Forecast: Solar Energy Consumption in China

The consumption of solar energy in China has experienced significant growth from 2013 to 2023, where it stood at 4.94 Exajoules. This marks a remarkable rise from just 0.082 Exajoules in 2013, with year-on-year variations showcasing initially high and then moderating growth rates. The compound annual growth rate (CAGR) over the last five years leading to 2023 has been 24.02%, indicating strong but slightly decelerating momentum.

Year-on-year percentage variations:

• 2022 to 2023: 23.14% increase
• 2021 to 2022: 30.32% increase

The forecast for solar energy consumption from 2024 to 2028 predicts a growth to 9.52 Exajoules, at a CAGR of 10.16% over the next five years, reflecting continual and robust expansion though at a slower pace compared to previous years. This growth trajectory signifies solid advancements in solar energy adoption and infrastructure investment.

Future trends to watch for:

• Technological advancements in solar energy efficiency
• Government policies favoring green energy
• Shifting economic factors and foreign investments in solar infrastructure