China Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Chinese renewable energy market is expected to witness a CAGR of more than 8% during the forecast period. The COVID-19 pandemic has only slightly affected the market as the Chinese economy had again gained strength after the harsh lockdowns in winter 2020. the COVID-19 originated from China, and the country was into lockdown since early 2020. This has kept on hold the majority of the manufacturing activities in the country, negatively impacting the supply chain around the globe. The primary driver for the market includes the government initiatives to reduce the dependency on fossil fuel to stabilize CO2 emission and have a clean and efficient form of energy. However, subsidy payment delays, interference in the market trading and pricing by local governments, and a plan to increase coal-fired power generation are likely to hinder the market growth during the forecast period.
Key HighlightsThe Chinese renewable energy market is fragmented. The key players in the market include Sinohydro Corporation, China Yangtze Power Co. Ltd, Xinjiang Goldwind Science Technology Co. Ltd, JinkoSolar Holdings Co. Ltd, and Tina Solar Ltd.
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