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Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p><a href="https://www.goodluckindia.com/" target="_blank" rel="noopener">Goodluck India</a>, <a href="https://www.arctechsolar.us/" target="_blank" rel="noopener">Arctech</a>, <a href="https://strolar.com/" target="_blank" rel="noopener">Strolar Mounting Systems</a>, <a href="https://raydeanindustries.com/" target="_blank" rel="noopener">Raydean Industries</a>, and<a href="https://metalkraft.in/" target="_blank" rel="noopener"> Metalkraft Forming Industries</a> were the top five module mounting structure suppliers to the Indian solar market in the first half (1H) of the calendar year (CY) 2024, according to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2024</a>.</p>
<p>Goodluck India led the solar module mounting structure shipments with a market share of 25.5%. Arctech and Strolar Mounting Systems followed with 15.5% and 14.9% of the shipments. Raydean Industries and Metalkraft Forming Industries rounded off the top five with markets share of 13.7% and 11.9%.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/leaderboard-module-mountign.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-73550 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/leaderboard-module-mountign.png" alt="" width="581" height="330" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/leaderboard-module-mountign.png 581w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/leaderboard-module-mountign-300x170.png 300w" sizes="(max-width: 581px) 100vw, 581px" /></a></p>
<p>Mounting structures in ground-mounted or rooftop solar projects ensure optimum energy generation. They carry the weight of solar modules and are built to withstand high wind speeds. These structures must endure seasonal variations and the challenging conditions typical of solar power project sites in India.</p>
<p>As of June 2024, Goodluck India had a production capacity of 412,000 metric tons per annum. In January 2024, the company raised nearly ₹2 billion (~$24.1 million) through a qualified institutional placement.</p>
<p>Arctech has a combined annual production capacity of 13 GW, which includes a 3 GW manufacturing facility in Mundra, Gujarat. The company is also planning to expand by adding a 3 GW production unit in Saudi Arabia.</p>
<p>Strolar Mounting Systems operates with a production capacity of 5,000 MT per month for steel-based solar module mounting structures and 45 MW per month for aluminum-based mounting structures at its facilities in Taloja and Greater Noida, Uttar Pradesh.</p>
<p>Raydean Industries produces module mounting structures for rooftop solar installations, with a manufacturing capacity of 3,800 MT per month, equivalent to about 10 MWp.</p>
<p>Metalkraft Forming Industries, based in Hyderabad, Andhra Pradesh, has a production capacity of 4,500 MT per month.</p>
<p>Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, offering quarterly data insights on your competitors’ growth rates, is also available.</p>


Who’s Leading the Solar Module Mounting Market in 1H 2024?


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					</table><p><a href="https://www.goodluckindia.com/" target="_blank" rel="noopener">Goodluck India</a>, <a href="https://www.arctechsolar.us/" target="_blank" rel="noopener">Arctech</a>, and <a href="https://gamechangesolar.com/" target="_blank" rel="noopener">GameChange Solar</a> were the top three module mounting structure suppliers to the Indian solar market in the calendar year (CY) 2023.</p>
<p><a href="https://raydeanindustries.com/">Raydean Industries</a> and <a href="https://strolar.com/">Strolar Mounting Systems</a> rounded off the top five, according to Mercom’s recently released report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>.</p>
<p>The top five companies shipped 67% of the mounting structures used in the country’s solar projects during the year.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66264 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023.png" alt="Mounting structure leaderboard 2023" width="793" height="417" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023.png 793w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-300x158.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-768x404.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-650x342.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-624x328.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Mounting-structure-leaderboard-2023-600x316.png 600w" sizes="(max-width: 793px) 100vw, 793px" /></a></p>
<p>Mounting structures in a ground-mounted or rooftop solar project helps maintain the optimum generation and endure the weight of solar modules and strong wind speeds.</p>
<p>The conditions in India demand mounting structures that withstand the seasonality and rough conditions in the areas where solar power projects are deployed.</p>
<p>Goodluck India ranked first, accounting for 17% of the total module mounting structures shipped in 2023.</p>
<p>Goodluck India supplies module mounting structures to grid-connected solar projects and solar carports. According to its nine-month financial year 2023-24 results, the company had a production capacity of 4,12,000 metric tons per annum across six manufacturing facilities and five in-house hot dip galvanizing plants in India.</p>
<p>Arctech ranked second, accounting for 14% of the module mounting structures supplied in 2023. It has a combined production capacity of 13 GW, including a 3 GW manufacturing facility in Mundra, Gujarat.</p>
<p>GameChange Solar entered the top ten list in 2023 in the third position, accounting for 13% of solar module mounting structures supplied during the year. The company had an annual production capacity of 55 GW for key systems.</p>
<p>Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.</p>
<p>The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a>, which gives data insights into your competitors and their growth rates every quarter, is now available.</p>


Goodluck, Arctech, GameChange Solar: Top Module Mounting Firms in 2023


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					</table><p>India&#8217;s solar market witnessed the emergence of new leaders in the calendar year 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>, showcasing intense competition for market dominance.</p>
<p>The report provides insight into notable shifts in market share across ten categories over the past calendar year, highlighting which companies are gaining traction and which ones fell behind.</p>
<p>India added around 7.5 GW of solar capacity in 2023, significantly lower than the 13.4 GW installed in 2022, as deadline extensions and policy uncertainty pushed companies to delay projects. Delayed transmission construction timelines and grid connectivity issues in states like Rajasthan, Madhya Pradesh, and Gujarat also contributed to the decline, according to Mercom India Research.</p>
<p>&#8220;The market is widening right now. If you are looking at the rooftop or open access projects, the market has been expanding, providing opportunities to new players,&#8221; said Priya Sanjay, Managing Director at Mercom India.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-65851 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566.png" alt="India Solar Market Share Leaders 2024" width="602" height="267" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566-300x133.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture566-600x266.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></p>
<p>Large-scale solar projects accounted for the lion&#8217;s share at 77.2% of total installations. Meanwhile, the country&#8217;s cumulative installed solar capacity reached approximately 72 GW by the end of 2023.</p>
<p><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani Green Energy</a> remained the top developer for large solar projects in 2023, with the most installed capacity. <a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a> and <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a> followed closely. NTPC Renewable Energy had the most under-development capacity at the end of 2023.</p>
<p>Together, the top ten developers contributed 88.2% of the new large-scale solar capacity.</p>
<p>Adani Green Energy also emerged as one of the leading global large-scale solar photovoltaic (PV) project developers during the July 2022 to June 2023 period in Mercom Capital Group&#8217;s <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">Leading Global Large-Scale Solar PV Developers report</a>.</p>
<p><a href="https://oriano.com/" target="_blank" rel="noopener">Oriano</a> led among EPC service providers, followed by <a href="https://waareertl.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a> and <a href="https://www.prozealgreen.com/" target="_blank" rel="noopener">Prozeal Green Energy</a>.</p>
<p>Developers imported more modules towards the end of 2023, anticipating the reimposition of the Approved List of Models and Manufacturers (ALMM) regulation and taking advantage of the lower module prices during that period, according to Mercom Research.</p>
<p>The high shipments of modules and other components were also due to the strong solar project pipeline, as India anticipates its best year for solar in 2024.</p>
<p><a href="https://www.jinkosolar.com/" target="_blank" rel="noopener">Jinko Solar</a> led the module supply category, with <a href="https://www.longi.com/" target="_blank" rel="noopener">LONGi Green Energy Technology</a> and <a href="https://www.jasolar.com/html/en/" target="_blank" rel="noopener">JA Solar</a> following suit. <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a> was the only domestic manufacturer among the top five suppliers. The top ten module suppliers collectively controlled 73% of the market.</p>
<p>Other domestic manufacturers like <a href="https://www.vikramsolar.com/" target="_blank" rel="noopener">Vikram Solar</a> and ReNew are also expected to expand their manufacturing capacities to meet the rising demand for domestically produced modules under the Domestic Content Requirement (DCR) policy.</p>
<p><a href="https://www.arctechsolar.us/" target="_blank" rel="noopener">Arctech</a> was the top supplier of solar trackers in 2023.</p>
<p><a href="https://www.goodluckindia.com/">Goodluck India</a> led the solar module mounting structure supply category, followed by Arctech and <a href="https://gamechangesolar.com/" target="_blank" rel="noopener">GameChange Solar</a>. The top ten suppliers covered 95.3% of the shipments.</p>
<p>Solar open access capacity grew significantly in 2023, with <a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a> leading as the top developer. <a href="https://www.continuumenergy.in/" target="_blank" rel="noopener">Continuum Green Energy</a> and <a href="https://www.cleanmax.com/" target="_blank" rel="noopener">CleanMax Enviro Energy</a> ranked second and third, respectively. The top ten developers held around 56.7% of the market share.</p>
<p>&#8220;Under the open access segment, projects, there&#8217;s a growing demand for larger projects, as corporates try to meet their net-zero targets. New EPC companies specializing in these projects are emerging to meet the increasing demand,&#8221; said Sanjay.</p>
<p><a href="https://aegeustechnologies.com/" target="_blank" rel="noopener">Aegeus Technologies</a> dominated the market for robotic module cleaning equipment in India in 2023.</p>
<p><strong>Higher Saturation in the Rooftop Solar Market</strong></p>
<p>On the rooftop solar front, over 1.7 GW of capacity was added in 2023. <a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a> continued to lead in rooftop solar development, with <a href="https://amplussolar.com/" target="_blank" rel="noopener">Amplus Solar</a> and <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a> coming in second and third.</p>
<p>The top ten developers in this sector accounted for 55.7% of the market. When compared with large-scale solar developers, where the top ten make up 88.2% of the market share, the rooftop solar market remained saturated with higher competition.</p>
<p><strong>Central Inverters Regain Market Share</strong></p>
<p>The report also showed a reversal in market preference for inverters. For the first time in over two years, central inverters made up 55.2% of total shipments, while string inverters accounted for 44.8%.</p>
<p><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow Power Supply</a> maintained its position as the leading supplier of solar inverters, with <a href="https://www.tbeaindia.com/" target="_blank" rel="noopener">TBEA Energy India</a> leading in string inverter shipments. Sungrow led the central inverter supply, followed by <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India</a> and <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric</a>.</p>
<p>With India targeting 280 GW of solar installations by 2030 and the government&#8217;s strong policy support through production-linked incentive schemes, the solar market is expected to remain dynamic, with further new leaders emerging in the coming years.</p>
<p>Mercom&#8217;s Market Leaderboard report, published twice a year, covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles">here</a>.</p>
<p>Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Tracker</a> also gives quarterly data insights into the solar market landscape and the top players.</p>


India’s Solar Market Sees New Leaders Rise in 2023: Mercom Report

<p><a href="https://www.arctechsolar.us/" target="_blank" rel="noopener">Arctech</a>, a solar tracking and building integrated photovoltaic (BIPV) solutions provider, announced its first joint venture Jash Energy — a 3 GW solar tracker factory in India, which has begun trial operations.</p>
<p>The factory is spread across 16 acres of land in Mundra, Gujarat. The manufacturing base has all the major components of Arctech&#8217;s solar tracker productions, including posts, torque tubes, purlins, and fasteners produced from its fully automatic production lines.</p>
<p>With the new venture, Arctech said it aims to ease the pressure of ongoing supply chain constraints caused due to COVID lockdowns in China during the first half of 2022.</p>
<p>The CEO of Jash Energy, Gail Chen, said, &#8220;By applying the fully automatic production lines, we can stay agile and make fast adjustments to the current supply strategy. We can also increase productivity, stay competitive, and prepare for the future, including for unprecedented events, such as a pandemic. It also helps accelerate the adoption of India&#8217;s Industry 4.0 solutions.&#8221;</p>
<p>Since Jash Energy commenced operations, the factory has employed over 200 people from the local community. The venture also comprises technical training for the employees to help upscale their expertise in equipment handling.</p>
<p>The company said it would also deepen its vertically integrated production plan, including using steel for trackers made in India.</p>
<p>Arctech plans to work with local manufacturing partners to develop solar tracking systems. Tracker suppliers can gain a competitive advantage by developing innovative solutions to steel procurement, logistics, tracker design, and tracker installation, which can help lower PV systems costs.</p>
<p>Arctech entered the Indian market with its first project in 2015, and to date, the company has accumulated shipments of 3.9 GW across over 50 projects in the country.</p>
<p>Despite the global supply chain disruption caused by COVID-19, Arctech struck a deal with Adani Electricity Mumbai to supply 1.7 GW of 1P SkyLine trackers to two projects in Rajasthan in 2020.</p>
<p>According to Mercom&#8217;s <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2022-market-shares-and-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 2022</a> report, Arctech <a href="https://mercomindia.com/sns-strolar-ishkon-solar-mounting-suppliers-2021/" target="_blank" rel="noopener">rounded</a> off the top five module mounting structure suppliers in 2021.</p>
<p>Arctech was the top <a href="https://mercomindia.com/indian-solar-markets-top-players-2021/" target="_blank" rel="noopener">supplier</a> of solar trackers in 2021.</p>


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