China's Photovoltaic Industry: Navigating Global Markets with Resilience

The global photovoltaic (PV) industry is in flux, but China's PV sector stands out. In 2025, China's PV exports have shown remarkable resilience, with strong performance across multiple segments of the supply chain. Despite challenges, China's PV industry is expanding its global footprint, driven by emerging markets that are becoming key growth drivers.

Export Highlights Across the PV Supply Chain

• Polysilicon Exports Surge: China's polysilicon exports reached 350 million in 2024, up 97% year-on-year. This growth is fueled by China's cost advantage and expanding global market presence.
 
• Silicon Wafer Exports Face Challenges: Although silicon wafer exports declined in 2024 (value down 65.5% to 1.42 billion, volume down 38.7% to 4.44 billion pieces), China's wafers still hold a strong position in the international market.
 
• Solar Cells and Modules Gain Traction: Solar cell exports reached 58.3 GW in 2024, up 41.5% year-on-year, while module exports hit 236.2 GW, up 9.9%. These figures highlight China's growing market share in solar cells and modules globally.
 
• PV Equipment Exports Expand: PV production equipment exports grew to 279 million in 2024, up 13.7% year-on-year. This growth is driven by overseas expansion in markets like India, the U.S., and Turkey, as well as China's expanding presence in Southeast Asia.
 

 
Shifts in Export Markets
 
The global PV market is evolving, and China's export markets are adapting. While Europe's PV market has slowed, emerging markets in Asia, the Middle East, and Latin America are stepping up as new growth engines.
 
• Europe's Market Challenges: China's PV module exports to the EU fell to 1.084 billion in 2024, down 43.2% year-on-year, accounting for 38.7% of total module exports. Despite this decline, Europe remains a significant market for Chinese PV products.
 
• Asia's Emerging Markets: China's PV exports to Asia reached 88 GW in 2024, up 38.6% year-on-year. Key drivers include Pakistan, Saudi Arabia, the UAE, the Philippines, and Oman, reflecting their growing demand for renewable energy.
 
• Latin America's Steady Growth: PV module exports to Latin America reached 32.1 GW in 2024, up 6.1% year-on-year. Brazil remains the largest market, with strong demand from countries like Cuba, highlighting the region's potential for further growth.