Q4 & ANNUAL 2024 INDIA SOLAR MARKET UPDATE – 25.2 GW ADDED IN 2024
India added 25.2 gigawatts (GW) of solar in the calendar year (CY) 2024, over 204% increase compared to 8.3 GW added in 2023, according to Mercom India’s Q4 and Annual 2024 India Solar Market Update Report. The Indian solar sector witnessed record installations surpassing annual capacity additions of all previous years.
In 2024, 22 GW of large-scale solar projects were installed, up nearly 235% from 6.6 GW in 2023. Commissioning of a significant capacity of previously delayed projects drove capacity additions in 2024.
Rajasthan, Gujarat, and Maharashtra led the large-scale solar installations in 2024, accounting for around 32%, 27%, and 8% of the capacity additions.
In 2024, India added 34.7 GW of new power capacity. Solar power accounted for almost 73% of the capacity additions.
In the fourth quarter (Q4) of 2024, India added 7.8 GW of solar capacity, up almost 118% from 3.6 GW installed in Q3 2024 and an increase of nearly 303% compared to 1.9 GW in Q4 2023.
During the quarter, 6.5 GW of large-scale solar capacity was installed, up 133% quarter-over-quarter (QoQ) from 2.8 GW and a 325% increase year-over-year (YoY) from 1.5 GW.
In Q4, Rajasthan, Gujarat, and Maharashtra added the most large-scale solar capacity, comprising around 44%, 17%, and 9% of the installations.
As of December 2024, India’s cumulative installed solar capacity stood at 98.7 GW, with large-scale solar projects contributing over 86% and rooftop solar nearly 14%.
Rajasthan, Gujarat, and Karnataka had the country’s highest cumulative installed large-scale solar capacity, accounting for around 28%, 16%, and 13%.
In 2024, tenders were announced for 79.3 GW of large-scale solar projects, the highest in any calendar year. Tender announcements were up 39% from 57 GW in 2023. In 2024, auctions were concluded for 48.1 GW of projects, up 117% from 22.2 GW in 2023.
The cost of large-scale solar projects rose almost 2% QoQ and fell over 8% YoY in Q4.
Key Highlights from Mercom India Research’s Annual and Q4 2024 India Solar Market Update:
-
- India added 25.2 GW of solar capacity in 2024, up 204% YoY
- Large-scale solar accounted for 87% of the installations, and rooftop solar 13% in 2024
- Solar accounted for 73% of new power capacity additions in 2024
- In 2024 & Q4, Rajasthan, Gujarat, and Maharashtra led the large-scale solar installations
- In 2024, 79.3 GW of large-scale solar projects were tendered, up 39% YoY
- Large-scale solar projects totaling 48.1 GW were auctioned in 2024, up 117% YoY
- In Q4 2024, 7.8 GW of solar projects were commissioned
Contact Mercom for pricing: reports@mercomindia.com or call us at +91-080-41211148 or +91-080-23560436.
