Q1 2022 INDIA SOLAR MARKET UPDATE - 3 GW INSTALLED IN Q1 2022
India added over 3 gigawatts (GW) of solar capacity, a 21% increase compared to 2.6 GW installed in Q4 2021. Year-over-year (YoY) installations rose by 50% compared to the 2 GW added in Q1 2021, according to the newly released Q1 2022 India Solar Market Update.
During Q1 2022, 2.7 GW of large-scale solar was installed, a quarter-over-quarter (QoQ) increase of 23% and a 53% YoY increase. Large-scale solar accounted for 85% of the installations, and rooftop accounted for the remaining 15% during the reporting period.
With the BCD applicable from the second quarter (Q2) of 2022 on solar cells and modules, this quarter saw a significant increase in solar module imports, noted the report. In Q1 2022, developers procured almost 10 GW of solar modules and stockpiled them ahead of the advent of Basic Customs Duty (BCD), which took effect on April 1, 2022.
Rajasthan became the first state to cross 10 GW of cumulative large-scale solar PV installations, with over 10 GW installed as of March 2022, and accounts for 24% of the total installations in the country.
Multiple implementing agencies announced about 5 GW of tenders in Q1 2022, a decrease of 52% YoY compared to over 10 GW announced in Q1 2021. Tender activity in Q1 2022 declined by about 18% QoQ compared to nearly 6 GW released in Q4 2021.
Key Highlights from Mercom India Research’s Q1 2022 India Solar Market Update:
- In Q1 2022, India added over 3 GW of solar capacity, a 21% increase compared to 2.6 GW installed in Q4 2021.
- Cumulatively, large-scale solar accounted for 86% of the installations, and rooftop solar for the remaining 14%.
- India’s cumulative installed solar capacity now stands at 52 GW.
- In Q1 2022, renewable energy sources accounted for about 81% of the new power capacity additions and solar 68%.
- In Q1 2022, Rajasthan and Gujarat were the top states for solar installations.
- Rajasthan became the first state to cross 10 GW of cumulative large-scale solar PV installations.
Contact Mercom for pricing: reports@mercomindia.com or call us at +91-080-41211148.
MERCOM INDIA RESEARCH
Mercom India Research is a leading research and consulting firm at the forefront of India’s clean energy transformation delivering timely, relevant market intelligence and advisory for India’s energy markets.
RELATED NEWS
CUSTOM RESEARCH & CONSULTING
Do you need more tailored research that cannot be answered by any of Mercom’s popular reports?
Our custom research services may be the answer.
We provide data and analysis to help companies understand information specific to their particular segment so they can make sound strategic decisions relating to new market entry, product introductions, or to simply help them understand how they or their customers are positioned within the market.
Mercom’s custom research and advisory services provide clients data and analysis tailored to meet their unique needs. Call us today to learn more: research@mercomindia.com
