The value of photovoltaic products exported by China hit a record in the first 10 months of 2023, with industry experts saying the momentum will persist through the year, buoyed by higher demand amid a green energy transition worldwide.

The export value, which includes photovoltaic products such as silicon wafers, cells and modules, reached about $43 billion during the first 10 months, the China Photovoltaic Industry Association said on Friday.

The output value of China's photovoltaic manufacturing sector also touched a record 1.3 trillion yuan ($182.6 billion), while newly installed photovoltaic power generation capacity in the country also climbed to a record 142.56 gigawatts, it said.

While the export market is diversifying, Europe remains the largest importer of Chinese photovoltaic products, accounting for around 52.9 percent of the total export value.

Solar product exports to Asian countries also rose slightly during the first 10 months, said Wang Bohua, honorary chairman of the association.

The European Union was the biggest destination for China's PV exports in 2022, buying nearly $23 billion worth of products, up 113 percent year-on-year. This is equivalent to about 84 GW of modules, more than half of China's total module exports in 2022.

According to Tan Youru, an analyst at BloombergNEF, China exported 212 GW of solar cells and modules in the first 10 months of 2023, some 19 percent more than exports in the whole of 2022.

While the value of solar product exports from China was flat in the third quarter, volumes rose month-on-month, thanks to lower module prices, he said.

As 2023 draws to a close, the solar industry is installing record volumes worldwide and selling at record-low prices. BloombergNEF has increased its build forecast yet again for this year to 413 GW worldwide, largely due to the Chinese mainland.

Wang expects China to add 160 to 180 GW of solar power in 2023, a record annual rise in capacity.

With tremendous breakthrough in photovoltaic technology in China, Wang said renewable energy will play a dominant role in the power generation landscape by 2030.

China has consistently been at the forefront of global research and development in solar power generation technology.

Longi Green Energy Technology Co Ltd, a leading enterprise in the photovoltaic industry in China, broke the world record last month with a conversion efficiency of 33.9 percent for silicon-perovskite tandem solar cells.

Improving cell conversion efficiency and reducing the cost of electricity are key drivers in the development of the photovoltaic industry.

The photovoltaic conversion efficiency of solar cells is a crucial indicator and benchmark for evaluating the potential of photovoltaic technologies, said Li Zhenguo, president of Longi.

Industry experts said the growth in solar exports from China is also helping meet growing demand for clean and affordable power, driven by markets like Europe that are aiming to increase energy security.

Europe's manufacturing capacity is relatively smaller compared with that of China and it needs to rely on China in the short to medium term, said Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute.

The increasing demand for solar power across the world will continuously provide opportunities for solar companies in China, the world's top solar manufacturer, leading to a robust rise in exports of Chinese solar components in the years ahead, he said.