State of Solar PV Manufacturing in India 2024 – 20.8 GW Added In 2023

In calendar year (CY) 2023, the country added 20.8 gigawatts (GW) of solar modules and 3.2 GW of solar cell capacity, according to Mercom India’s State of Solar PV Manufacturing in India 2024 report.

Manufacturing capacity additions in 2023 were primarily driven by the anticipated reimposition of the Approved List of Models and Manufacturers (ALMM) order starting in April 2024, as well as potential export opportunities.

The country’s cumulative solar module manufacturing capacity reached 64.5 GW, and solar cell manufacturing capacity totaled 5.8 GW as of December 2023.

The top 10 manufacturers accounted for 62% of the module and 100% of cell production capacity as of December 2023.

About 60% of the installed module manufacturing capacity was equipped to manufacture solar modules in M10 and G12 wafer sizes. Only 22.2 GW of the total module production capacity was enlisted under the ALMM order per the updated List–I issued by MNRE as of January 2024.

Monocrystalline modules accounted for 67.5% of the country’s module production capacity, followed by polycrystalline, Tunnel Oxide Passivated Contact (TOPCon), and thin film modules.

Gujarat led the country’s photovoltaic (PV) manufacturing capacity, accounting for 46.1% of solar modules. Telangana accounted for 39% of annual solar cell production capacity, the highest in the country as of December 2023.

Module manufacturing capacity is projected to surpass 150 GW, and cell capacity is expected to reach over 75 GW by 2026.

Based on the current pipeline, monocrystalline modules are anticipated to represent 59.7% of the annual module production capacity and 50.5% of the cell production capacity by 2026, followed by TOPCon, Heterojunction (HJT), and other technologies.

Various public sector and government entities issued tenders totaling 9.7 GW to procure solar modules in 2023, up 275.6% YoY.

India imported 16.2 GW of modules, the highest in a year, up 158% YoY from 10.3 GW in 2022. Domestic manufacturers exported 4.8 GW of solar modules in 2023, up 204% compared to 1.6 GW in 2022.

India imported 15.6 GW of solar cells in CY 2023, up 169% YoY from 5.8 GW. India’s solar cell exports reached 286.3 MW in 2023, up 2,765% from 10 MW in 2022.

Key Highlights from Mercom India Research’s State of Solar PV Manufacturing in India 2023 Report:

• India added 20.8 GW of module capacity and 3.2 GW of cell capacity in CY 2023
• The country’s solar module and cell capacity is expected to exceed over 150 GW and 75 GW by 2026
• The top three states for solar module manufacturing were Gujarat, Rajasthan, and Tamil Nadu
• Telangana, Gujarat, and Himachal Pradesh were the top three states for solar cell manufacturing capacity
• In 2023, various public sector and government entities issued 9.7 GW of tenders to procure solar modules
• India’s solar PV module and cell imports were up 158% and 169%, respectively
• India’s solar PV module and cell exports were up 204% and 2,765%, respectively

Contact Mercom for pricing: reports@mercomindia.com or call us at +91-80-41211148.