The sector accounts for a fifth of China’s total installed capacity.The net installed solar capacity of China grew by over 50% year-on-year in 2023, reaching 609 gigawatts (GW), according to BMI.
BMI cited data from the National Energy Administration (NEA) which said that China’s solar capacity rose by over 215 GW, with 25% of which came online only in December 2023.
“We highlight that this unprecedented growth is a result of the central government’s massive renewables schemes and its efforts to encourage distributed solar installations, the latter of which galvanised individual provincial pushes,” it said.
The country’s distributed solar capacity reached around 225 GW in the third quarter according to NEA. The growth accounts for around 43% of the market’s installed solar PV capacity.
With the rapid expansion, BMI expects solar to surpass fossil fuel’s capacity share of 33% in 2029, and reach 35% from 20% in 2023. Solar’s share is expected to reach 41% in 2033.
BMI also added that China’s solar capacity exceeded consensus by various research firms, which estimated 150 GW to 200 GW solar growth.
