The latest data from 2024 indicates that China's solar industry continues its relentless growth, with capacity expansions surging at a rate 80% higher than at the beginning of the previous year. Following an unprecedented 2023 that surpassed all forecasts, expectations for 2024 have been tempered. While many anticipated continued growths, the magnitude of the increase may have yet to be fully expected, suggesting a potential adjustment in projections.
Contrary to previous forecasts, the January and February 2024 data reveals a notable surge in solar installations, nearly doubling the rate compared to the corresponding period last year. The data for these two months is combined to ensure accuracy and mitigate the impact of the Lunar New Year holiday, which occurred in the month of February.
In 2023, China achieved a remarkable milestone by installing over 216 GW of solar capacity. To provide perspective, this figure is not significantly below the entire global solar installations for 2022, which amounted to 240 GW. Moreover, it surpasses the cumulative solar capacity installed by any other country, including the United States.
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