Global solar manufacturing sector now at 50% utilization rate, says IEA
- Admin
- May 7, 2024
- 1 min read
According to the IEA's report, the global solar cell and module manufacturing industry witnessed significant investments in 2023, with $80 billion directed towards new solar factories which is double the amount from 2022. The Chinese solar industry dominates the global market, accounting for the majority of investments across all solar production stages. Despite the rapid increase in production capacity, signs of market saturation like growing stockpiles and scaling down of expansions are emerging. The industry could meet the future demand forecasted in the NZE Scenario by 2030, six years ahead of the projected schedule.
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