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At present, the Photovoltaic market in Bangladesh is still in its infancy, but has great development potential in the future, mainly reflected in the following FIVE aspects:
u Bangladesh has a natural advantage in developing the Photovoltaic industry
Bangladesh has abundant light resources, and the annual sunshine hours can reach 2500 hours, with an average daily sunshine amount of 4-6.5 KWH per square meter.
u There is huge room for improvement of the installed capacity of Photovoltaics in Bangladesh
The existing installed Photovoltaic capacity of Bangladesh is only 11% of the government's target, and there is more room for the development of the Photovoltaic industry in the future. Judging from the current installed capacity, by the end of 2018, the cumulative installed capacity of Photovoltaics in Bangladesh is 325.82 MW. From the perspective of government goals, the Bangladesh government has set a target of 3168 MW of renewable energy installations in the 2021 vision plan. The projects promoted focus on Photovoltaics and Wind Power, of which the target of Photovoltaic installations is 1740 MW, accounting for 54.9%. In early June 2020, Bangladesh’s Minister of Electricity stated that Bangladesh hopes to install at least 3000 MW of solar installed capacity in the next few years.
u Bangladesh solar plan has obvious effect on the Photovoltaic industry
As of the end of 2019, Bangladesh Solar Plan has helped Bangladesh establish 22 solar battery manufacturers, 9 panel manufacturers, 74 solar charge controller manufacturers, 83 solar led lamp manufacturers, 22 solar street lamp manufacturers, 11 solar inverter manufacturers.
u Bangladesh policy encourages the import of solar raw materials
The Bangladesh government implements a Duty-Free policy on the import of solar raw materials and rewards solar manufacturers with 10% of their export value to promote the development of the domestic Photovoltaic industry.
u The Bangladesh government hopes that China will accelerate the local solar energy development process
Currently, there are some Chinese enterprises deploying solar power plant projects in Bangladesh. For example, China National Machinery Import and Export Corporation and Bangladesh Northwest Power Company have invested about US$500 million in the planned solar and wind power plant projects through the newly established China-Bangladesh Electric Power Joint Venture.
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