In recent years, countries are actively promoting the application of renewable energy, and the development of photovoltaic industry is very rapid. Since the introduction of solar cells, advances in the use of materials, technology and the maturation of the manufacturing industry have driven photovoltaic systems to become more affordable. In addition, many countries have invested large amounts of research and development funds to promote the efficiency of photovoltaic conversion, and have given financial subsidies to manufacturers. More importantly, policies such as feed-in tariff subsidies and renewable energy ratio standards have greatly promoted the widespread use of PV in various countries.
In the context of 'carbon peak, carbon neutral', we hold an optimistic view on the long-term growth of photovoltaic solar energy in the future. But at the current market valuation, these optimistic views have reflected, or even begun to appear overdrawn. Domestic market, according to public data. According to the Photovoltaic Industry Association, China will add about 48.2GW of photovoltaic solar power capacity in 2020. There are two different forecasts for the new PV capacity installed during the 145th Five-Year Plan. The conservative view is that new PV capacity will be around 90GW in 2025, while the optimistic view is that it will reach 110GW. It's not that big of a difference. If we take a conservative view, the new installed PV solar capacity in the domestic market will grow at an annualized rate of 13.4% during the 145th Five-Year period. On an optimistic view, annualized growth is about 20 percent.
According to the report '2021-2026 photovoltaic solar energy industry In-depth analysis and investment strategy Research Advisory Report' by Zhongyan Industrial Research Institute
According to the International Energy Agency (IEA), nearly 290 gigawatts of new renewables will come online in 2021, with photovoltaic accounting for more than half of that, followed by wind and hydropower. Pv is expected to lead the rapid development of renewable energy due to its advantages of low cost, clean and environmental protection, inexhaustible and limited by regional restrictions. According to the International Renewable Energy Agency (IRENA), the global cumulative grid-connected PV installed capacity will reach 8,519GW in 2050. With the advantages of crystalline silicon technology and cost control, the global percentages of the production capacity and output of photovoltaic industry of our country realize different degrees of growth. The global center of photovoltaic industry is further transferred to our country. Photovoltaic industry has become a strategic emerging industry that reaches the international leading level.
China attaches particular importance to photovoltaic solar energy. In recent years, it has issued a series of related policies. In 2017, a multi-department joint issued Guidance on Promoting energy storage Technology and Industry Development, which defines the strategic positioning of energy storage industry, and sets the development targets during the 13th and 14th Five-Year Plan period. In September 2018, the National Energy Administration issued the Notice on Accelerating the Work of Promoting the Affordable Internet Access of Wind Power and Photovoltaic Power Generation; On September 22, 2020, at the General debate of the 75th session of the United Nations General Assembly, China's declaration of 'striving to reach the peak of carbon dioxide emissions before 2030 and striving to achieve carbon neutrality before 2060' was heard around the world. On April 21, 2021, the National Development and Reform Commission issued the Guiding Opinions on Accelerating the Development of New Energy Storage (Draft for Comments), which defined the energy storage target for the first time, with the target of more than 30GW of new energy storage installed capacity by 2025.
Market potential analysis of photovoltaic solar energy
In the future, China will focus on promoting green development, forming green production and life style, and carbon emissions will be stable after peaking. To a certain extent, it points out the development direction of future energy policy. Clean energy, including photovoltaic, wind power and lithium power, will be the mainstream in the future. This is the consensus of not only China, but also the whole world. The development trend of photovoltaic solar energy industry is irreversible.
The Asia-Pacific region is expected to add more than 170GW of new power capacity annually over the next decade. As countries shift away from fossil fuel power generation to greener alternatives. The environment-friendly renewable energy market is sizeable, and the development potential of the photovoltaic solar energy industry is worth looking forward to.