Surging Photovoltaic Industry Spurs Robust Market Demand For PV Cables
Solar power, harnessed through Photovoltaic (PV) systems, offers a renewable and environmentally friendly alternative to traditional fossil fuels — with China and Vietnam taking the lead.
The world increasingly recognises the urgent need to transition towards cleaner and more sustainable energy sources, photovoltaic (PV) systems have emerged as a pivotal solution. China’s Shangcang Media noted recently, a series of data revealed that the PV industry is still in a period of high growth, stimulating the rapid growth of photovoltaic cable market demand.
PV cables are specialised cables designed for use in PV systems, commonly known as solar power systems. These cables are essential components for connecting solar panels and other PV system components to efficiently transmit the electricity generated by the solar panels to the rest of the electrical system, including inverters, charge controllers, and the grid.
The latest data from China’s National Energy Administration (NEA) showed in Q1 2023, 33.66 million kilowatts of PV were added to the grid nationwide, a year-on-year increase of 154.8%. NEA is a state administration under the National Development and Reform Commission (NDRC).
The NEA drafts China’s national energy strategy, implements energy policy, and regulates energy sectors including coal, electricity, oil and gas, and nuclear power. Data from the China Photovoltaic Industry Association showed in March 2023, national inverter production increased by 30.7% month-on-month and 95.8% year-on-year.
In over ten years, China’s PV industry has developed from scratch into a global giant. As one of the symbols of China’s advanced manufacturing industry, the PV industry is not only an important engine to promote its energy transformation, but to strategically gain an edge. It is foreseeable that with policy support, technological innovation and change, the PV industry will continue to grow steadily.
The NEA-issued “2023 Energy Work Guidance” stated the newly installed wind power and PV capacity will reach 160 million kilowatts in 2023, and will continue to hit a record high. In terms of technological innovation, China’s PV industry continues to make breakthroughs in key core technologies.
Relying on independent and controllable patented technology and scale advantages, power generation costs reduced by some 80% compared to ten years ago — the highest among various renewable energy sources.
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