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					</table><p>Indian solar module and cell exports decreased 16% year-over-year (YoY) to $1.5 billion (~₹129.4 billion) in 2024 from $1.8 billion (~₹152 billion), according to recent data published by the <a href="https://www.commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.</p>
<p>Indian solar exports in 2024 were dominated by photovoltaic modules, comprising 97.7% of total shipments, while solar cells made up the remaining 2.3%.</p>
<p>The U.S. emerged as the primary destination for the export of Indian solar cells and modules, accounting for 97.5% of the exports in 2024.</p>
<p>Indian module exports declined in 2024 due to heightened shipment scrutiny, including port inspections and barcode verification of individual modules, and concerns over potential Chinese component inclusion.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77886 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1.png" alt="Solar exports decline" width="969" height="530" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1.png 969w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-300x164.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-768x420.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-650x356.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-624x341.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-600x328.png 600w" sizes="(max-width: 969px) 100vw, 969px" /></p>
<p><strong>Solar Imports in 2024</strong></p>
<p>India imported $4.5 billion (~₹375.28 billion) worth of solar cells and modules in 2024, down 10.2% from $5 billion (~₹415.45 billion) in 2023.</p>
<p>Solar modules accounted for of the annual solar imports, while solar cells accounted for the remaining 34.9 %.</p>
<p>The reimposition of the Approved List of Models and Manufacturers order significantly reduced India&#8217;s solar module imports in 2024. Government programs like PM Surya Ghar: Muft Bijli Yojana and Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan, which mandate modules compliant with domestic content requirements, further impacted the decline in solar module imports in 2024.</p>
<p>China remained the dominant supplier of solar products to India, accounting for 86.5% of total imports. Vietnam was the second-largest supplier, with 7.9% of imports, followed by Thailand at 3.2%. Other suppliers include Indonesia, Singapore, and the U.S., holding shares of 1%, 0.7%, and 0.3 %, respectively.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-77887 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2.png" alt="Solar exports decline" width="981" height="614" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2.png 981w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-300x188.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-768x481.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-650x407.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-624x391.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-600x376.png 600w" sizes="(max-width: 981px) 100vw, 981px" /></p>
<p><strong>Solar Exports in Q4 2024</strong></p>
<p>India&#8217;s solar exports in the fourth quarter (Q4) 2024 reached $212.2 million (~₹17.9 billion), a modest increase of 1.8% from $208.55 million (~₹17.4 billion) in Q3 2024. However, when compared to YoY, exports witnessed a significant decline of 39.3% from $349.44 million (~₹29 billion) in Q4 2023.</p>
<p>The U.S. remained India&#8217;s primary solar export market, representing 97.5% of total export value, up from 92.3% in Q3 2024.</p>
<p><strong>Solar Imports in Q4 2024</strong></p>
<p>In the fourth quarter of 2024, solar cell and module imports totaled over $723.4 million (~₹61.1 billion), representing a 26.7% QoQ decrease from $986.5 million (~₹82.6 billion). Imports declined by 64.8% YoY from $2 billion (~₹170.9 billion).</p>
<p>Solar cells accounted for 56.4% of the quarter&#8217;s imports compared to 39.7% in Q3 2024, whereas solar modules&#8217; import share decreased to 43.6% from 60.3% in the previous quarter.</p>
<p>China constituted 86.5% of India&#8217;s solar imports in Q4 2024, down from 89.5% in Q3. The total value of these imports from China reached $625.9 million (~₹52.9 billion), representing a 29.1% QoQ decline.</p>
<p>Detailed solar import and export data by component types, suppliers, manufacturers, and developers are available in Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar Export-Import Tracker</a>.</p>


India’s Solar Exports Decline 16% YoY in 2024, Imports Down 10%


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					</table><p>India&#8217;s solar power generation rose nearly 18% year-over-year (YoY) to 133.8 billion units (BU) in 2024 from 113.4 BU, according to data published by the Central Electricity Authority (<a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">CEA</a>).</p>
<p>In the first nine months (9M) of the calendar year 2024, the country <a href="https://www.mercomindia.com/india-16-gw-solar-capacity-9m-2024" target="_blank" rel="noopener">added</a> 16.4 GW of solar capacity, up 167% YoY from 6.2 GW. The commissioning of several previously delayed projects due to the fall in module prices drove capacity additions in 9M 2024. The installations exceeded the first nine months and annual capacity additions of all previous years, leading to a significant rise in solar generation in 2024.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-76148 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1.jpg" alt="" width="650" height="480" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1-300x222.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1-624x461.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-1-600x443.jpg 600w" sizes="(max-width: 650px) 100vw, 650px" /></p>
<p>Solar power generation during the fourth quarter (Q4) of 2024 was 34.2 BU, a 28.4% increase YoY from 26.6 BU.</p>
<p>The northern region generated the highest solar power during the quarter, with 13.8 BU, accounting for 40.3%. The southern and western regions followed with 10.9 BU and 9.04 BU, accounting for 32% and 26.4%, respectively. The eastern and northeastern regions generated 362.5 BU and 85.9 BU, accounting for 1.1% and 0.3%, respectively.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-76149 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2.png" alt="" width="972" height="602" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2.png 972w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-300x186.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-768x476.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-650x403.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-624x386.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/rohit-2-600x372.png 600w" sizes="(max-width: 972px) 100vw, 972px" /></p>
<p>Rajasthan remained India&#8217;s leading solar power-producing state, generating 11.8 BU, followed by Gujarat and Karnataka, which generated 4.7 BU and 3.7 BU, respectively.</p>
<p>Solar generation in Rajasthan, Gujarat, and Karnataka rose 3.7%, 20% and 11.1% respectively.</p>
<p>Rajasthan had a cumulative installed solar power capacity of 21.7 GW at the end of Q3 2024, accounting for 24.4% of India&#8217;s total solar capacity. Gujarat followed with 14.8 GW, accounting for 16.6%.</p>
<p>India&#8217;s installed solar capacity <a href="https://www.mercomindia.com/solar-energys-contribution-to-indias-power-mix-surpassed-21-in-q4" target="_blank" rel="noopener">rose</a> 10.5% QoQ and 57.2% YoY at the end of December 2024, according to the data from CEA, Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>), and Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-project-tracker" target="_blank" rel="noopener">India Solar Project Tracker</a>. Solar photovoltaic projects comprised 21.2% of India&#8217;s installed power capacity.</p>
<p>Mercom&#8217;s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a> provides access to the most comprehensive database of large-scale solar projects covering commissioned and under-development projects.</p>


Capacity Additions Drive India’s Solar Power Generation Up 18% in 2024


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					</table><p>India&#8217;s solar module and cell imports totaled $986.5 million (~₹82.6 billion) in the third quarter (Q3) of the calendar year (CY) 2024, down 19% year-over-year (YoY), according to data from the <a href="https://commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.</p>
<p>About 60% of the quarter&#8217;s imports were modules, and the rest were cells.</p>
<p>The total solar imports were up 27% quarter-over-quarter (QoQ), while solar module imports increased 39.6% QoQ. The exemption of the Approved List of Models and Manufacturers (ALMM) order on projects with bid submission deadlines before April 10, 2021, and the rising demand for behind-the-meter solar projects drove solar module imports during the quarter.</p>
<p>Solar cell imports in Q3 were up 12.3%, primarily driven by the increased demand for Indian solar modules since the ALMM order&#8217;s reimposition in April 2024.</p>
<p>China continues to dominate the market with 89.5% of the solar module and cell imports, a jump of 68.2% QoQ.</p>
<p>About 5.7% of solar imports were from Vietnam, down 69.5% QoQ.</p>
<p>Thailand, Hong Kong, Cambodia, and Malaysia accounted for 3%, 1.1%, 0.3%, and 0.3% of the quarter&#8217;s imports.</p>
<p>In a QoQ comparison, the imports from Thailand and Cambodia fell by 33.6% and 1,042.3%. Imports from Hong Kong and Malaysia rose by 55.5% and 20.2%, respectively.</p>
<p><strong> <a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-73667 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million.png" alt="India Solar Cell and Module Quarterly Import-Export Activity ($ Million)" width="669" height="421" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million.png 669w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million-300x189.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million-650x409.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million-624x393.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/Screenshot-2024-12-11-India-Solar-Cell-and-Module-Quarterly-Import-Export-Activity-Million-600x378.png 600w" sizes="(max-width: 669px) 100vw, 669px" /></a></strong></p>
<p><strong>Exports</strong></p>
<p>During the quarter, India exported solar cells and modules worth $208.6 million (~₹17.5 billion), down 61.6% QoQ. The value of solar exports dropped marginally YoY.</p>
<p>Solar module and cell exports fell 55.2% and 49.9%, respectively QoQ. Solar modules comprised 96.9% of the quarter&#8217;s exports, and solar cells made up the rest. Uncertainty surrounding U.S. import restrictions and growing domestic demand significantly slowed solar module exports to the country in Q3.</p>
<p>The U.S. accounted for 92.3% of the quarter&#8217;s exports and remained the top destination. However, solar module and cell shipments to the U.S. fell 57.5% QoQ as exports are heavily scrutinized at the U.S. ports.</p>
<p>Bangladesh, Canada, Thailand, and Guyana accounted for 5.8%, 0.9%, 0.2%, and 0.2% of the total exports, respectively. The exports to Bangladesh, Canada, and Guyana rose by 59%, 308.7%, and 57.1%, respectively. Indian manufacturers didn&#8217;t export solar modules to Thailand in the previous quarter.</p>
<p><strong>9M 2024</strong></p>
<p>India&#8217;s solar module and cell imports were valued at $3.8 billion (~₹314.2 billion) in 9M 2024, up 27.7% YoY. The significant increase in the first nine months of the year was primarily driven by the import of over 11 GW (the highest to date in a quarter) of solar modules in Q1 of CY24 due to the suspension of the ALMM order in the financial year 2023-24. The exemptions from the ALMM order granted to old projects (those with final bid submission before April 2021) and a few others continued to drive imports in Q2 and Q3.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024-.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-73669 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024-.png" alt="India Solar Cell and Module Import-Export Activity 9M 2019 to 9M 2024" width="719" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024-.png 719w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024--300x174.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024--650x376.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024--624x361.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/India-Solar-Cell-and-Module-Import-Export-Activity-9M-2019-to-9M-2024--600x347.png 600w" sizes="(max-width: 719px) 100vw, 719px" /></a></p>
<p>India&#8217;s solar exports totaled $1.3 billion (~₹111.5 billion) in 9M 2024, a 9.9% drop YoY.</p>
<p>For an in-depth look at the data, analysis, and charts, subscribe to our quarterly market report – <a href="https://www.mercomindia.com/product/q3-2024-india-solar-market-update" target="_blank" rel="noopener">Mercom India Solar Market Update</a>.</p>
<p>Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar EXIM Tracker</a> provides detailed solar import and export data by component types, suppliers, manufacturers, and developers.</p>


India’s Solar Cell and Module Imports Drop 19% in Q3 2024

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