China Photovoltaic Market Research Report By Type (Organic PV, Inorganic PV)-Forecast to 2035

China Photovoltaic Market Overview

As per MRFR analysis, the China Photovoltaic Market Size was estimated at 11.4 (USD Billion) in 2023. The China Photovoltaic Market Industry is expected to grow from 12.06(USD Billion) in 2024 to 30.18 (USD Billion) by 2035. The China Photovoltaic Market CAGR (growth rate) is expected to be around 8.697% during the forecast period (2025 - 2035).

Key China Photovoltaic Market Trends Highlighted

The China Photovoltaic Market has shown significant growth due to several key market drivers. One of the main factors is the Chinese government's commitment to renewable energy, particularly solar energy, as part of its broader strategy to combat pollution and reduce carbon emissions.

Initiatives such as national subsidy programs and incentives for solar energy adoption have accelerated the pace of solar installations across the nation. Furthermore, advancements in solar panel technology and manufacturing efficiencies have made photovoltaic products more accessible and cost-effective for consumers and businesses alike.

Opportunities to be explored include the expansion of solar energy in rural areas where energy access remains limited.The government promotes the installation of decentralized solar energy systems, which can enhance energy security and ensure more equitable access to electricity. Furthermore, China is emphasizing the integration of energy storage solutions into its photovoltaic infrastructure. This emerging sector offers substantial opportunities for investment and innovation, particularly as the demand for a reliable energy supply increases.

The recent developments in the Chinese photovoltaic market indicate a growing trend toward the utilization of bifacial technology and solar panels with a higher efficiency, which enables the capture of a greater amount of energy. In addition, there is an increasing interest in the optimization of energy consumption through the integration of solar power with other technologies, including smart infrastructure and energy management systems.

Additionally, technology transfer and capabilities within the industry are being improved by the increasing prevalence of collaborations between domestic and international companies. In general, the Chinese photovoltaic market is on the brink of further transformation, as it is in accordance with both national objectives and global sustainability trends.

 

   

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

China Photovoltaic Market Drivers

Government Policies and Incentives

The China Photovoltaic Market Industry is significantly driven by strong government policies and incentives that support the adoption of solar energy. The Chinese government aims to increase the share of non-fossil fuels in primary energy consumption to around 20% by 2025, as per the '13th Five-Year Plan'. This translates to further investment and incentives for the Photovoltaic sector, allowing for a projected increase in solar power generation capacity by approximately 60% from 2020 levels.

Major corporations like State Grid Corporation of China actively promote investments in solar infrastructure and technology advancements, thus enhancing the operational capabilities of the market. This commitment from both the government and state-owned enterprises ensures the growth sustainability of the China Photovoltaic Market Industry over the next decade.

Technological Advancements

Innovation and technological advancements are fundamental in driving the growth of the China Photovoltaic Market Industry. The country is home to leading photovoltaic technology firms like Trina Solar and JinkoSolar, which have recently introduced more efficient solar panels with production efficiencies exceeding 22%.

Research and Development (R&D) spending in China is forecast to surpass 2 trillion Yuan in the next few years, enhancing the capabilities to produce high-efficiency photovoltaic systems.These advancements not only reduce the cost of solar power generation but also improve overall system reliability, significantly bolstering the growth trajectory of the market.

Increasing Energy Demand

The rising demand for energy in China is a potent driver propelling the growth of the China Photovoltaic Market Industry. According to the National Energy Administration of China, electricity demand is expected to rise by approximately 3.7% annually through 2030, fueled by urbanization and industrial expansion. This substantial increase necessitates alternative energy sources, primarily solar energy, which remains a sustainable solution for China's energy needs.

With the growing adoption of electric vehicles and the shift towards decentralized energy production, companies like BYD and China National Petroleum Corporation are increasingly investing in solar technologies to meet energy requirements, solidifying the market's expansion.

Environmental Concerns and Sustainability Goals

Growing environmental concerns among the Chinese population regarding air pollution and carbon emissions are significantly impacting the China Photovoltaic Market Industry. The Chinese government has set substantial targets to peak carbon emissions before 2030 and achieve carbon neutrality by 2060. This ambition includes reducing reliance on coal, which indicates a shift towards renewable energy sources like solar power.

The enhancement of public awareness campaigns led by environmental organizations illustrates the importance of sustainable practices that utilize solar energy.Companies like Longi Green Energy have been at the forefront, promoting not only the efficiency of their products but also the sustainable benefits, influencing a positive trend in the growth of the photovoltaic market.

China Photovoltaic Market Segment Insights

Photovoltaic Market Type Insights

The China Photovoltaic Market is characterized by its diverse Type segmentation which includes Organic Photovoltaics (OPV) and Inorganic Photovoltaics (IPV), each contributing uniquely to the broader market landscape. The overall growth trajectory of the market is underpinned by the increasing demand for sustainable energy sources across China, driven by government initiatives focused on environmental sustainability and the critical need for energy security. Organic PV, known for its lightweight and flexible nature, has seen a growing interest as it offers opportunities for integration into a variety of surfaces, which makes it particularly appealing for urban applications and building-integrated photovoltaics.

This flexibility enables not only improved aesthetics but also opens doors for applications in less conventional settings. On the other hand, Inorganic PV, encompassing traditional silicon-based solar panels, continues to dominate the market due to its high efficiency and reliability. The large-scale manufacturing capabilities in China have facilitated a reduction in production costs, which, combined with the established technology, enhances market penetration.

The transition towards high efficiency and reducing costs has led both segments to innovate significantly, with organic cells evolving through advancements in materials and processes, while inorganic cells benefit from ongoing Research and Development efforts to improve performance and reduce waste.As China invests heavily in renewable energy technology and infrastructure, the development of both Organic and Inorganic PV warrants attention, as they each support the nation's ambitions for a reduced carbon footprint and enhanced energy independence.

The coexistence of these segments not only reflects the adaptability of the Chinese photovoltaic industry but also the drive towards a more sustainable future. Overall, the performance of these Types of segments will play a pivotal role in shaping the future landscape of energy production in China, aligned with both governmental policies and environmental objectives.

 

   

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

China Photovoltaic Market Key Players and Competitive Insights

The competitive landscape of the China Photovoltaic Market is characterized by rapid growth and innovation, driven by an increasing demand for renewable energy sources within the region. As one of the largest solar energy markets globally, China stands as a critical hub for both manufacturers and consumers of photovoltaic technologies. The competition in this sector is fierce, with numerous players striving to enhance their technology, reduce costs, and expand their market reach.

This dynamic environment is shaped by government policies favoring the adoption of green energy, advancements in solar technology, and a growing awareness of environmental issues among consumers and businesses alike. Companies are actively seeking to gain a competitive edge through strategic partnerships, research, and development, and by aligning their operations with national energy goals.Yanchang Petroleum has established a notable presence in the China Photovoltaic Market, leveraging its expertise in energy and resources to diversify into renewable energy solutions.

The company has invested significantly in solar energy projects, positioning itself as a vital player in the transition towards clean energy. Yanchang Petroleum's strengths lie in its extensive network and experience within the traditional energy sector, allowing it to efficiently navigate the complexities of renewable energy development.

The company's financial stability enables substantial investment in research and development, facilitating innovation in photovoltaic technologies. This strategic focus positions Yanchang Petroleum favorably against competitors while contributing to China's renewable energy targets and enhancing its sustainability profile.Canadian Solar, a prominent entity in the China Photovoltaic Market, offers a comprehensive portfolio of products and services that includes solar modules, inverters, and energy storage solutions. Known for its technological prowess, Canadian Solar has gained considerable traction in the Chinese market due to its high-efficiency solar panels and robust manufacturing processes.

The company has a strong market presence, supported by its commitment to research and development, which helps drive innovation in solar technology. Canadian Solar's strengths are further amplified by strategic mergers and acquisitions that enable it to enhance its product offerings and market share within China.

The company's focus on sustainability and competitive pricing allows it to cater to a growing customer base seeking reliable and efficient renewable energy solutions. Overall, Canadian Solar continues to play a significant role in the evolution of the photovoltaic landscape in China, contributing to the country's energy transition while maximizing its market impact.

Key Companies in the China Photovoltaic Market Include

• Yanchang Petroleum


• Canadian Solar


• Trina Solar


• Hanwha Q CELLS


• Talesun Solar


• Risen Energyhttp://www.yanchanginternational.com/en/about_profile.php


• China Singyes Solar Technologies


• GNF Energy


• First Solar


• LONGi Green Energy Technology


• China National Building Material


• JinkoSolar


• Sungrow Power Supply


• JA Solar Technology


• East Hope Group

China Photovoltaic Market Industry Developments

As of October 2023, the China Photovoltaic Market continues to exhibit significant growth and dynamism. Canadian Solar announced a strategic partnership with China National Building Material to enhance production efficiency in solar panel manufacturing. LONGi Green Energy Technology reported a new expansion project aimed at increasing its solar cell output, reflecting a robust demand for renewable energy solutions.

Recent government policies, including incentives for solar adoption and a push for carbon neutrality by 2060, have further propelled market growth. Merger and acquisition activities are also noteworthy; in September 2023, JinkoSolar acquired a minority stake in Risen Energy to expand its presence in Southeast Asia. In terms of market valuation, major companies like Hanwha Q CELLS and Trina Solar have seen their stock prices rise significantly over the past year due to increased orders and governmental support.

Additionally, the market has experienced a surge in foreign investments, specifically from North America and Europe, looking to capitalize on China's leadership in solar manufacturing and technology advancement. The growth trajectory over the last few years has positioned China as a critical player in the global solar energy landscape.

China Photovoltaic Market Segmentation Insights

Photovoltaic Market Type Outlook

• Organic PV


• Inorganic PV

 

Report Attribute/Metric Source:	Details
MARKET SIZE 2023	11.4(USD Billion)
MARKET SIZE 2024	12.06(USD Billion)
MARKET SIZE 2035	30.18(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	8.697% (2025 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
MARKET FORECAST PERIOD	2025 - 2035
HISTORICAL DATA	2019 - 2024
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	Yanchang Petroleum, Canadian Solar, Trina Solar, Hanwha Q CELLS, Talesun Solar, Risen Energy, China Singyes Solar Technologies, GNF Energy, First Solar, LONGi Green Energy Technology, China National Building Material, JinkoSolar, Sungrow Power Supply, JA Solar Technology, East Hope Group
SEGMENTS COVERED	Type
KEY MARKET OPPORTUNITIES	Rising demand for renewable energy, Government incentives and subsidies, Advancements in solar technology, Growing residential solar installations, Expanding electric vehicle integration
KEY MARKET DYNAMICS	government policies, technological advancements, cost reduction, increasing awareness, investment opportunities
COUNTRIES COVERED	China