The China Photovoltaic Industry Association (CPIA) recently reported that despite steady growth in polysilicon, wafer, solar cell, and module production, China’s solar product exports saw a sharp decline in 2024.
Source: Huaxia Times
The China Photovoltaic Industry Association (CPIA) recently reported that despite steady growth in polysilicon, wafer, solar cell, and module production, China’s solar product exports saw a sharp decline in 2024. Production of key solar components increased by over 10% year-on-year, and by the end of 2024, the country’s total installed solar capacity had surpassed 880 GW. However, total solar export revenue fell to approximately $32.02 billion, marking a 33.9% year-on-year drop.
The primary driver of this decline was the rapid drop in product prices. In 2024, polysilicon prices fell by over 39%, wafer prices plunged more than 50%, and solar cell prices dropped by over 30%. Additionally, slower export volume growth also contributed to the downturn. While solar cell and module exports continued to grow, wafer exports fell by 13.3% year-on-year, largely due to the impact of U.S. anti-dumping and countervailing duties on Southeast Asian suppliers.
In the solar module export market, Europe and Asia remained China’s two largest destinations, with Asia’s share increasing. Emerging markets showed strong momentum—the number of countries importing over 1 GW of Chinese solar products rose from 29 in 2023 to 38 in 2024. Notably, Pakistan and Saudi Arabia emerged as key growth drivers, while exports to traditional large-scale markets declined, reflecting a shift toward more diversified global demand.
Looking ahead, CPIA projects that under an optimistic scenario, global solar installations could reach 531-538 GW in 2025, representing a 10% year-on-year increase.
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