BEIJING - China’s solar sector is accelerating an already world-beating pace of installations as costs tumble and demand keeps rising, putting it on track to rush past last year’s record.

The country installed almost three times the volume of solar capacity between January and the end of April than in the same period in 2022, and is on track to add more panels this year than the entire total in the United States.

Falling costs in the solar supply chain and rising consumption of electricity in the world’s No. 2 economy are fuelling demand for the clean power source.

China, which remains heavily reliant on coal despite its huge renewables fleet, is aiming to press ahead with expansions to meet President Xi Jinping’s goal of reaching net-zero emissions by 2060.

The country could install 154 gigawatts (GW) of solar capacity this year, BloombergNEF (BNEF) said on Monday, raising its China forecast from a previous total of 129GW.

The US had a cumulative total of 144 gigawatts installed at the start of 2022, according to BNEF data.

BNEF lead solar analyst Jenny Chase said at an event in Shanghai on Monday that China is the world’s largest solar market and “it’s going to continue to be that way” until 2030.

The rise in China’s deployments means the world is on track to have a total of 5,300GW of capacity by 2030 – about the volume of solar that is required in scenarios under which global net-zero targets are met.

Other key sectors, including transportation and wind power, remain behind track.

The industry’s frantic expansion – and whether it is sustainable – will be under debate at the sector’s largest China conference, the SNEC PV Power Expo, which opens on Tuesday in Shanghai. Speakers include executives from top global solar producers, including Longi Green Energy Technology, Tongwei Solar and Trina Solar.

China is adding intermittent wind and solar generation at a much more rapid pace than energy storage. There are signs that some grids are already being overwhelmed with power in the middle of the day.

A massive expansion of wind and solar plants in remote desert areas is also testing the ability of power lines to keep pace. Building more renewables than the grid could handle led to high curtailment rates and a sharp slowdown in activity in the late 2010s.

Still, solar panel maker JA Solar Technology forecasts new solar installations of about 150GW in China in 2023 and sees potential for that to rise to as much as 180GW if lower prices boost demand, Morgan Stanley said in a note last week.

The China Photovoltaic Industry Association said in February that the country will likely install 95GW to 120GW of solar capacity in 2023 – up from 2022’s record of 87.4GW. BLOOMBERG