The World’s Largest Solar Companies Keep Failing
JinkoSolar Holding Co. is the world’s largest maker of solar panels after four previous top companies tripped up in the past decade, Bloomberg reported.
JinkoSolar and the other former top solar producers are all Chinese companies. China’s government pushes its solar industry to focus on growth to bring down prices, but the constant pressure often leaves companies unstable and under a large amount of debt.
China’s solar market is the largest by far, accounting for roughly 70 percent of global demand, according to Bloomberg. The Chinese solar industry has rocketed to its place at the top, surpassing Germany as the world’s largest solar market in 2015.
Many of the top producing companies have had problems with quality control. As output increases, attention to detail may suffer, especially if fast growth forces companies to buy up older or outdated equipment and low-quality supplies to keep up production.
JinkoSolar was considered a top quality producer in 2017, however.
China’s large solar industry has stoked fears of a slow-developing environmental crisis as the country’s solar panels and infrastructure age and need to be replaced. (RELATED: Old Solar Panels Causing An Environmental Crisis In China)
China has yet to develop a plan for disposing broken solar panels, which are difficult to recycle. The effect could be up to 20 million metric tons of waste filled with hazardous materials with nowhere to go.