China's Solar Power Smiles Amid Ukraine War... Record High Exports

European Exports Surge, Reaching 66 Trillion Won
"Solar Panel Installation Demand to Increase 20-40% This Year"

[Asia Economy Beijing=Special Correspondent Kim Hyunjung] Last year, China's solar product export value surged to an all-time high due to the rise in energy prices triggered by the Ukraine war.

According to Chinese economic media Caixin on the 16th, China's solar product export value last year reached a record high of $51.25 billion (approximately 66.1893 trillion KRW). This represents an 80.3% increase compared to the previous year, marking the largest growth ever. The related figures were disclosed by Wang Bohua, Honorary Chairman of the China Photovoltaic Industry Association, at the seminar titled "Review of the Solar Industry Development in 2022 and Outlook for 2023."

Solar panel in China (Photo by Baidu)

Among them, solar modules accounted for the majority of exports, recording $42.36 billion, a 70% increase from the previous year. The export volume of modules jumped 55.8% year-on-year, reaching a record high of 153.6 gigawatts (GW).

By region, Europe was the largest export market. Caixin explained, "Europe grew the fastest and will continue to be the largest market," adding, "It accounted for 55% of total module exports, with a growth rate twice that of the previous year." It further noted, "Due to the Russia-Ukraine conflict causing a rise in energy prices in Europe, European countries actively promoted energy transition, significantly increasing demand for solar power installations." However, Caixin reported that from the second half of last year, demand declined due to a shortage of installation personnel and sluggish equipment work caused by high temperatures.

The China Photovoltaic Industry Association forecasted that global demand related to solar installations this year will increase by 20-40%, reaching 280-330 GW. It also stated, "China remains the world's largest solar market," and "New installation capacity is expected to increase by up to 40% year-on-year, reaching 95-120 GW."