Chinese manufacturers of photovoltaic solar panels have secured an increasing hold in California, the United States’ largest solar market, doubling their market share in the last year alone, according to a new report.
In the last three years, China’s share of the market increased from 2 percent to 46 percent, says Bloomberg New Energy Finance, a research and consulting firm.
The share of U.S. manufacturers in the California market dropped from 43 percent to 16 percent during that same period.
“The ascendancy of Chinese manufacturers would be noteworthy regardless of market conditions, but is particularly telling in a time when purse-strings are still tight,” the report said.
One Chinese company, Yingli Solar, now claims 27 percent of the California solar market. California accounts for about 40 percent of the U.S.’s total solar power business. The lower manufacturing costs of Chinese companies have given them a strong competitive advantage and have contributed to a sharp drop in solar module prices in the past year.
Article appearing courtesy of Yale Environment 360