By the end of 2024, China’s total installed PV capacity had reached 886.66 GW, up 277.17 GW from 609.49 GW at the end of 2023. This marks an annual growth rate of 45.48%, setting a new historical record for solar capacity expansion.
The nation added 216.88 GW of new PV capacity in 2023, up 148.12% from 2022. In 2022, the country added 87.41 GW of solar.
This achievement surpassed most industry forecasts. At the start of 2024, the China Photovoltaic Industry Association (CPIA) had predicted an annual installation range of 190 GW to 220 GW, later adjusting its estimate to 230 GW to 260 GW in October. Similarly, analysts from research firms such as S&P and Wood Mackenzie initially projected optimistic growth figures between 240 GW and 260 GW.
The surge in China’s solar capacity installations is striking compared to recent years. Annual installations during the 2020-22 pandemic were 48.2 GW, 54.88 GW, and 87.41 GW, respectively. Post-pandemic, installations soared to 216.88 GW in 2023 and rose further to 277.17 GW in 2024, marking a 28% year-on-year increase.
Monthly data shows there was a rush to install in December 2024, with 68.33 GW of capacity added, mirroring the same pattern in December 2023. The surge aligns with the annual assessment cycle of state-owned energy enterprises.
