that over the past year, due to the continuous decline in industrial chain prices, China’s PV enterprises have fallen into the dilemma of incremental non-profit increase, which has also directly led to a general decline in China’s PV product exports in H1 of this year.
According to the data released by the General Administration of Customs of China, from January to June this year, the total export value of domestic PV main materials was US$18.979 billion, a 35.07% decrease from the previous year. In Q2, the export value of China’s PV main materials remained generally stable at US$ billion.
