China's Solar Industry Braces for Disruption

China’s solar panel manufacturing capacity has ballooned to over 1,100 gigawatts per year, data from the China Photovoltaic Industry Association (CPIA) shows — roughly two times global demand of 580 GW. While this has helped power local and international solar installations, the rapid pace of expansion has brought a heavy price for the country’s largely private-sector manufacturers — more supply than demand, low prices and intense competition. The industry is now entering a cyclical wave of bankruptcies and consolidation, similar to the ructions that followed a similar period of excess in the early 2010s.