Chinese companies dominate the global solar industry, yet rising capacity has sent prices plummeting.
Employees work on the solar cell production line of GCL Group Ltd. in Hefei, Anhui, China, June 20, 2024. Credit: Ruan Xuefeng/VCG via AP Photos
The world’s ten biggest solar companies could soon have enough capacity to meet global demand for solar wafers and cells twice over, according to consulting firm Wood Mackenzie — and eight of those companies are from China.
Yet far from celebrating, the mood among Chinese company executives has darkened, thanks to a 40 percent slump in the price of solar modules over the past year that has made a major dent in their profits.
Solar panels at a photovoltaic power station
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