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Solar power installations in China are expected to reach 230-260 GW in 2024, breaking previous records, according to China Photovoltaic Industry Association. The last record was 217GW in 2023.
The new installations will be driven by
- development of desert power bases
- accelerated measures to support rooftop panels
- accelerated grid construction
The manufacturing boom comes despite challenges across the global solar industry:
- value of solar manufacturer output fell 45% in first 9 months of 2024 due to over capacity, according to Wang Bohua, chairman of the China Photovoltaic Industry Association
- value of overseas sales fell 35% in the first 10 months of the year to US$28 billion
The IEA has said China’s over-capacity has led to a “supply glut”, with the country’s solar PV manufacturing capabilities doubling from 2022-2023, reducing local module prices by nearly 50% in 2023.
Record solar production means increased pressure on silver supply, critical to photovoltaic (PV) power as silver added to silicon wafers which, when hit by sunlight, excites elections creating an electric current that is conducted by the silver. Our analysis:
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