Solar the fastest growing source of new electricity in China
Insights — April 2023
Photovoltaic solar electricity was the fastest growing source of new electricity generation capacity in China in 2022
China’s National Energy Administration announced that photovoltaic solar electricity was the fastest growing source of new electricity generation capacity in China in 2022, increasing 59% year-over-year to 87.4 gigawatts (GW, alternating current).
China’s Photovoltaic Industry Association is forecasting up to 120 GW (or +37% year-over-year) of additions in 2023.
China is the world leader in solar manufacturing with c.80% market share. Government commitments of generational significance from the United States and Europe indicate that they do not intend to be left behind.
This continues to indicate that we are witnessing a rate of evolution in the solar industry of generational significance which is creating extraordinary opportunities within the clean energy universe.
T8 Energy Vision’s largest exposure is solar technology (and its supply chains) as we believe it will be a critical part of our energy future.