Solar energy emerges as the dominant force in global renewables, with China at the forefront of the revolution. According to data compiled by Bruegel, solar photovoltaic (PV) capacity installations surged in China, the EU, and the U.S. from 2010 to 2022.
China’s Striking Dominance By 2022, China boasts a staggering total installed capacity of 393 GW, nearly doubling the EU’s 205 GW and surpassing the USA’s 113 GW by over threefold. This growth is remarkable, with China maintaining a compound annual growth rate (CAGR) of approximately 25% since 2017.
Supply Chain Control China’s influence extends beyond capacity numbers, as it commands about 80% of the global solar panel supply chain. This dominance translates into economic impact, with China’s solar industry employing 2.76 million people in various roles, including manufacturing, construction, and installation.
Global Implications The International Energy Agency (IEA) forecasts that China will contribute almost 60% of new renewable capacity worldwide by 2028. Despite subsidy reductions, China’s solar PV deployment remains robust, with projections indicating the country will achieve its 2030 installation targets by 2024, six years ahead of schedule.