NEA counts 31.94 GW annual increase in PV capacity with close to 21 GW in September 2024
Key Takeaways
- China installed 20.89 GW of new solar PV capacity in September 2024
- It expanded from 16.46 GW reported for August this year, increasing around 27%
- China’s aggregate installed solar PV capacity as of the end of September 2024 reached about 770 GW
The National Energy Administration of China says the country’s new solar PV installations during the month of September 2024 totaled 20.89 GW, expanding its 9M 2024 additions to 160.88 GW.
September 2024 installations went up from 16.46 GW that the NEA reported for the previous month when monthly installations declined by 22% (see Chinese Solar Installations Expanded By 16.46 GW In August 2024).
Tracking the country’s PV installations over the initial 9 months since 2018 shows that it has followed an upward trajectory, barring the year 2019. The largest increase was observed in 2023 when installations expanded by over 76 GW. It was the year when the world was starting to recover from the challenges of the COVID-19 pandemic and supply chain challenges.
Compared to 9M 2023, PV additions grew by close to 32 GW this year as the market braves land constraints and grid capacity concerns.
Considering that China added around 20 GW practically every month this year, with another quarter to go, one could expect the country to exit the year with approximately 220 GW or more, which is almost the same level as 216.30 GW in 2023. This is also reflected in the forecast of the China Photovoltaic Industry Association (CPIA) (see Industry Expects Chinese Solar Installation Spree To Slow Down).
At the end of September 2024, China’s cumulative installed solar PV capacity increased by 48.3% year-on-year (YoY) to around 770 GW, as per the NEA.
However, market intelligence firm Ember pegs the numbers higher at 334 GW for China out of the 593 GW it expects the world to add in solar PV capacity this year (see Ember Forecasts Global Solar PV Installations For 2024 To Reach 593 GW).
According to a Global Energy Monitor report published in July 2024, China had 180 GW of utility-scale solar farms with over 20 MW capacity under construction. This does not include small-scale projects or the distributed generation capacity.
As for wind energy installations, the NEA counts 39.12 GW of new capacity additions during 9M this year, representing over a 5 GW annual increase. Its cumulative installations at the end of the reporting month stood at about 480 GW.
Source from Taiyang News
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