China is the world’s biggest solar energy generator, and it could be the most competitive in the world, analysts say
Posted September 23, 2018 15:21:00China is the biggest solar power market in the entire world, but analysts say the country has a long way to go before it can truly be the global leader in the sector.
According to a new study by the Korea Renewable Energy Research Institute (KRESI), China’s solar capacity will be just one third of what it is today.KRESi’s research also predicts that by 2030, the country’s total solar capacity could be as low as 13% of the global total, or only 2.5% of its total power demand.
By comparison, the United States has already surpassed China’s capacity and has surpassed Germany’s capacity in the past three years.
The report says China’s growth has been “exceedingly rapid” since 2016, with solar capacity doubling every year for the past four years.
By 2030, Chinese solar energy will account for half of the world solar power capacity, according to KRESI.
That’s a significant achievement for a country that has the world largest installed capacity.
But the researchers say the problem with China’s dominance is not just the growth.
It is also the country being dominated by big, opaque companies, which have limited transparency, and which have an unfair advantage in markets like the US.
The researchers say this is because these companies do not have to disclose their financials, but the government and regulators do.
“China’s solar energy system has a very limited transparency because the government has not mandated disclosure of the financials,” said Kang Hyun-jin, senior director for market and policy research at KRESi.
“The biggest obstacle is not transparency itself, but that companies have a very poor ability to effectively compete in the market.”
China’s government, according the researchers, is in charge of the countrys solar energy market.
The government set solar energy standards, such as requiring 100% renewable energy, and has an “optimal” target of generating 25% of China’s electricity from renewable sources by 2030.KRERSI estimates that between 2022 and 2032, China will reach a maximum capacity of just 1.8% of world electricity demand.
The researchers say that’s a very low figure, because of the vast expansion of the solar industry.
“The countrys total capacity will grow at a rate of around 0.1% per year,” Kang said.
“China has been steadily expanding its solar capacity and, because its population is very small, it is also much less densely populated.
That means China’s total capacity is likely to grow at around 2% per annum over the coming decades.”
Kang said that although the government may have a monopoly on the industry, there is “an enormous amount of money to be made in the solar sector,” especially in the first decade of the 20th century, when the country was the biggest market in Asia.
The new study estimates that the Chinese solar market will be worth US$8.5 trillion by 2030 and is expected to grow to US$20 trillion by 2035.
That’s a lot of money, and an enormous increase in demand.
But there are many factors that could be driving that growth.
“There are several reasons why China is growing,” Kang noted.
“One is its reliance on natural gas.
China consumes around 30% of global gas consumption, which means it needs to have a lot more gas to fuel its solar power plants.
Also, the solar panel market is very competitive and the prices are low compared to other sectors of the economy.
It will be difficult for the government to provide enough subsidies to solar PV developers.”
Another factor driving growth is the fact that the market for solar energy is growing rapidly.
In 2022, China installed more than 8 gigawatts of solar panels, compared to just 1 gigawatt in 2020, according KRESLI.
In 2020, China had around 5,000 solar panels installed per square kilometer, while in 2030 that figure was closer to 4,500 panels per square meter.
And the government is spending heavily to build solar power generation capacity in order to meet that demand.
The KRERSI report also points to China’s ambitious plans to develop solar power projects in the South China Sea.
The US is also taking an active role in solar power.
In 2018, the US installed around 2 gigawatts (GW) of solar power, a rate about 10 times the size of the Chinese project.”US government officials have been vocal in their support of solar energy,” Kang told Business Insider.
“It will continue to be a major source of energy for the US and will provide substantial benefits to our economy.
Solar power projects will provide jobs for local residents and help diversify the power sector.”
China is also growing rapidly in other ways.
It’s installing a new type of battery storage called “virtual power plants” that can be connected to the grid to provide electricity when needed.
And in 2022, the government approved a $8