Photovoltaic energy storage overseas

Europe has set a goal of achieving 30GW of PV manufacturing capacity by 2030, with 40% of clean energy technologies to be produced domestically. The U.S. solar cell supply bottleneck will last at least 2-3 more years.

02 Jul 2024 by evwind. In 2023, China achieved record photovoltaic export volume growth across all subcomponents, driving manufacturing expansion in emerging markets.

In 2023, China achieved record photovoltaic export volume growth across all subcomponents, driving manufacturing expansion in emerging markets. Following Wood Mackenzie's recent presentation at the SNEC Solar PV Conference & Exhibition in Shanghai in June, we share our insights on the global reach of China's solar and storage industry.

Indeed, most overseas production capacity has been allocated to electric vehicles (EVs), limiting the local supply flowing into the energy storage sector, thus leaving a huge opportunity for China's exports. Nevertheless, Chinese manufacturers should be cautious of persistent oversupply in the energy storage segment.

For example, the United States, India, and Turkey have all raised tariffs to increase the cost of importing solar cells and modules, while also providing subsidies to support domestic manufacturers. Europe has set a goal of achieving 30GW of PV manufacturing capacity by 2030, with 40% of clean energy technologies to be produced domestically.

Even if new solar cell capacity comes online, it is expected to primarily support local module production. Therefore, U.S. solar cell supply will likely come first from domestic U.S. manufacturers, as well as from Indonesia, Laos, and the Middle East. We assume: