The Chinese solar industry’s predicament can be traced back three years ago, when a surge in demand for panels boosted prices and unlocked ambitious expansion plans that resulted in far too much supply. The sector ended 2023 with the ability to produce 1,154 gigawatts of solar modules — more than double the capacity from two years earlier.
Solar companies cut costs and prices sharply to maintain market share. That led to a few low-cost survivors while many other competitors were driven out of business in China and around the world. The deserted blue-walled factory of Hunan Sunzone, left, which once made solar panels in Changsha, China.
Compounding the problems facing China’s solar energy companies is the rapid disappearance of local subsidies. Local governments are running out of money as a housing crisis makes it hard for them to sell long-term leases on state land to real estate developers — previously their biggest source of cash.
Several scholars have analyzed the growth of solar energy in the Chinese context from various angles. Irfan et al. (2019a, b) emphasized the significance of solar energy for power production in China and evaluated the potential of electricity generation from solar sources.
The government decided 15 years ago to put extensive support behind solar power, and then let the companies claw it out. Beijing has shown a high tolerance for letting firms stumble and even fail in large numbers. Robots at a factory in China’s Xinjiang region in May.
Due to rising awareness and technological advancements, solar power is being increasingly invested in throughout the world. China has an abundance of solar energy resources. If the resources of energy are adequately used, it can resolve any energy difficulties. Energy is the foundation of a nation’s socioeconomic progress.
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