Strong government support has sparked a boom in solar power in China – the country’s installed PV capacity leapt to 18.6GW in 2013 from just 0.8GW in 2010 – and this fast growth is expected to continue as the rising superpower attempts to contain carbon emissions, reduce air pollution, and improve its energy security.China is now expecting to reach 70GW of installed PV capacity by 2018 after the National Development and Reform Commission raised targets once again in May 2014, which will almost certainly make China the world’s largest market for solar power. CCM’s research indicates that this goal should be achieved comfortably, meaning that China’s solar market should grow at least 40 per cent per year over the next five years. This presents an amazing opportunity for UK businesses. Almost all of this new capacity will be manufactured and installed by Chinese companies, but these companies are still dependent on imports for several key materials and technologies. Read more about opportunities in China:
- Untapped market alert: only 2% of British exports go to China
- Who would have thought that China would be a golden opportunity for the UK Cheese industry?
- Chinese tech firms to team up with innovative UK partners for mutual growth
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