1. Overall situation of the globalphotovoltaic application market in 2023

In 2023, the global photovoltaic installed capacity will be 390GW, a year-on-year increase of 69.6%, and the cumulative installed capacity will be about 1546GW. In 2023, the global photovoltaic installed capacity will reach a new high.

In 2023, China will still maintain its leading position in the global new installed capacity market, with an annual new installed capacity of 216.3GW on the AC side, setting a new historical high. The new photovoltaic installed capacity has remained the world's first for 11 consecutive years since 2013. In 2023, China's new photovoltaic installed capacity will exceed half of the world's new installed capacity, and the cumulative installed capacity will account for nearly 40% of the world.

2. Changes in policies in major photovoltaic markets

(1) The United States develops local photovoltaics across the entire industry chain

In recent years, the United States has passed and issued a number of major bills, including the Infrastructure Investment and Jobs Act, the Buy American Act, and the Inflation Reduction Act, attempting to promote the development of local photovoltaics by increasing investment in research and innovation, strengthening local manufacturing competitiveness, increasing market investment enthusiasm, and accelerating project development and utilization. Stimulated by relevant policies, the installed capacity of solar power generation in the United States continues to grow. According to statistics from the Photovoltaic Industry Association (SEIA), the cumulative installed capacity of photovoltaics in the United States will reach 179GW in 2023, with an average growth of 22% over the past decade.

On the manufacturing side, the Inflation Reduction Act also stimulated the development of the local photovoltaic manufacturing industry, and the production capacity of local components has increased from 8GW in 2022 to more than 12GW at present. Since 2023, companies such as JA Solar, LONGi Green Energy, JinkoSolar, TCL Zhonghuan, Canadian Solar, and Trina Solar have accelerated the construction of overseas production capacity, integrated into the regional industrial chain system, and announced investment in photovoltaic manufacturing projects in the United States. By 2026, the domestic production capacity of US components is expected to reach 123GW. However, there are various difficulties and challenges from planning to actual execution and then to the implementation of the project. Due to various difficulties such as financing, manufacturing experience, market competition, technology, and raw materials, most of the new production capacity is difficult to implement.

(2) EU supports photovoltaic manufacturing and strengthens supply chain resilience

In 2022, REPowerEU plans to further increase the proportion of renewable energy consumption to 45%, and the installed capacity of renewable energy can reach 1236GW. Among them, the "EU Solar Strategy" as part of this plan sets the development goal of new photovoltaic installed capacity exceeding 320GW by 2025 and exceeding 600GW by 2030. On March 16, 2023, the European Commission proposed the "Net Zero Industry Act" and the "Critical Raw Materials Act" bills, stipulating that by 2030, the EU's domestic zero-carbon technology production capacity must reach 40%. At the same time, in order to strengthen the EU's ability to extract, process and recycle strategic raw materials, it is also stipulated that 10% of strategic raw materials will be mined in the EU by 2030, and another 15% of the EU's critical raw materials will be strictly recycled. From the perspective of policy measures, they mainly include optimizing the project licensing process, providing financial support, strengthening talent supply, improving product information transparency, implementing carbon tariffs and industrial subsidies, etc.

(3) India strives to promote the development of the domestic photovoltaic industry

In 2022, India officially updated its "Nationally Determined Contribution" based on the Paris Climate Agreement, pledging to reduce the carbon emission intensity of its GDP by 45% from the 2005 level by 2030; with the help of technology transfer and low-cost international financing including the Green Climate Fund (GCF), by 2030, the cumulative installed capacity of non-fossil energy will reach 50% of the total capacity, the installed capacity of non-fossil energy will reach 500GW, of which solar energy will provide 280GW. At the same time, the Indian government has also adopted some protectionist policies for the photovoltaic industry. First, the Basic Customs Duty (BCD) was implemented. From April 1, 2022, the government will impose a basic tariff of 25% on imported solar photovoltaic cells and a basic tariff of 40% on imported solar photovoltaic modules. On March 29, 2024, the Ministry of New and Renewable Energy (MNRE) of India announced that the ALMM listing for solar PV modules should come into effect from April 1, 2024.