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EU market; over 50% of China’s PV exports in 2022 amid energy crisis!

Demand for China’s solar panels soars in Europe amid energy crisis, green transformation!

China’s photovoltaic (PV) industry has gained a historic foothold in Europe for being the most reliable and resilient supplier of solar panels as the region copes with a deepening energy crisis and its green transformation.

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Daily China chart on solar panel market fluctuation

Demand for PV products has reached a new high, driven by surging natural gas prices amid the Russia-Ukraine conflict and the damaged Nord Stream pipelines. Lately, Chinese solar panels have gained growing popularity among European consumers in addition to electric blankets and hand warmers.

Chinese insiders said that the EU is likely to take up to 50 percent of China’s total PV exports this year.

Xu Aihua, deputy head of the Silicon Industry of China Nonferrous Metals Industry Association, told the Global Times on Sunday that the soaring demand for solar panels reflects geopolitical changes in Europe and the region’s green push.

Exports of PV modules have surged. From January to August, China’s exports reached $35.77 billion in terms of value, generating electricity of 100 gigawatts. Both exceeded the whole year of 2021, China Photovoltaic Industry Association data said.

The numbers are reflected in the performance of domestic PV companies. For example, Tongwei Group on Friday said that its revenue in the first three quarters reached 102.084 billion yuan ($14.09 billion), a year-on-year gain of 118.6 percent.

Another industry conglomerate, Green Energy Technology, disclosed that in the first nine months, its net profit totaled 10.6 to 11.2 billion yuan, which would be a year-on-year increase of 40-48 percent.

The explosive demand has stretched supplies and pushed up the prices of silicon, the raw material for PV products, to as high as 308 yuan per kilogram, the highest in a decade.


Image:Solar Panel