Pakistan has emerged as a key new market for Chinese photovoltaic (PV) companies, aligning with its energy transition efforts.
According to the China Photovoltaic Industry Association (CPIA), Asia surpassed Europe as the top destination for PV product exports in the first half of 2024, with Pakistan ranking as the second-largest market after Europe. During this period, China exported inverters worth RMB 1.714 billion to Pakistan, with August alone seeing a 429.04% year-on-year increase, amounting to 326 million yuan in inverter exports.
This surge in PV exports highlights Pakistan’s growing focus on renewable energy. According to China Economic Net, rising electricity prices are prompting more citizens to explore solar power as an alternative. Abbas, a Pakistani trader at the Investment and Trade Forum for Cooperation between East and West China, noted this shift as the country looks for solutions to soaring energy costs. As of June 2023, Pakistan’s solar power capacity was 630 megawatts, representing just 1.4% of its total installed power capacity, leaving room for significant growth.
Data from the World Bank’s Global Solar Atlas show that areas like Balochistan, with ideal sunlight conditions, can generate up to 1990 kWh annually from a 1kW household PV system. This is 41% and 59% higher than in New Delhi, India, and Shandong Province, China, respectively.
Government support has played a crucial role in this transformation, with Pakistan setting a goal to increase renewable and alternative energy’s share of its electricity market to 20% by 2025 and 30% by 2030. NEPRA’s IGCEP2047 report indicates that Pakistan’s PV capacity is expected to see exponential growth, reaching 12.8GW by 2030 and 26.9GW by 2047.
Businesses across Pakistan are rapidly adopting solar energy. Khawaja Masood Akhtar, CEO of Forward Sports, one of the world’s largest football manufacturers, has already increased his factory’s solar energy usage to 50% and plans to further raise it to 80% by April next year by importing more Chinese panels.
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