China will have more than 80% of the world's solar manufacturing capacity through 2026 and will be capable of satisfying annual global demand for much of the next decade, according to a report published on Tuesday.
Smoke rises from chimneys near solar panels, during a Huawei-organised media tour, in Shaanxi province, China April 24, 2023. REUTERS/Tingshu Wang/File PhotoNov 7 -
The forecast by energy research firm Wood Mackenzie comes as nations like the United States and India are subsidizing their own solar production to reduce reliance on Chinese-made goods to achieve their clean energy goals. But China has invested more than $130 billion into its solar industry this year, the analysis said, and will bring more than a terrawatt of solar wafer, cell and panel capacity online by 2024. That's enough to meet annual global demand through 2032.The United States and India combined have announced more than 200 gigawatts of module capacity plans since 2022, Wood Mackenzie said.
"Despite strong government initiatives for developing local manufacturing in overseas markets, China will still dominate the global solar supply chain and continue to widen the technology and cost gap with competitors," Huaiyan Sun, the author of the report, said in a statement.
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