Do solar photovoltaics rely on the Chinese market?

With solar photovoltaics taking over recently, an in-depth look into their supply chain shows a surprising dependency on the Chinese market from the raw materials to the assembled PVs. This article tackles the main challenges in the solar energy market and sheds light on the opportunities in that industry.

Is solar PV the fastest growing energy technology in 2021?

With a 37% compound annual growth rate (CAGR), solar PV emerged as the fastest growing energy technology and the one with the brightest prospects. The market size in 2021 represents a 18% increase from 2020 and a 445% growth compared to 10 years earlier.

How many GW of solar power are there in 2021?

In 2021, the world reached 920 GW of on-grid solar PV, 9 GW of off-grid solar PV, 522 GWth of solar thermal power and 6.4 GW of concentrated solar power (CSP). The last decade saw a surge in solar growth, with the global solar PV market increasing by 445%, raising from 30 GW in 2011 to 163 GW in 2021 .

Which region is leading the solar PV market in 2021?

Initially driven by European installations, since 2012 the market has been led by the Asia-Pacific region, which accounted for 57% of annual additions in 2021, and 59% of the global PV fleet. With a 37% compound annual growth rate (CAGR), solar PV emerged as the fastest growing energy technology and the one with the brightest prospects.

Why is China a leader in solar PV production?

In addition, China is responsible for the processing of rare earth elements that are mined abroad. China worked hard to maintain its position as a leader in the production of assembled PVs and their parts. The country has also majorly invested in installed capacities. In the span of 25 years, China was able to install 393 GW of solar PV alone.

What challenges does the solar energy sector face?

Solar is rapidly approaching terawatt scale global installations. This paper provides a review of the significant advances made by the solar energy sector over the past decade, as well as the challenges that the sector currently faces, with regard to the investment opportunities, market growth, supply chain management and technology evolution.