The market share rankings were revealed in Mercom’s recently released report India Solar Market Leaderboard 1H 2021. The report provides insights into the industry leaders’ market share and shipment rankings across the Indian solar supply chain.
The top three module suppliers accounted for 50% of the total market share. LONGi Solar led with a 28% market share, followed by Jinko Solar with 14%, and Adani Solar with 8%.
The top ten module suppliers accounted for nearly 77% of the market share.
LONGi Solar registered the highest year-over-year growth in 1H 2021.
LONGi, Jinko, and Adani Solar had also topped the solar module suppliers list in CY 2020. The three manufacturers had accounted for approximately 33% of the total market share last year.
India is focusing on increasing the domestic manufacturing capacity of solar cells and modules to meet the high demand from solar developers and minimizing reliance on imports. In November last year, the Union government said it would allocate ₹1.45 trillion (~$19.65 billion) for ten critical sectors over five years under the production-linked incentive (PLI) program, including high-efficiency solar photovoltaic modules.
The Indian Renewable Energy Development Agency’s bids to set up manufacturing capacities for vertically integrated high-efficiency solar modules under the PLI program received a robust response. The bidders quoted a total capacity of 54.8 GW for polysilicon, ingot-wafer, cell, and module manufacturing.
The tender followed the Union Cabinet’s approval to implement the PLI program to achieve gigawatt-scale solar module manufacturing capacity with an outlay of ₹45 billion (~$605 million).
Of the top ten module suppliers who made it to Mercom’s Market Leaderboard in 1H 2021, Adani Solar, Waaree, Vikram Solar, and Emmvee have bid for manufacturing capacities under the PLI program.
A complete list of module suppliers and their market share is available through Mercom’s India Solar Market Share Tracker.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.