Solar power station in Jiangsu province, China. Photo: iStock

The photovoltaic industry has witnessed explosive growth in 2017, as China remains on top globally in terms of newly installed capacity for the fifth consecutive year, Economic Information Daily reported.

Photovoltaic technology allows the conversion of light into electricity, and it’s believed the market will be worth US$345 billion worldwide by 2020.

According to the latest data released by the National Energy Administration, in 2017, China has added more than 53GW in new photovoltaic installations, an increase of 53.4% from a year earlier.

The country’s cumulative installed capacity has exceeded 130GW, securing first place around the world for the third consecutive year.

In the global perspective, the newly installed capacity has increased over 37% year-on-year to 102GW, adding to a cumulative photovoltaic capacity of 405GW globally. Among all, Japan, the United States and India have installed new capacity of 6.8GW, 12.5GW and 9GW respectively.

“The Chinese photovoltaic market will continue to see vigorous growth,” said Wang Bohua, the Secretary-General at the China Photovoltaic Industry Association. “The demand for new installed capacity in 2018 will range from 30GW to 45 GW.”