Last year, the Ukraine crisis led to a surge in energy prices, significantly increasing global attention towards renewable energy. As a result, Chinese photovoltaic (PV) exports saw a substantial year-on-year increase. According to data, in 2022, the export value of Chinese photovoltaic products (including silicon wafers, solar cells, and modules) exceeded $50 billion, marking a 72.9% year-on-year growth. Zhang Sen, Secretary-General of the Solar Photovoltaic Products Branch of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, attributes the significant rise in Chinese PV exports to strong market demand in regions such as Europe, India, and Brazil.

Outstanding Performance in Emerging Markets

In the past year, Vietnam, Malaysia, and Thailand emerged as major export destinations for Chinese silicon wafers. Data shows that in 2022, China’s exports of PV silicon wafers to Vietnam, Malaysia, and Thailand totaled $3.58 billion, a 95.6% increase year-on-year, representing 70.9% of China’s silicon wafer export market share. The top five export markets for Chinese solar cells were Turkey, India, Cambodia, Thailand, and South Korea, accounting for three-quarters of China's solar cell export market. The top three markets for Chinese PV modules were the Netherlands, Brazil, and Spain, capturing 46% of China’s PV module export market share.

Exports to the Americas and the UAE have also been notable. In 2022, China exported 24.8 GW of PV modules to the Americas, a 50% increase from the previous year, with most of the growth coming from the Brazilian market. Exports to the UAE reached approximately 3.4 GW, more than a 300% increase year-on-year, making the UAE the largest recipient of Chinese PV module exports in the Middle East. China exported 1.2 GW of PV modules to Saudi Arabia in 2022, a significant increase from 2021.

Ongoing Expansion of Industry Scale

In 2023, Chinese PV exports face numerous development opportunities. "On one hand, with the global rise in climate action, energy transformation, and low-carbon development, over 130 countries have set 'net-zero' or 'carbon-neutral' targets. Countries are rolling out carbon reduction plans and certification mechanisms, creating favorable conditions for the growth of the PV and other renewable energy sectors. On the other hand, the energy crisis triggered by the Ukraine conflict and extreme weather events will accelerate the development of renewable energy," says Zhang Sen.

Previous forecasts by research institutions have been revised upward, indicating the continued expansion of the PV industry. According to the International Energy Agency (IEA), global renewable energy capacity is expected to increase by 2,400 GW between 2022 and 2027, with renewable energy surpassing coal as the largest source of electricity generation. The European Solar Industry Association (SPE) announced in its 2022 "Energy Independence Proposal" eight initiatives to achieve terawatt-scale PV targets, revising its 2030 European PV installation forecast from 672 GW to 1,000 GW, with annual additions of 90 GW to 100 GW.

Looking Ahead

Zhang Sen predicts that Chinese PV exports will continue to grow in 2023, with export growth in the first quarter expected to remain between 30% and 40%, and annual growth reaching 40% to 50%. To seize new opportunities, Zhang advises PV companies to focus on innovation, enhance core competitiveness, establish robust international intellectual property strategies, ensure a high global supply and service ratio, and develop green low-carbon certification systems and ESG frameworks. Emphasizing compliance and sustainable development will help companies integrate into the new development landscape.