Major Events that Impacted the Indian Solar Sector in 2024

SECI Tenders 125 MW/500 MWh Battery Energy Storage System in Kerala

Daily News Wrap-Up: APTEL Upholds Wind Power Firms’ Right to Terminate PPAs

Rajasthan Issues Empanelment Tender for 511 MW of Rooftop Solar Projects

APTEL Upholds Two Andhra Pradesh Wind Power Companies’ Right to Terminate PPAs

UltraTech Cement to Source Wind-Solar Hybrid Power from Clean Max

Daily News Wrap-Up: SECI’s 1,000 MW ISTS Solar Auction Results

Waaree to Set Up 300 MW Electrolyzer and 3.5 GWh Lithium-ion Cell Projects

Funding and M&A Roundup: EV Charging Platform JET Charge Receives $45 Million

Project Finance Brief: Recurrent Energy Secures Financing for 171 MW Solar Project

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					</table>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.
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.
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.
&#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.
<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" />
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.
<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.
Together, the top ten developers contributed 88.2% of the new large-scale solar capacity.
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>.
<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>.
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.
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.
<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.
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.
<a href="https://www.arctechsolar.us/" target="_blank" rel="noopener">Arctech</a> was the top supplier of solar trackers in 2023.
<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.
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.
&#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.
<a href="https://aegeustechnologies.com/" target="_blank" rel="noopener">Aegeus Technologies</a> dominated the market for robotic module cleaning equipment in India in 2023.
Higher Saturation in the Rooftop Solar Market
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.
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.
Central Inverters Regain Market Share
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%.
<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>.
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.
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>.
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.

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

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					</table><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow Power Supply</a>, <a href="https://en.si-neng.com/">Sineng Electric</a>, <a href="https://www.ginverter.com/?gclid=Cj0KCQiAr8eqBhD3ARIsAIe-buPEA4Nbi-RpySfgTF0v1I4Y_ySbTPEAiqGntDwgqHncXyEpbLap2X8aAvZ5EALw_wcB" target="_blank" rel="noopener">Growatt New Energy</a>, <a href="https://www.ginlong.com/global" target="_blank" rel="noopener">Ginlong (Solis) Technologies</a>, and <a href="https://www.goodwe.com/" target="_blank" rel="noopener">GoodWe</a> emerged as the leading solar inverter suppliers in India in the first half (1H) of 2023, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023.</a>
The Market Leaderboard provides insights into the industry leaders&#8217; market share and shipment rankings across the Indian solar supply chain.
For 1H 2023, the report captured notable shifts in market share rankings, with three new players making it to the top ten list.
Sungrow was the top solar inverter supplier, accounting for 35% of the market share. It was followed by Sineng Electric and Growatt New Energy with 22% and 7%, respectively. Ginlog (Solis) Technologies and GoodWe rounded off the top five with 5% each.
The top two inverter suppliers remain unchanged from 2022 to 2023 as the demand for their inverters in the Indian solar market continues to be strong.
<img loading="lazy" decoding="async" class="aligncenter wp-image-60372 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-1.png" alt="" width="562" height="380" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-1.png 562w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture1-1-300x203.png 300w" sizes="(max-width: 562px) 100vw, 562px" />
Sungrow, the top supplier to India in 1H 2023, has reached a cumulative supply of 19.2 GW at the end of June 2023.
Second on the list, Sineng Electric has three manufacturing facilities in Wuxi, China, Wuzhong, China, and Bangalore, India, with a 40 GW annual production capacity.
Third on the list was Growatt New Energy, which has moved up from sixth to third position in 1H 2023.
The fourth spot went to Ginlong (Solis) Technologies, retaining its position in 1H 2023.
String Inverters
Sungrow, Growatt New Energy, GoodWe, Ginlong Solis, and <a href="https://www2.sofarsolar.com/" target="_blank" rel="noopener">SOFAR</a> were the top solar string inverter suppliers, accounting for 69% of the market share.
Sungrow led with 22% of the total shipments, followed by Growatt, which accounted for 15%.
GoodWe, Ginlong (Solis), and SOFAR rounded off the top five with 12%, 11%, and 9%, respectively.
<img loading="lazy" decoding="async" class="aligncenter wp-image-60373 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture2.png" alt="" width="602" height="357" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture2.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture2-300x178.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture2-600x356.png 600w" sizes="(max-width: 602px) 100vw, 602px" />
Central Inverters
Central inverter supplies surpassed string inverters for the first time in two years in 1H 2023, accounting for approximately 56% of the total shipments during the period. Due to performance and supply issues, developers favored central inverters over string inverters in the first half of the year.
Sungrow, Sineng Electric, <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India</a>, Ginlong (Solis), and <a href="https://www.hitachi-hirel.com/" target="_blank" rel="noopener">Hitachi Hi-Rel</a> were the top solar central inverter suppliers for 1H 2023.
<img loading="lazy" decoding="async" class="aligncenter wp-image-60374 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture3.png" alt="" width="521" height="345" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture3.png 521w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/Picture3-300x199.png 300w" sizes="(max-width: 521px) 100vw, 521px" />
Sungrow and Sineng Electric accounted for 45% and 34% of the market share, respectively, followed closely by FIMER with 18%. Ginlong (Solis) Technologies and Hitachi Hi-Rel each accounted for 1% of central inverter shipments in 1H 2023.
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-1h-2023-market-shares-profiles" target="_blank" rel="noopener">here</a>.
Our <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener">Market Share Tracker</a> also gives insights into the solar market competitors and their growth rates quarterly.

Sungrow, Sineng, Growatt, Solis Top Solar Inverter Suppliers in 1H 2023

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					</table><a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow</a>, <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric</a>, <a href="https://www.fimer.com/" target="_blank" rel="noopener">FIMER India (ABB)</a>, <a href="https://www.ginlong.com/global" target="_blank" rel="noopener">Ginlong (Solis) Technologies</a>, and <a href="https://www.sofarsolar.com/" target="_blank" rel="noopener">SOFAR</a> emerged as the leading solar inverter suppliers in India in the calendar year (CY) 2022, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2023-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2023</a>.
The report provides insights into the industry leaders&#8217; market share and shipment rankings across the Indian solar supply chain. The report captured notable shifts in market share rankings, with three new players making it to the top ten list. SOFAR, <a href="https://www.deyeinverter.com/" target="_blank" rel="noopener">NingBo Deye Inverter Technology</a>, and <a href="https://www.fox-ess.com/" target="_blank" rel="noopener">Fox ESS</a> were the new entrants in the top ten list.
Sungrow was the top solar inverter supplier in CY 2022, accounting for 29% of the market share. It was followed closely by Sineng Electric and FIMER India (ABB) with 20% and 17%, respectively. Ginlog (Solis) Technologies and SOFAR rounded off the top five with 9% and 6%, respectively.
The top four inverter suppliers remain unchanged from 2021 to 2022 as the demand for their inverters in the Indian solar market continues to be strong.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_57_20_529Z.png"><img loading="lazy" decoding="async" class="alignnone wp-image-54734 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_57_20_529Z.png" alt="Top Solar Inverter Suppliers 2022" width="527" height="351" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_57_20_529Z.png 527w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_57_20_529Z-300x200.png 300w" sizes="(max-width: 527px) 100vw, 527px" /></a>
Among the top four, FIMER India&#8217;s shipments increased 117.3%, while Sungrow, Sineng Electric, and Ginglong (Solis) Technologies shipments were down 26.6%, 33.9%, and 5.7% compared to 2021.
Sungrow Power Supply (Sungrow), the top supplier to India in 2022, has an installed capacity of over 340 GW globally as of December 2022. Sungrow <a href="https://www.mercomindia.com/daily-news-wrap-up-sungrow-10-gw-solar-inverter-manufacturing" target="_blank" rel="noopener">has</a> a 10 GW manufacturing facility in New Delhi and a 3 GW facility in Bangalore.
Second on the list, Sineng Electric has three manufacturing facilities in Wuxi, China, Wuzhong, China, and Bangalore, India, reaching 30 GW annual production capacity.
Third on the list is FIMER India (ABB) has been operating in India since 2010. Its factory in Bangalore has an annual production of more than 5 GW with the latest infrastructure as well as testing facilities.
In April last year, FIMER supplied its 1 MVA inverters to Mahindra Susten for the battery energy storage system (BESS) project and successfully executed the integrated solar energy project at Sun Temple Town of Modhera, District Mehsana, Gujarat.
Next on the list is Ginlong (Solis) Technologies. During 2022, Solis supplied its 255 kW three-phase string inverter to NTPC&#8217;s 30 MW Rihand solar project in Uttar Pradesh. During the second half of 2022, the company released its sixth-generation energy storage inverters for European markets.
Rounding off the top five is SOFAR.
String Inverters
String inverters supply surpassed central inverters, accounting for approximately 53% of the total shipments in CY 2022 for the second consecutive year.
Sungrow, Ginlong Solis, SOFAR, <a href="https://www.ginverter.com/" target="_blank" rel="noopener">Growatt</a>, and <a href="https://en.goodwe.com/" target="_blank" rel="noopener">GoodWe</a> were the top solar string inverter suppliers, accounting for 74% of the market share.
Sungrow led the market share with 30% of the total shipments, followed by Solis, which accounted for 16%.
SOFARSOLAR, Growatt, and GoodWe rounded off the top five with 11%, 9%, and 8%, respectively.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_57_51_031Z.png"><img loading="lazy" decoding="async" class="alignnone wp-image-54735 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_57_51_031Z.png" alt="Top Solar String Inverter Suppliers 2022" width="562" height="335" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_57_51_031Z.png 562w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_57_51_031Z-300x179.png 300w" sizes="(max-width: 562px) 100vw, 562px" /></a>
Central Inverters
FIMER India (ABB), Sineng Electric, Sungrow, and <a href="https://www.tmeic.com/" target="_blank" rel="noopener">TMEIC</a> were the top solar central inverter suppliers for 2022.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_58_15_532Z.png"><img loading="lazy" decoding="async" class="alignnone wp-image-54736 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_58_15_532Z.png" alt="Top Solar Central Inverter Suppliers 2022" width="556" height="342" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_58_15_532Z.png 556w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/05/image_2023_05_31T07_58_15_532Z-300x185.png 300w" sizes="(max-width: 556px) 100vw, 556px" /></a>
FIMER India (ABB) and Sineng Electric accounted for 34% of the market share each, followed closely by Sungrow with 28% and TMEIC India with 4%.
The report 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-2023-market-shares-and-profiles" target="_blank" rel="noopener">here</a>. Also, our <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener">Market Share Tracker</a> gives insights into the solar market competitors and their growth rates on a quarterly basis.

Leading Solar Inverter Suppliers in 2022: Sungrow, Sineng, FIMER, Solis

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