Solarium Green Energy Receives BSE Nod for Initial Public Offering

Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP

Himachal Regulator Approves Tariff for 900 MW Hybrid Power Projects

Daily News Wrap-Up: HPERC Allows DISCOM To Procure 550 MW Solar Power

MES Invites Bids for Maintenance of 1.7 MW Solar Project

Exploring Solar Open Access Potential in Odisha and Haryana

Karnataka Floats EPC Tender for 1.2 MW Solar Project

Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO

SWELECT Energy to Raise ₹1.38 Billion via Debenture Sale


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72901.mp3?version=1732508365">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://ind.sungrowpower.com/" target="_blank" rel="noopener">Sungrow India</a>, <a href="https://www.tbeaindia.com/Default.aspx" target="_blank" rel="noopener">TBEA Energy India</a>, <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India</a>, <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric</a>, and <a href="https://www.solisinverters.com/us" target="_blank" rel="noopener">Ginlong (Solis) Technologies</a> were the leading solar inverter suppliers in India in the first half (1H) of 2024, according to Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2024</a> report.</p>
<p>The report provides insights into the industry leaders’ market share and shipment rankings across the Indian solar supply chain. It captures notable shifts in market share rankings, with two new players making it to the top five list.</p>
<p>Sungrow topped the market share list, followed by TBEA Energy India and FIMER India, which ranked second and third, respectively. Sineng Electric and Ginlong (Solis) Technologies rounded off the top five.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Inverter-Suppliers-in-India-1H-2024--1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72964 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Inverter-Suppliers-in-India-1H-2024--1.png" alt="Leading Solar Inverter Suppliers in India 1H 2024" width="565" height="398" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Inverter-Suppliers-in-India-1H-2024--1.png 565w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Inverter-Suppliers-in-India-1H-2024--1-300x211.png 300w" sizes="(max-width: 565px) 100vw, 565px" /></a></p>
<p>As of June 2024, Sungrow’s cumulative solar inverter shipments reached 32.4 GW. During the first half of the year, the company supplied solar inverters for a 641 MW solar project being developed by <a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> as part of its 30 GW Khavda Solar Park in Gujarat.</p>
<p>In January 2024, FIMER India <a href="https://www.mercomindia.com/ayodhya-solar-initiatives" target="_blank" rel="noopener">supplied</a> its PVS980-58 5 MVA inverters to <a href="https://www.jakson-green.com/" target="_blank" rel="noopener">Jakson Green</a> for a 40 MW solar power project in Ayodhya, Uttar Pradesh.</p>
<p>Sineng Electric and Ginlong (Solis) Technologies were the other leading solar inverter suppliers in 1H 2024.</p>
<p><strong>String Inverters </strong></p>
<p>TBEA Energy India, Sungrow India, Ginlong (Solis) Technologies, <a href="https://en.growatt.com/" target="_blank" rel="noopener">Growatt New Energy</a>, and <a href="https://www.deyeinverter.com/" target="_blank" rel="noopener">NingBo Deye Inverter Technology</a> were the top solar string inverter suppliers.</p>
<p>String inverters accounted for 48% of the solar inverter shipments in 1H 2024.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2024--1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72965 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2024--1.png" alt="Leading Solar String Inverter Suppliers in India 1H 2024" width="541" height="397" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2024--1.png 541w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-String-Inverter-Suppliers-in-India-1H-2024--1-300x220.png 300w" sizes="(max-width: 541px) 100vw, 541px" /></a></p>
<p><strong>Central Inverters </strong></p>
<p>Central inverter supplies surpassed string inverters in 1H 2024, accounting for approximately 52% of the total shipments during the period.</p>
<p>Sungrow India, FIMER India, Sineng Electric, TBEA Energy India, and <a href="https://www.hitachi-hirel.com/" target="_blank" rel="noopener">Hitachi Hi-Rel Power Electronics</a> were the top solar central inverter suppliers for 1H 2024.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Central-Inverter-Suppiers-in-India-1H-2024-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72966 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Central-Inverter-Suppiers-in-India-1H-2024-1.png" alt="Leading Solar Central Inverter Suppiers in India 1H 2024" width="565" height="375" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Central-Inverter-Suppiers-in-India-1H-2024-1.png 565w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Central-Inverter-Suppiers-in-India-1H-2024-1-300x199.png 300w" sizes="(max-width: 565px) 100vw, 565px" /></a></p>
<p>Mercom’s Market Leaderboard report, published twice a year, covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>Our <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a> provides insights into the solar market competitors and their growth rates on a quarterly basis.</p>


Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72543.mp3?version=1731645088">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a>, <a href="https://www.renew.com/">ReNew</a>, <a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>, <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar</a>, and <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a> emerged as the top utility-scale solar project developers in the first half (1H) of the calendar year (CY) 2024, according to Mercom&#8217;s newly released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2024</a>.</p>
<p>The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India&#8217;s solar industry leaders.</p>
<p>Adani Green Energy topped with a market share of 29.3%. ReNew, O2 Power, and ACME Solar entered the top five list in the second, third, and fourth positions, with market shares of 10.1%, 9.2%, and 6.9%, respectively. NTPC Renewable Energy rounded off the top five with a 5.7% market share.</p>
<p>The top five utility-scale solar developers accounted for over 61% of the market share.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Manufacturing-Capacity-Additions-in-India-1H-2024-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72558 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Manufacturing-Capacity-Additions-in-India-1H-2024-1.png" alt="Leading Solar Module Manufacturing Capacity Additions in India 1H 2024" width="721" height="435" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Manufacturing-Capacity-Additions-in-India-1H-2024-1.png 721w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Manufacturing-Capacity-Additions-in-India-1H-2024-1-300x181.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Manufacturing-Capacity-Additions-in-India-1H-2024-1-650x392.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Manufacturing-Capacity-Additions-in-India-1H-2024-1-624x376.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Solar-Module-Manufacturing-Capacity-Additions-in-India-1H-2024-1-600x362.png 600w" sizes="(max-width: 721px) 100vw, 721px" /></a></p>
<p>In 1H 2024, Adani Green Energy <a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">secured</a> $400 million (~₹33.29 billion) in financing from international banks to fund the 750 MW of solar generation capacity in Rajasthan and Gujarat. The company also announced the commencement of operations for its 180 MW solar power project in Jaisalmer, Rajasthan, and 1,000 MW of solar power projects in Khavda Renewable Energy Park in Gujarat during the year&#8217;s first half.</p>
<p>ReNew signed 2.2 GW of power purchase agreements (PPA) with five different entities in 1H 2024, which significantly boosted the company&#8217;s clean energy portfolio to 15.6 GW. The company also signed an MoU with Societe Generale for $1 billion (~₹83.2 billion) to expand the collaboration on energy transition projects.</p>
<p>During the first half of 2024, O2 Power was <a href="https://www.mercomindia.com/juniper-sembcorp-o2-win-sjvns-hybrid-auction" target="_blank" rel="noopener">awarded</a> 270 MW as a part of SJVN&#8217;s 1.5 GW wind-solar hybrid project.</p>
<p>The top ten developers <a href="https://www.mercomindia.com/companies-dominating-the-indian-solar-market-in-1h-cy-2024" target="_blank" rel="noopener">contributed</a> 76.8% of utility-scale solar capacity additions in 1H 2024 and accounted for 44.5% of the project development pipeline as of June 2024.</p>
<p>Mercom&#8217;s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, offering quarterly data insights on your competitors&#8217; growth rates, is also available.</p>


Adani Green, ReNew and O2 Power Top Utility-Scale Solar Developers in 1H 2024


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/09/amazon_polly_70131.mp3?version=1727157314">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The average cost of large-scale solar projects in India fell 2% quarter-over-quarter (QoQ) and 25.7% year-over-year (YoY) in the second quarter (Q2) of 2024. Since Q1 2023, large-scale solar project costs have dropped for six straight quarters, with an average fall of 6% per quarter.</p>
<p>In Q2 2024, the fall in project costs was primarily driven by the fall in module prices. Module costs accounted for 46.8% of the solar project cost in the quarter and witnessed a 3.6% per MW drop QoQ.</p>
<p>The findings were published in Mercom India Research&#8217;s recently released <a href="https://www.mercomindia.com/product/q2-2024-india-solar-market-update" target="_blank" rel="noopener">Q2 2024 India Solar Market Quarterly Update.</a></p>
<p><img loading="lazy" decoding="async" class="wp-image-70159 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/SystemCost-1-1-300x160.jpg" alt="SystemCost-1" width="548" height="292" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/SystemCost-1-1-300x160.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/SystemCost-1-1-768x409.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/SystemCost-1-1-650x346.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/SystemCost-1-1-624x332.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/SystemCost-1-1-600x319.jpg 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/SystemCost-1-1.jpg 1011w" sizes="(max-width: 548px) 100vw, 548px" /></p>
<p>Indian manufacturers have been listing their modules both before and after the reimposition of the Approved List of Models and Manufacturers (ALMM). As a result of increased competition among ALMM-authorized manufacturers, prices have remained stable.</p>
<p>The Indian mono PERC modules&#8217; average selling price (ASP) fell 2.6% QoQ and 40.7% YoY.</p>
<p>However, due to higher demand compared to <a href="https://www.mercomindia.com/shortage-of-india-made-projects-with-dcr-mandate" target="_blank" rel="noopener">supply</a> and added production and bill of material (BoM) costs, DCR (domestic content requirement) module prices were 45.9% higher than non-DCR variants.</p>
<p>India <a href="https://www.mercomindia.com/indias-solar-cell-and-module-imports-drop-sharply-in-q2-2024" target="_blank" rel="noopener">imported</a> solar cells and modules amounting to over $774.9 million (~₹64.6 billion) in Q2 2024, a drop of 61.4% QoQ and 16.4% YoY. Solar cells accounted for 45% of the quarter&#8217;s imports.</p>
<p>Since the reimposition of the ALMM order on April 1, 2024, developers have started procuring India-made modules, leading to a sharp decline in solar module imports. Q2 2024 saw the lowest imports of cells and modules by value since Q1 2023.</p>
<p>The ASPs of Chinese monocrystalline (mono) Passivated Emitter Rear Contact (PERC) modules fell 11.8% QoQ and 50% YoY due to oversupply in China.</p>
<p>The recent increase in metal prices for steel, aluminum, and copper also impacted project costs in Q2 2024.</p>
<p>In a quarter-over-quarter comparison, power conditioning unit costs fell 1.4%, and mounting structures costs dropped 1.9%. The cost of balance of system (BoS) components remained unchanged.</p>
<p>In Q2 2024, solar <a href="https://www.mercomindia.com/india-15-gw-solar-1h-2024" target="_blank" rel="noopener">installations</a> rose 170% year-over-year to 5 GW from 1.8 GW. Large-scale installations totaled 4.3 GW in the quarter.</p>
<p>As of June 2024, India&#8217;s cumulative installed solar <a href="https://www.mercomindia.com/india-15-gw-solar-1h-2024" target="_blank" rel="noopener">capacity</a>, including rooftop solar installations, stood at 87.2 GW.</p>
<p>Mercom&#8217;s Q2 2024 India Solar Market Quarterly Update is 85 pages long and covers all facets of the Indian solar market and a detailed analysis of the project cost trends. For the complete report, visit: <a href="https://www.mercomindia.com/product/q2-2024-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q2-2024-india-solar-market-update</a>.</p>


Average Cost of Large-Scale Solar Projects Dropped by 26% YoY in Q2


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/05/amazon_polly_66261.mp3?version=1716267203">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.goodluckindia.com/" target="_blank" rel="noopener">Goodluck India</a>, <a href="https://www.arctechsolar.us/" target="_blank" rel="noopener">Arctech</a>, and <a href="https://gamechangesolar.com/" target="_blank" rel="noopener">GameChange Solar</a> were the top three module mounting structure suppliers to the Indian solar market in the calendar year (CY) 2023.</p>
<p><a href="https://raydeanindustries.com/">Raydean Industries</a> and <a href="https://strolar.com/">Strolar Mounting Systems</a> rounded off the top five, according to Mercom’s recently released report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>.</p>
<p>The top five companies shipped 67% of the mounting structures used in the country’s solar projects during the year.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66264 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023.png" alt="Mounting structure leaderboard 2023" width="793" height="417" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023.png 793w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-300x158.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-768x404.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-650x342.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-624x328.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-600x316.png 600w" sizes="(max-width: 793px) 100vw, 793px" /></a></p>
<p>Mounting structures in a ground-mounted or rooftop solar project helps maintain the optimum generation and endure the weight of solar modules and strong wind speeds.</p>
<p>The conditions in India demand mounting structures that withstand the seasonality and rough conditions in the areas where solar power projects are deployed.</p>
<p>Goodluck India ranked first, accounting for 17% of the total module mounting structures shipped in 2023.</p>
<p>Goodluck India supplies module mounting structures to grid-connected solar projects and solar carports. According to its nine-month financial year 2023-24 results, the company had a production capacity of 4,12,000 metric tons per annum across six manufacturing facilities and five in-house hot dip galvanizing plants in India.</p>
<p>Arctech ranked second, accounting for 14% of the module mounting structures supplied in 2023. It has a combined production capacity of 13 GW, including a 3 GW manufacturing facility in Mundra, Gujarat.</p>
<p>GameChange Solar entered the top ten list in 2023 in the third position, accounting for 13% of solar module mounting structures supplied during the year. The company had an annual production capacity of 55 GW for key systems.</p>
<p>Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, which gives data insights into your competitors and their growth rates every quarter, is now available.</p>


Goodluck, Arctech, GameChange Solar: Top Module Mounting Firms in 2023


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/05/amazon_polly_66157.mp3?version=1715756208">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">Jinko Solar</a>, <a href="https://www.longi.com/us/" target="_blank" rel="noopener">LONGi Green Energy Technology</a>, <a href="https://www.jasolar.com/html/en/" target="_blank" rel="noopener">JA Solar</a>, <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, and <a href="https://www.trinasolar.com/us" target="_blank" rel="noopener">Trina Solar</a> were the top solar module suppliers in the calendar year (CY) 2023, according to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>.</p>
<p>Jinko Solar was the leading supplier, accounting for 20.4% of the modules shipped to India. LONGi Green Energy Technology and JA Solar ranked second and third, accounting for 18.8% and 8.7% of the module shipments, respectively.</p>
<p>Waaree Energies and Trina Solar rounded off the top five, accounting for nearly 6% and 5.5% of the annual module shipments, respectively.</p>
<p>The top five suppliers contributed to 59.4% of module capacities shipped to domestic solar projects.</p>
<p>Indian manufacturers catered to 35.5% of the domestic solar industry’s module requirements, while 64.5% were imported.</p>
<p>The leading Indian module suppliers in CY 2023 were Waaree Energies, <a href="https://www.adanisolar.com/" target="_blank" rel="noopener">Adani Solar</a>, <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a>, <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a>, and <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>.</p>
<p>The solar modules imported to India were mainly from China. The top suppliers exporting to India included Jinko Solar, LONGi Green Energy Technology, JA Solar, Trina Solar, and <a href="https://www.znshinesolar.com/" target="_blank" rel="noopener">Znshine Solar</a>.</p>
<p>Monocrystalline modules comprised 82.6% of shipments. Over 44% of the monocrystalline modules shipped during the year were bifacial. TOPCon modules accounted for nearly 10% of the modules shipped to the country, and polycrystalline modules made up 5.8% of the supply.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-66158 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-4.png" alt="" width="459" height="288" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-4.png 459w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1-4-300x188.png 300w" sizes="(max-width: 459px) 100vw, 459px" /></p>
<p>Jinko Solar has nine production facilities globally. The company expects its annual solar wafer, cell, and module production capacities to reach 120 GW, 110 GW, and 130 GW by the end of CY 2024. It also estimates that its annual module shipments will surpass 100 GW in 2024 from <a href="https://www.mercomindia.com/module-shipments-drive-jinkosolars-revenue-q4" target="_blank" rel="noopener">78.5 GW</a> in CY 2023. The company expects N-type modules to account for around 90% of its shipments in 2024.</p>
<p>LONGi Green Energy Technolgy has solar cell and module manufacturing facilities in China, Vietnam, and Malaysia, as well as solar ingot and wafer production facilities in China and Malaysia. In October 2023, the company announced the commencement of its 2.8 GW solar module manufacturing facility in Serendah, Selangor, Malaysia.</p>
<p>JA Solar has 12 manufacturing bases worldwide. In June 2023, the <a href="https://www.mercomindia.com/ja-solar-expands-china-with-870-million-investment" target="_blank" rel="noopener">company</a> announced plans to establish a manufacturing unit in the Ordos High-Tech Zone in Ordos, Inner Mongolia autonomous region, China. JA Solar has an operating capacity of 56 GW of solar cells and 40 GW of modules. Its production capacities across silicon wafers, cells, and modules are set to surpass 100 GW each in 2024.</p>
<p>LONGi Green Energy Technology, <a href="https://aikosolar.com/en/" target="_blank" rel="noopener">Aiko Solar</a>, <a href="https://www.solarspacepower.com/" target="_blank" rel="noopener">Solar Space</a>, <a href="http://www.ts-solar.com.cn/" target="_blank" rel="noopener">TS Solar Energy</a>, and <a href="https://en.tw-solar.com/" target="_blank" rel="noopener">Tongwei Solar</a> were the top solar cell suppliers in 2023.</p>
<p>Mercom’s India Solar Market Leaderboard 2024 report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders. For the complete report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>Also, the <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, which gives data insights into your competitors and their growth rates quarterly, is now available.</p>


2023 Solar Module Market Leaders: Jinko, LONGi, JA Solar, Waaree and Trina


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/11/amazon_polly_60450.mp3?version=1704372399">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.longi.com/en/about-longi/" target="_blank" rel="noopener">LONGi Solar</a>, <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, <a href="https://www.jasolar.com/html/en/" target="_blank" rel="noopener">JA Solar</a>, <a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">Jinko Solar</a>, and <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> were the top solar module suppliers in the first half (1H) of the calendar year (CY) 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener"><em>India Solar Market Leaderboard 1H 2023.</em></a></p>
<p>The report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of industry leaders.</p>
<p>During 1H 2023, polycrystalline modules accounted for 11.6% of the total module supply, while monocrystalline modules constituted around 81.5%. Bifacial, Thin Film, and HJT modules accounted for approximately 7% of the supply.</p>
<p>The top three suppliers— LONGi Solar, Waaree Energies, and JA Solar —accounted for 9.1%, 8.9%, and 7.2% of the total modules supplied in 1H 2023, respectively. Jinko Solar and Premier Energies were the fourth and fifth largest, with 6% and 4.3% of the market share, respectively.</p>
<p>About 35% of the capacities shipped to the domestic solar market came from the top five suppliers.</p>
<p>LONGi Solar emerged as the top choice among developers in 1H 2023.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-60451 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4.png" alt="" width="752" height="458" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4.png 752w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4-650x396.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4-624x380.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-4-600x365.png 600w" sizes="(max-width: 752px) 100vw, 752px" /></p>
<p>As of June 2023, LONGi has supplied around 8.5 GW of solar modules in India. The company has <a href="https://www.mercomindia.com/longi-plans-new-100-gw-wafer-50-gw-cell-capacity" target="_blank" rel="noopener">signed</a> an investment agreement with the local government of Shaanxi province to manufacture 100 GW of monocrystalline silicon wafers and 50 GW of monocrystalline cells. It aims to expand its monocrystalline silicon wafer, cell, and module production capacity to 190 GW, 110 GW, and 130 GW by the end of CY 2023.</p>
<p>Waaree Energies, one of India&#8217;s major module producers, with 12 GW of module production capacity in Gujarat, recently <a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">raised</a> $120.8 million in a second round of equity fundraising headed by Valuequest. It intends to expand its module production capacity to 20 GW, cell manufacturing capacity to 11.4 GW, and wafer manufacturing capacity to 6 GW over the next two years.</p>
<p>JA Solar ranked third. The company has 12 manufacturing bases and produces and supplies silicon wafers, cells, and modules. As of June 2023, the company was one of the largest suppliers of solar modules in the Indian market, with shipments totaling nearly 7 GW.</p>
<p>Mercom&#8217;s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>Also, the <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, which gives data insights into your competitors and their growth rates on a quarterly basis, is now available.</p>


Author: Ajayan J S

About Ajayan J S

Get the most relevant India solar and clean energy news.

RECENT POSTS