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In 2022, China is expected to have about 108 GW of photovoltaics in operation, and China is the world's largest investor in renewable energy, with 323 GW of photovoltaics and 338 GW of wind power.
Renewables also hit an all-time high in the U.S., with solar and wind installations generating 28% of renewable electricity in April. “The PV boom is just getting started, and we do see this huge high-end growth prospect for all the companies involved in the solar supply chain,” Barnett said.
Climate targets are one of the hottest drivers of solar demand, but Rob Barnett said there is another force that is accelerating demand in the short-term - an even bigger driver of demand for clean energy, especially in Europe, is rising energy costs.
The cost of PV continues to fall, making it increasingly cost-competitive with oil, which surged after Russia invaded Ukraine. Shipments of solar modules have fallen sharply over 20 years, from $4.88/W in 2000 to $0.34/W in 2021, according to the Energy Information Administration's recent module shipments report.
Barnett expects solar demand to maintain its momentum even as oil and gas prices cool. As a solar mount company with 15 years of experience in design, production and manufacturing, HQ MOUNT has achieved a net growth of 20% in the first half of 2022. This is not only due to the unremitting efforts of the HQ team, but also thanks to our customers for their trust and support. HQ MOUNT will continue to provide you with better products and services.
