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					</table><p>Solar power accounted for 16.9% of the total installed power capacity and 40.1% of the total installed renewable capacity at the end of December 2023. Solar power’s share increased by 0.3% from the last quarter, when it accounted for 39.5% of the total renewable capacity.</p>
<p>India’s renewable energy capacity, including large hydroelectric projects, made up 42% of the country’s cumulative power capacity, with 179.5 GW installed at the end of the calendar year 2023, according to data from the Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>), Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>), and Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>.</p>
<p>The renewable energy share in the power mix increased marginally from 177.6 GW, representing 41.8% of the overall power capacity mix until the previous quarter.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-63122 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Picture1-1.png" alt="" width="768" height="443" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Picture1-1.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Picture1-1-300x173.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Picture1-1-650x375.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Picture1-1-624x360.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/Picture1-1-600x346.png 600w" sizes="(max-width: 768px) 100vw, 768px" /></p>
<p>Large hydro, with a total installed capacity of 46.9 GW, accounted for nearly 11% of the total installed power capacity as of December 2023.</p>
<p>Wind installations in India stood at 44.7 GW, making up 10.5% of the country’s overall installed power capacity.</p>
<p>Biomass and small hydro represented 2.4% and 1.2% of the total installed power capacity as of December 2023, respectively.</p>
<p><strong>Energy from conventional sources</strong></p>
<p>The country’s installed conventional power energy capacity stood at approximately 247.5 GW, making up 58% of all installations at the end of 2023. The capacity declined slightly from 58.2% in the previous quarter.</p>
<p>The electricity generated from thermal sources &#8211; includes coal (48.7%), gas (5.9%), nuclear (1.8%), lignite (1.5%), and diesel (0.14%) as the main components.</p>
<p>Last October, the Ministry of Power <a href="https://www.mercomindia.com/slash-renewable-generation-obligation-coal-plants" target="_blank" rel="noopener">proposed</a> slashing the Renewable Generation Obligation for coal or lignite-based power generating stations to a minimum of 6-10% from the previous 40%.</p>
<p>In November, Union Minister R.K. Singh <a href="https://www.mercomindia.com/renewables-alone-here-to-stay-r-k-singh" target="_blank" rel="noopener">announced</a> that the government aims to add another 80 GW of thermal power capacity by 2030-31 since nuclear capacity cannot be added at a rapid pace and renewables alone are not enough to meet India’s surging power demands.</p>


Solar’s Share in Renewable Capacity Increases Marginally to 40% in 2023


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					</table><p>The top five solar module mounting structure suppliers in the Indian market during the first half (1H) of the calendar year 2023 were <a href="https://strolar.com/" target="_blank" rel="noopener">Strolar Mounting Systems</a>, <a href="https://goodluckindia.com/" target="_blank" rel="noopener">Goodluck India</a>, <a href="https://raydeanindustries.com/" target="_blank" rel="noopener">Raydean Industries</a>, <a href="https://www.ishkon.com/" target="_blank" rel="noopener">ISHKON Industries</a>, and <a href="https://snscorporation.co.in/" target="_blank" rel="noopener">SNS Corporation</a>.</p>
<p>The rankings were revealed in Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023</a>, which offers valuable information on the market shares of prominent companies in the industry and presents a comprehensive analysis of their performance.</p>
<p>The top five companies accounted for 75% of the market demand.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-60558 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/image_2023_11_21T04_44_21_146Z-1.png" alt="" width="612" height="422" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/image_2023_11_21T04_44_21_146Z-1.png 612w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/image_2023_11_21T04_44_21_146Z-1-300x207.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/image_2023_11_21T04_44_21_146Z-1-600x414.png 600w" sizes="(max-width: 612px) 100vw, 612px" /></p>
<p>Good quality mounting structures in a ground-mounted or rooftop solar project help 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 can sustain the seasonality and rough conditions of the areas where solar power projects are established.</p>
<p><strong>Strolar Mounting Systems</strong> became the top mounting structure supplier, accounting for 18.5% of the total capacity supplied in 1H 2023. Its product range includes both roof and ground mounting solutions, catering to a wide range of projects. Strolar has an in-house manufacturing capacity of 5,000 MT per month of solar module mounting structures. The company recently launched its new Single Axis tracker for large-scale projects in the Indian market.</p>
<p><strong>Goodluck India</strong> ranked second on the list, dropping by one position from the previous year. The company accounted for 17.1% of the total capacity supplied in 1H 2023.</p>
<p>Goodluck India specializes in manufacturing metal products for transmission/telecom towers, railways/road bridges, solar mounting structures, etc. The company offers a wide range of mounting structure solutions for large-scale solar projects. The company has an in-house design department to manufacture module support structures.</p>
<p>Goodluck has a manufacturing capability of 5,000 MT per month.</p>
<p><strong>Raydean Industries</strong> held the third position with a 14% market share of the total supply capacity from January to June 2023.</p>
<p>The company offers a range of metallic structures in solar projects, telecom towers, and transmission line projects. Raydean Industries has supplied nearly 3 GW of solar projects with mounting structures in India until the end of June 2023.</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, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">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> also gives insights into the solar market competitors and their growth rates quarterly.</p>


Strolar, Goodluck, Raydean – Leading Module Mounting Structure Suppliers in 1H 2023


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					</table><p>The top rooftop solar installers in India during the first half (1H) of the calendar year (CY) 2023 were <u><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a></u>, <u><a href="https://www.havells.com/" target="_blank" rel="noopener">Havells India</a></u>, <u><a href="https://enerparc.in/" target="_blank" rel="noopener">Enerparc Energy</a></u>, <u><a href="https://amplussolar.com/" target="_blank" rel="noopener">Amplus Solar</a></u>, and <u><a href="https://www.hartek.com/" target="_blank" rel="noopener">Hartek Solar</a></u>, 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">India Solar Market Leaderboard 1H 2023.</a></p>
<p>Enerparc Energy was the newest entry in the top 10.</p>
<p>The Market Leaderboard provides information on the competitive landscape and market share of the major players in India&#8217;s solar supply chain.</p>
<p>India added 872 MW of rooftop solar capacity, a 3.2% increase compared to 845 MW in 1H 2022, according to the <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2023" target="_blank" rel="noopener">Mercom India Rooftop Solar Market Report Q2 2023</a>. The top 10 companies in the Market Leaderboard accounted for around 45% of these capacity additions.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-60302 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023.png" alt="Leading Rooftop Solar Installers in India 1H 2023" width="632" height="507" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023.png 701w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023-300x241.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023-650x521.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023-624x500.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Leading-Rooftop-Solar-Installers-in-India-1H-2023-600x481.png 600w" sizes="(max-width: 632px) 100vw, 632px" /></a>As of June 2023, Tata Power was the top among rooftop solar installers, accounting for 24% of all rooftop solar installations; Havells India and Enerparc Energy held the second and third spots with 4% and 3% solar installations, respectively. Amplus Solar and Hartek Solar had a market share of 3% and 2%, respectively.</p>
<p>Tata Power Solar has a portfolio of more than 1.3 GW of rooftop and distributed ground-mounted systems.</p>
<p>Havells India climbed three places compared to 1H 2022. It stood second among India&#8217;s installers. The industrial and residential segments were the main focus of their installations.</p>
<p>Enerparc Energy was the third leading rooftop solar installer on the list. The company specializes in investment and EPC services for rooftop, ground-mounted solar photovoltaic (PV) systems, and solar carports, primarily focusing on India&#8217;s commercial and industrial segments. Enerparc has commissioned over 120 solar PV projects nationwide, with a capacity of more than 200 MW cumulatively.</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. For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">here</a>.</p>
<p>A complete list of the solar rooftop installers and their market share is available through <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Share Tracker</a>.</p>


Tata Power, Havells, Enerparc Top Rooftop Solar Installers List in 1H 2023


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					</table><p>The average cost of large-scale solar projects in India declined by 8.1% year-over-year in the second quarter (Q2) of 2023. Continuing from the previous quarter, the cost reduction was primarily driven by the falling module prices, which account for approximately 60% of the solar project cost.</p>
<p>The average project costs decreased by 4.5% quarter over quarter (QoQ).</p>
<p>The findings were published in Mercom India Research&#8217;s recently released <a href="https://www.mercomindia.com/product/q2-2023-india-solar-market-update/" target="_blank" rel="noopener"><strong>Q2 2023 India Solar Market Quarterly Update</strong></a><strong><u>.</u></strong></p>
<p style="text-align: center;"><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/Average-Cost-of-Large-Scale-Projects-1.png"><img loading="lazy" decoding="async" class="alignnone wp-image-58236 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/Average-Cost-of-Large-Scale-Projects-1.png" alt="Average Cost of Large Scale Projects-1" width="737" height="443" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/Average-Cost-of-Large-Scale-Projects-1.png 737w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/Average-Cost-of-Large-Scale-Projects-1-300x180.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/Average-Cost-of-Large-Scale-Projects-1-650x391.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/Average-Cost-of-Large-Scale-Projects-1-624x375.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/09/Average-Cost-of-Large-Scale-Projects-1-600x361.png 600w" sizes="(max-width: 737px) 100vw, 737px" /></a></p>
<p>With increasing production and falling polysilicon prices and other solar module value chain components in China, the procurement costs of solar modules have reduced significantly.</p>
<p>According to the Chinese Ministry of Industry and Information Technology (MIIT), the country&#8217;s</p>
<p>national output for polysilicon, wafers, cells, and modules increased 72% year-over-year (YoY) in March and April 2023. Polysilicon prices in China declined steeply during Q2 2023 as several new manufacturing facilities became operational in 1H 2023.</p>
<p>The Chinese mono PERC modules&#8217; average selling price (ASP) has fallen 8.8% QoQ and 28% YoY.</p>
<p>India <a href="https://www.mercomindia.com/indias-solar-cell-module-imports-exports-rise-q2-2023" target="_blank" rel="noopener">imported</a> solar cells and modules totaling $926.6 million (~₹76.1 billion) in Q2 2023, a QoQ increase of 14.1% compared to $812 million (~₹66.7 billion) in Q1 2023. Imports were up 55.1% YoY compared to $597 million (~₹49.0 billion) in Q2 2022. Solar cells accounted for 55% of the quarter’s imports.</p>
<p>The declining cell prices and increasing competition because of the Approved List of Models and Manufacturers (ALMM) postponement resulted in lower ASPs of Indian modules. The ASPs of Indian mono PERC modules dropped 4.3% QoQ and 16.1% YoY.</p>
<p>Developers expect module prices to fall further until the end of Q1 2024 due to high inventory and increasing production levels in China. Additionally, the stay on the ALMM implementation until March 2024 is expected to enable module procurement at competitive prices for domestic solar projects.</p>
<p>Module mounting structure costs were down about 13% QoQ, adding to the drop. Solar inverter cost, on the other hand, climbed QoQ.</p>
<p>During Q2 2023, India&#8217;s quarterly capacity additions were down almost 58% YoY, with 1.7 GW installed, of which utility-scale installations accounted for over 1.3 GW, down 64% YoY and 7% QoQ.</p>
<p>India&#8217;s cumulative installed solar capacity, including rooftop solar installations, surpassed 66 GW as of June 2023.</p>
<p>Mercom&#8217;s Q2 2023 India Solar Market Quarterly Update is 82 pages long and covers all facets of the Indian solar market and a detailed analysis of the project cost trends. For the complete report, <strong>visit: </strong><a href="https://www.mercomindia.com/product/q2-2023-india-solar-market-update" target="_blank" rel="noopener"><strong>https://www.mercomindia.com/product/q2-2023-india-solar-market-update</strong></a><strong>.</strong></p>


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