Pakistan has become a crucial new market for Chinese photovoltaic (PV) companies, supporting the country’s energy transformation efforts. According to the China Photovoltaic Industry Association (CPIA), Asia has surpassed Europe as the largest export destination for PV products, with Pakistan now ranking as the second-largest market for module exports after Europe.
In the first half of 2024, China exported inverters worth a total of RMB 1.714 billion to Pakistan, with August alone accounting for 326 million yuan, representing a remarkable year-on-year increase of 429.04%. The growing number of solar panels adorning factories, homes, hospitals, and mosques highlights the urgency for new energy generation in Pakistan, as noted by China Economic Net. Pakistani trader Abbas mentioned that rising electricity prices are prompting people to seek alternatives.
Read more: Solar Panel Prices in Pakistan Drop to Rs28 per Watt Amid Surplus Supply
As of June 2023, Pakistan’s installed solar power capacity was only 630 megawatts, which is just 1.4% of the total installed power capacity, indicating significant potential for growth. The World Bank’s Global Solar Atlas reveals that regions like Balochistan have excellent solar conditions, with a household photovoltaic system capable of producing 1990 kWh annually, outperforming both New Delhi, India, and Shandong Province, China.
The Pakistani government has actively supported renewable energy development, aiming to increase the share of renewable and alternative energy in the electricity market to 20% by 2025 and 30% by 2030. The IGCEP2047 report from NEPRA projects that Pakistan’s PV installed capacity will experience rapid growth, expecting to reach 12.8 GW by 2030 and 26.9 GW by 2047. Businesses across Pakistan are eager to install affordable Chinese solar panels, with many, like Khawaja Masood Akhtar of Forward Sports, increasing their solar energy mix significantly in recent years and planning further expansions.
