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China could be PV world leader by 2013

New projections see China overtaking leading PV producers before the end of the year

Strong subsidisation for PV in China could see the nation overtake current world leaders

China could takeover Germany and Italy to become world’s number one photovoltaic domestic producer, reaching 5GW by the end of 2012, according to new report.

A demand of 6GW is also possible for this year, said new projections by market research company, Solarbuzz. The report was cited in China Securities Journal on 11 April.

In 2011, China climbed to the third largest PV market with a national demand of 2.75GW, rocketing 470 per cent per year.

Austerity packages in Germany and Italy are likely to impact domestic demand for PV in 2012, said the report.

In contrast, new Chinese measures such as an on-grid electricity pricing mechanism and government subsidies have bolstered China’s PV market.

More incentives such as a renewable energy quota system and distributed generation formula will be introduced later this year.

The cost of building a PV system in China is among the lowest globally and still on the decline, the report said.