The Global Solar Industry Is Booming

Against the backdrop of an energy crisis in which global energy consumption, especially in emerging countries, continues to rise and Europe is actively seeking alternative sources of Russian oil and gas, the renewable energy industry, including solar and wind, is booming. According to statistics, renewable energy will account for nearly 13% of electricity generation in 2021, and in June EU energy ministers unanimously agreed to increase the proportion of renewable energy to 40% by 2030. Meanwhile, US President Joe Biden announced in early June a two-year tariff reduction for solar modules from four Southeast Asian countries - Cambodia, Malaysia, Thailand and Vietnam - but China is not on that list. in 2020, nearly 90 per cent of US solar modules will come from imports, most of them from Southeast Asia.

According to the International Energy Agency, China's share of solar panel manufacturing amounts to more than 80 percent, and in 2021 China's PV production capacity of 327 TWh ranks first in the world, followed by the US with 165 TWh of capacity. China's JinkoSolar, the largest player in the country's solar industry, signed a framework agreement with Germany's Memodo in May to provide energy storage solutions in German-speaking countries.