The latest Mercom India Solar Market Leaderboard for 1H 2024 showcases the leading companies dominating the solar sector in the first half (1H) of the calendar year (CY) 2024.

The report covers market share rankings and provides a comprehensive view of the competitive landscape across the Indian solar supply chain in the first half of CY 2024.

A few established companies have solidified and expanded their positions, driven by a renewed emphasis on domestic manufacturing following the reimposition of the Approved List of Models and Manufacturers (ALMM) order.

With initiatives like PM Surya Ghar: Muft Bijli Yojana launched in Q1 2024, and the growing project pipeline under PM-KUSUM, both requiring domestic solar modules, new market leaders are expected to emerge by the end of 2024.

India added 12.8 GW of solar capacity in 1H 2024, up 228.3% from 1H 2023. Large-scale solar (including open access) projects with a cumulative capacity of 11.7 GW accounted for 91.4% of overall installations.

The country’s cumulative installed solar capacity stood at around 85.5 GW as of June 2024.

The pipeline of large-scale solar projects under development (including open access) stood at 126.1 GW as of June 2024, with 103.8 GW of tenders pending auction.

Adani Green Energy emerged as a top utility-scale solar project developer in 1H 2024, achieving the highest capacity additions and holding the largest cumulative installed capacity as of June 2024. ReNew and O2 Power secured the second and third spots, respectively, for capacity added during the same period. Cumulatively, the top ten developers contributed 76.8% of utility-scale solar capacity additions in 1H 2024 and 44.5% of the project development pipeline as of June 2024.

Tata Power Solar led rooftop solar installations, followed by Roofsol Energy and Havells India. The top ten developers collectively captured 57.2% of the rooftop solar market during this period. In 1H 2024, more than 1.1 GW of rooftop solar capacity was added.

Tata Power Solar secured the top position as an EPC service provider in 1H 2024, followed by Jakson Green and Ashoka Buildcon, respectively.

Sungrow Power Supply held its position as the leading solar inverter supplier in 1H 2024 and remained the top central inverter supplier. FIMER India and Sineng Electric emerged as the second and third leading central inverter suppliers.

TBEA Energy India emerged as the top supplier of string inverters, followed by Sungrow Power Supply and Ginlong (Solis) Technologies, respectively. In terms of overall shipments, central inverters accounted for 52%, while string inverters made up 48%.

Jinko Solar retained its top spot as the leading solar module supplier in 1H 2024, followed by LONGi Green Energy Technology and Waaree Energies, respectively. The top ten module suppliers accounted for nearly 65% of total shipments in 1H 2024.

Arctech secured the leading spot in the solar tracker market in 1H 2024, followed by GameChange Solar.

Goodluck India emerged as the leader in the solar module mounting structures category, followed by Arctech and Strolar Mounting Systems.

AM Green Energy emerged as the leading open-access solar developer, with Serentica Renewables and Amplus Solar ranking second and third, respectively. The top ten developers captured 59.5% of the market share for solar open-access projects during this period. In 1H 2024, 3.7 GW of open-access solar capacity was added, a 119.6% year-over-year increase.

LEAPTING was the top robotic module cleaning equipment supplier to the Indian market in 1H 2024. Vayu Solar and Airtouch Solar were the other leading robotic module cleaning equipment suppliers.

The report provides a comprehensive overview of the market landscape across the entire solar supply chain. It includes profiles of market leaders, detailed installation and supply data, year-over-year ranking changes, market share information for the top ten companies in 1H 2024, and cumulative market data.

The report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.