The global pandemic has disrupted exports of China's photovoltaic products and industry insiders anticipate a drop of 9 percent this year.
The prediction came after the China Photovoltaic Industry Association (CPIA) said that China exported $7.87 billion-worth of photovoltaic products from January to May, down 10.1 percent year-on-year.
The impact of the current pandemic on the global market, resulting in the cancellation or delay of projects, became more apparent in the second quarter, and international installations will be reduced in the third quarter, Yu Bo, deputy general manager of Yingli Solar, one of the world's leading solar panel manufacturers based in Baoding, Hebei Province, told the Global Times on Wednesday.
China's photovoltaic sector accounts for more than 70 percent of the global market, ranking first in the world.
The shrinking of exports is expected to remain as long as the pandemic continues, analysts said.
"At present, according to the latest forecast data in the industry, the total overseas installations in 2020 will decrease by about 9 percent compared with 2019," Yu said. "Similarly, China's exports of photovoltaic products will decrease by about 9 percent."
However, analysts believe that the international installation of photovoltaic products may experience a surge in the fourth quarter, driven by a possible increase in household use and other corresponding projects.
"Global photovoltaic market demand is also expected to improve, but we still need to pay close attention to the changes in the international pandemic and the uncertainties it brings to the global economy," Wang Bohua, secretary-general of CPIA, said in a recent online briefing.
China has tried to support the photovoltaic industry. The National Energy Administration issued a notice in March saying that China will launch a 1.5-billion-yuan subsidy budget in total for new photovoltaic power generation projects in 2020, which will contribute to the development of the industry in China and beyond.
Editor:Cherie
