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					</table>Indian solar module and cell exports decreased 16% year-over-year (YoY) to $1.5 billion (~₹129.4 billion) in 2024 from $1.8 billion (~₹152 billion), according to recent data published by the <a href="https://www.commerce.gov.in/" target="_blank" rel="noopener">Department of Commerce</a>.
Indian solar exports in 2024 were dominated by photovoltaic modules, comprising 97.7% of total shipments, while solar cells made up the remaining 2.3%.
The U.S. emerged as the primary destination for the export of Indian solar cells and modules, accounting for 97.5% of the exports in 2024.
Indian module exports declined in 2024 due to heightened shipment scrutiny, including port inspections and barcode verification of individual modules, and concerns over potential Chinese component inclusion.
<img loading="lazy" decoding="async" class="aligncenter wp-image-77886 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1.png" alt="Solar exports decline" width="969" height="530" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1.png 969w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-300x164.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-768x420.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-650x356.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-624x341.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-1-600x328.png 600w" sizes="(max-width: 969px) 100vw, 969px" />
Solar Imports in 2024
India imported $4.5 billion (~₹375.28 billion) worth of solar cells and modules in 2024, down 10.2% from $5 billion (~₹415.45 billion) in 2023.
Solar modules accounted for of the annual solar imports, while solar cells accounted for the remaining 34.9 %.
The reimposition of the Approved List of Models and Manufacturers order significantly reduced India&#8217;s solar module imports in 2024. Government programs like PM Surya Ghar: Muft Bijli Yojana and Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan, which mandate modules compliant with domestic content requirements, further impacted the decline in solar module imports in 2024.
China remained the dominant supplier of solar products to India, accounting for 86.5% of total imports. Vietnam was the second-largest supplier, with 7.9% of imports, followed by Thailand at 3.2%. Other suppliers include Indonesia, Singapore, and the U.S., holding shares of 1%, 0.7%, and 0.3 %, respectively.
<img loading="lazy" decoding="async" class="aligncenter wp-image-77887 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2.png" alt="Solar exports decline" width="981" height="614" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2.png 981w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-300x188.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-768x481.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-650x407.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-624x391.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/03/solar-exports-decline-2-600x376.png 600w" sizes="(max-width: 981px) 100vw, 981px" />
Solar Exports in Q4 2024
India&#8217;s solar exports in the fourth quarter (Q4) 2024 reached $212.2 million (~₹17.9 billion), a modest increase of 1.8% from $208.55 million (~₹17.4 billion) in Q3 2024. However, when compared to YoY, exports witnessed a significant decline of 39.3% from $349.44 million (~₹29 billion) in Q4 2023.
The U.S. remained India&#8217;s primary solar export market, representing 97.5% of total export value, up from 92.3% in Q3 2024.
Solar Imports in Q4 2024
In the fourth quarter of 2024, solar cell and module imports totaled over $723.4 million (~₹61.1 billion), representing a 26.7% QoQ decrease from $986.5 million (~₹82.6 billion). Imports declined by 64.8% YoY from $2 billion (~₹170.9 billion).
Solar cells accounted for 56.4% of the quarter&#8217;s imports compared to 39.7% in Q3 2024, whereas solar modules&#8217; import share decreased to 43.6% from 60.3% in the previous quarter.
China constituted 86.5% of India&#8217;s solar imports in Q4 2024, down from 89.5% in Q3. The total value of these imports from China reached $625.9 million (~₹52.9 billion), representing a 29.1% QoQ decline.
Detailed solar import and export data by component types, suppliers, manufacturers, and developers are available in Mercom&#8217;s <a href="https://www.mercomindia.com/product/india-solar-export-import-tracker" target="_blank" rel="noopener">India Solar Export-Import Tracker</a>.

India’s Solar Exports Decline 16% YoY in 2024, Imports Down 10%

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					</table>India added 25.2 GW of solar capacity in the calendar year 2024, a 204% increase compared to the 8.3 GW added in 2023. According to Mercom India&#8217;s latest <a href="https://www.mercomindia.com/product/q4-2024-india-solar-market-update" target="_blank" rel="noopener">Q4 and Annual 2024 India Solar Market Update Report</a>, this marks the highest annual capacity addition in the country&#8217;s history.
This growth was driven by large-scale solar projects, which accounted for over 87% of the total capacity additions, with rooftop solar contributing the remaining 13%.
&#8220;India’s solar sector saw record-breaking installations in 2024, but the numbers could have been significantly higher if not for transmission issues and supply chain delays. Rising costs due to import duties and expensive domestic modules remain a concern for the industry. With over 35 GW of annual solar additions needed to meet 2030 goals, the industry requires clear, stable policies that balance local manufacturing with seamless project development.&#8221; commented Raj Prabhu, CEO of Mercom Capital Group.
The bulk of the solar capacity additions totaling 22 GW came from large-scale solar projects, a 235% rise from the 6.6 GW installed in 2023. A major factor behind this expansion was the commissioning of previously delayed projects. The open access model contributed over 31% of these large-scale installations.
Leading the solar expansion in 2024 were Rajasthan, Gujarat, and Maharashtra, which accounted for approximately 32%, 27%, and 8% of the total capacity additions, respectively.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Annual-and-Cumulative-Solar-Installations-4.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-76797 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Annual-and-Cumulative-Solar-Installations-4.png" alt="Annual and Cumulative Solar Installations" width="1085" height="538" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Annual-and-Cumulative-Solar-Installations-4.png 1085w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Annual-and-Cumulative-Solar-Installations-4-300x149.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Annual-and-Cumulative-Solar-Installations-4-768x381.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Annual-and-Cumulative-Solar-Installations-4-650x322.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Annual-and-Cumulative-Solar-Installations-4-624x309.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Annual-and-Cumulative-Solar-Installations-4-600x298.png 600w" sizes="(max-width: 1085px) 100vw, 1085px" /></a>
In 2024, India added 34.7 GW of new power capacity. Solar power accounted for almost 73% of the capacity additions.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-76765 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions.png" alt="Power capacity additions" width="3105" height="1671" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions.png 3105w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions-2000x1076.png 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions-768x413.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions-1536x827.png 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions-2048x1102.png 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions-650x350.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions-624x336.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/Power-capacity-additions-600x323.png 600w" sizes="(max-width: 3105px) 100vw, 3105px" /></a>
India added 7.8 GW of solar capacity installed in Q4 2024, up 118% from Q3 2024&#8217;s 3.6 GW and a 303% increase from 1.9 GW installed in Q4 2023.
Large-scale solar projects dominated the quarter&#8217;s installations, making up over 83% of the total, while rooftop solar projects contributed nearly 17%.
&#8220;Rooftop solar installations have surged due to the PM Surya Ghar program. For the first time, residential rooftop installations are playing a major role, with commercial and industrial projects continuing steadily,&#8221; said Priya Sanjay, managing director of Mercom India.
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 YoY from 1.5 GW.
Commissioning previously delayed projects was crucial in achieving the second-highest quarterly capacity addition on record. Among large-scale projects, solar open access accounted for nearly 32% of the quarter&#8217;s installations.
State-wise, Rajasthan, Gujarat, and Maharashtra again led the quarter&#8217;s capacity additions, contributing around 44%, 17%, and 9%, respectively.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/image_2025_02_24T04_54_30_632Z.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-76793 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/image_2025_02_24T04_54_30_632Z.png" alt="Q4 large scale" width="1039" height="598" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/image_2025_02_24T04_54_30_632Z.png 1039w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/image_2025_02_24T04_54_30_632Z-300x173.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/image_2025_02_24T04_54_30_632Z-768x442.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/image_2025_02_24T04_54_30_632Z-650x374.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/image_2025_02_24T04_54_30_632Z-624x359.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/02/image_2025_02_24T04_54_30_632Z-600x345.png 600w" sizes="(max-width: 1039px) 100vw, 1039px" /></a>
By the end of 2024, India&#8217;s total installed solar capacity stood at 98.7 GW, with large-scale solar projects making up 86% and rooftop solar installations contributing 14%. Solar energy represented over 21% of India&#8217;s total installed power capacity and nearly 47% of the country&#8217;s total renewable capacity.
Rajasthan, Gujarat, and Karnataka emerged as the leading states in cumulative large-scale solar capacity, accounting for around 28%, 16%, and 13% of the total installations, respectively.
India&#8217;s large-scale solar project pipeline stood at 177.5 GW, with an additional 141.9 GW of projects tendered and awaiting auction by the end of 2024. The year witnessed a record 79.3 GW of large-scale solar project tenders, up 39% from 2023&#8217;s 57 GW. Additionally, solar auctions reached 48.1 GW, up 117% from 22.2 GW in 2023.
However, the Q4 2024 large-scale tendering activity dropped 14% to 13.7 GW of from 15.9 GW in Q4 2023 and 15.8% from 16.2 GW in Q3 2024. In contrast, 10.5 GW of solar projects were auctioned in Q4, marking a yearly 38% and a quarterly 82% rise.
The cost of large-scale solar projects rose by nearly 2% QoQ in Q4 2024 but saw an 8% YoY decline compared to Q4 2023. Sanjay said, &#8220;Solar project costs are unlikely to decrease significantly in the near future due to tight supply chains.&#8221;
She noted that the outlook for the next few quarters looks promising, with many projects in the pipeline. However, the uncertainty around the ISTS waiver&#8217;s extension creates challenges, as the government usually announces its decision only after the deadline.
Mercom&#8217;s Q4 &amp; Annual 2024 India Solar Market Update report is 113 pages long and covers all facets of India&#8217;s solar market. For the complete report, visit:  <a href="https://www.mercomindia.com/product/q4-2024-india-solar-market-update" target="_blank" rel="noopener">https://www.mercomindia.com/product/q4-2024-india-solar-market-update</a>

Best-Ever Year for Solar as India Adds 25 GW Capacity in 2024

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					</table>India added 3.6 GW of solar open access capacity in the first half (1H) of 2024, a 153% increase from the 1.4 GW installed during the same period in 2023, according to the <a href="https://www.mercomindia.com/product/q2-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">Q2 2024 Mercom India Solar Open Access Market Report</a>.
The capacity added in the first half of this year exceeded the total annual installations of any previous year.
This growth was driven by the availability of low-cost solar modules imported in earlier quarters. In the second quarter of 2024, India added nearly 1.8 GW of solar open access capacity, a slight decrease of 2.5% compared to the more than 1.8 GW installed in Q1 2024.
Priya Sanjay, Managing Director of Mercom India, said, &#8220;Green energy targets and sustainable initiatives largely drove the increase in solar open-access installations in the first half of 2024. While the Green Energy Open Access Regulations introduced by central and state governments have significantly eased regulations, encouraging more states to participate, the primary motivation comes from companies&#8217; commitment to going green.&#8221;
Many developers postponed capacity additions during the quarter while awaiting an exemption from the reinstated Approved List of Models and Manufacturers (ALMM) order, resulting in a decline in installations and delays in commissioning.
Sanjay explained how the ALMM, its suspension and subsequent reimposition, and the industry anticipation that open access and private rooftop projects would be excluded from the ALMM mandate caused uncertainty in the industry.
While behind-the-meter rooftop projects are exempt from the ALMM mandate, open access projects are included, causing many developers to delay the procurement of modules while awaiting clarity.
&#8220;There was also an expectation that some relaxation would be announced after the June elections, which did not occur. This situation has been a significant factor, and the growth could have been much higher if not for the ALMM,&#8221; Sanjay said.
The quarter&#8217;s installation increased by nearly 152% year-over-year compared to 712.8 MW. In Q2 2024, several projects with imported modules that arrived at the project site by March 31, 2024, were exempt from the ALMM order, reducing project costs and boosting installations.
<img loading="lazy" decoding="async" class="aligncenter wp-image-69829 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture1.png" alt="" width="940" height="542" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture1.png 940w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture1-300x173.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture1-768x443.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture1-650x375.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture1-624x360.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture1-600x346.png 600w" sizes="(max-width: 940px) 100vw, 940px" />
In Q2 2024, Karnataka led the way in solar open access capacity additions, contributing over 40% of the installations for the quarter. Together, the top five states accounted for more than 85% of the installations during this period.
As of June 2024, the total installed solar open access capacity reached 16.3 GW.
<img loading="lazy" decoding="async" class="aligncenter wp-image-69830 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture2.png" alt="" width="829" height="532" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture2.png 829w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture2-300x193.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture2-768x493.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture2-650x417.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture2-624x400.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/09/Picture2-600x385.png 600w" sizes="(max-width: 829px) 100vw, 829px" />
Karnataka remained the leading state, contributing over 30% of the country&#8217;s solar open access capacity by the end of the first half of 2024. Maharashtra and Tamil Nadu followed, contributing nearly 14% and 11% of the cumulative installations, respectively.
Sanjay opined, &#8220;In Karnataka, the regulations are favorable, and the state has a large number of consumers, making it easier to meet demand locally without having to wheel power outside.&#8221; Karnataka is also well-suited for both wind and solar, leading to an increase in hybrid projects. DISCOMs in the state are accustomed to solar open access projects, and approvals are generally streamlined.
&#8220;It&#8217;s encouraging to see other states adopting the Green Energy Open Access regulations. However, there&#8217;s a distinction between issuing policies and their implementation. The real challenge often lies in implementation. Once states begin implementing, approvals start to improve, as seen in Andhra Pradesh recently, which has also become a significant market,&#8221; she said.
The pipeline for solar open access projects under development and pre-construction phases was nearly 23 GW as of June 2024, with over 81% of these projects located in Rajasthan, Karnataka, Andhra Pradesh, Maharashtra, and Tamil Nadu.
Sanjay said that the main risks developers face are procuring land and building evacuation infrastructure, along with ALMM affecting the supply side.
&#8220;Many projects bid by agencies like SECI, NTPC, and NHPC tend to secure larger plots of land near substations, making land and evacuation infrastructure key constraints for project development. However, once land is secured, the market is very promising, and finding consumers for projects won&#8217;t be an issue,&#8221; she noted.
Sanjay also cautioned that the market could slow down coming months if the transmission infrastructure isn&#8217;t ready, so the government needs to expedite infrastructure development.
Although efforts are being made, certain aspects like right-of-way issues, local protests, and legal challenges at the ground level remain beyond the control of transmission project developers. Until these are resolved, difficulties will persist.
The report analyzes the solar open access market, including retail electricity tariffs, PPA prices, and open access charges and costs across 15 states.
The Q2 2024 Mercom India Solar Open Access Market Report report is 58 pages long and covers vital information and data on the market. For the complete report, visit: 
<a href="https://www.mercomindia.com/product/q2-2024-mercom-india-solar-open-access-market-report" target="_blank" rel="noopener">https://www.mercomindia.com/product/q1-2024-mercom-india-solar-open-access-market-report</a>

India’s Solar Open Access Capacity Jumps 153% in 1H 2024

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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>As solar technology evolves to keep up with the increasing adoption to help lower manufacturing costs and increase the efficiency of solar modules, Indian solar module manufacturers have been leaning towards the latest TOPCon (Tunnel Oxide Passivated Contact) module technology over its other mainstream rival – HJT (Heterojunction).
In the Indian solar market, where the p-type mono PERC is well established, manufacturers are looking at the next big technology to replace it to achieve higher efficiency rates.
TOPCon and HJT are both N-type technologies and have minimal efficiency differences at the manufacturing level. HJT, however, is said to perform better in terms of degradation rate and temperature coefficient.
According to  Balachander Krishnan, Chief Operating Officer at Indosol Solar, a special purpose vehicle of <a href="https://ssel.in/" target="_blank" rel="noopener">Shirdi Sai Electricals</a>, the only advantage that HJT can claim is the temperature coefficient, which is -0.25%/°C. TOPCon is -0.30%/°C, due to which HJT technology gives higher power output, especially in hotter countries.
&#8220;TOPCon is veering towards Bi-poly or double poly and further towards back contact, and HJT will eventually move towards back contact if it&#8217;s successful.&#8221;
Vasanthi Sreeram, Chief Technical Officer and Director at <a href="https://www.webelsolar.com/index.php" target="_blank" rel="noopener">Websol Energy System</a> claims that even if HJT has higher efficiency than TOPCon, the efficiency levels in TOPCon can be enhanced by adding back contact and other structures.
Cost &amp; Availability
One of the major factors giving TOPCon the edge over HJT technology is its easy availability and cheaper installation and production costs.
The CAPEX required for HJT production is almost three times higher, and OPEX is 2.5 times higher compared to ToPCoN technology. The CAPEX for the HJT production line is about $70 million per GW, whereas for TOPCON, it is $40 million per GW.
Sreeram said, &#8220;The major factor distinguishing TOPCon and HJT is the availability factor. The HJT modules tend to have ~50% higher CAPEX and ~30% higher OPEX as compared to TOPCon. The cost factor impacts the demand and, consequently, the availability of the TOPCon modules. Substantial research goes into TOPCon technology, making it more readily available. Whereas, the companies investing in HJT technology are the ones who wish to cater to the niche market and stand out from the crowd.&#8221;
The widely installed mono PERC production lines can be transformed into TOPCon lines with ease, which otherwise would require high capital infusion.
Due to its complexity, HJT manufacturing equipment is difficult to procure at scale, limiting the options to very few globally. Since TOPCon manufacturing equipment is more readily available in the market than HJT, the demand is relatively higher.
According to Krishnan, even though HJT claims to have a lesser number of steps, when it comes to the cost, TOPCoN is a clear winner, both in terms of CAPEX and OPEX.
He said, &#8220;The succession from PERC to TOPCon was relatively easy by adding a few pieces of equipment. China alone has 700 GW of manufacturing, while HJT still has not crossed 40 GW. Considering the overall cost, people are still not keen towards moving into mass manufacturing.&#8221;
&#8220;Unless HJT CAPEX and OPEX, especially the overall silver laydown and replacement of Indium Tin Oxide with Aluminium doped Zinc Oxide, come down, it&#8217;s going to be difficult. As in the past, solar manufacturing is always dictated and driven by cost. Apart from this, the BOM (bill of materials) required for HJT is extremely different from the traditional technologies, so the supply chain has not matured, and competitive cost advantages are not likely to happen anytime soon,&#8221; he added.
In India, where cost is a significant factor, consumers look at the cost saved per unit of energy when installing newer technology. The decision ultimately comes down to the per-watt price.
Avinash Hiranandani, Global CEO and Managing Director at <a href="https://www.renewsysworld.com/" target="_blank" rel="noopener">RenewSys</a> said, &#8220;As far as technologies go, mono-PERC and TOPCon will exist parallelly for a while, as everything depends on the price and per watt price of these products. Consumers prefer the one that is cheaper and has a wider price gap. One gives 545W power and the other 580W. If the price gap in the sale is too much, people would then prefer per watt price.&#8221;
At an ingot/wafer level, TOPCon and HJT technologies cost the same at ~$0.115/Wp, whereas at the cell level, HJT costs $0.079/Wp, compared to $0.042/Wp for TOPCon.
Cost and availability factors continue to be the primary reasons for most manufacturers in India to choose TOPCon technology.
Technology Outlook
While both technologies continue to scale and reach higher efficiencies, Indian solar module manufacturers are leaning towards TOPCon for now.
However, manufacturers continue to remain cautious when choosing newer technologies.
Hiranandani said, &#8220;The P-type technology, from which PERC is derived, has been stable, and everyone in the market has used it for the last couple of years. TOPCon N-type is a newer technology, and one has to be cautious while using any new technology.&#8221;
Mercom had <a href="https://www.mercomindia.com/end-of-polycrystalline-solar-modules" target="_blank" rel="noopener">reported</a> on how the Indian government effectively eliminated polycrystalline modules, whose efficiencies have peaked at 17-18% from being listed in the Approved List of Models and Manufacturers. The step was to impose the use of newer technologies such as mono PERC and others in the Indian solar landscape.
Many have even raised questions about how long TOPCon would survive the cost-sensitive Indian market.
According to Sreeram, &#8220;TOPCon is expected to continue in the market for at least the next five years, and it is only going to improve considering the technological investments in it. Mono-PERC, however, will not go away from India because of its price advantage and ease of production. In China, they have moved on to TOPCon and HJT completely in terms of production because of the efficiency; in India, however, it will stay on for a few more years.&#8221;
A senior executive at a renowned module manufacturing company, on the condition of anonymity, expressed that even though his company is one of the few to install HJT lines, they are yet to scale the production given the increased demand for TOPCon in the market at the moment.
While talking about the future of the two top technologies, Krishnan says HJT can match TOPCon if the cost factor is mitigated by replacing silver with copper in mass manufacturing.
He said, &#8220;While the cost of CAPEX could come down when the capacity is increased, it must be competitive enough with TOPCon. The expectation is that after three to four years, both may have equal advantages. However, in the cost-sensitive Indian market, it will take even longer for HJT to gain traction.&#8221; He expected this to happen after 5- 6 years, provided the issues with HJT were sorted.
The success of either of these two technologies in India will be based on their overall performance, efficiency, and reliability with the lowest cost $/Wp, which is what Indian solar manufacturers considered when transitioning from multi to mono-PERC, and the same is likely to happen from P-type to N-type as well.
&#8220;Module manufacturers must closely track the direction of module technologies and strategically plan future investments based on anticipated technological shifts expected in the next 3 to 5 years to avoid the fate of many smaller polycrystalline manufacturers in India who failed to adapt to changing trends on time, and suffered as a result,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.

TOPCon Module Tech Trumps HJT in Cost-Sensitive Indian Solar Market

Inverters are critical to solar power generating systems, and string inverters are quickly catching up with central inverters in utility-scale projects in India.
Although inverters account for roughly 5% of the project cost, they are a vital component for the smooth functioning of any project.
String inverters are rapidly gaining popularity among solar developers. Demand for these inverters is typically in the distributed solar segment. But string inverters are also becoming popular for utility-scale solar systems due to newer flexible and scalable technology advancements.
Mercom is hosting a <a href="https://mercomindia.com/increasing-roi-of-utility-scale-solar-systems-through-string-inverters/" target="_blank" rel="noopener">webinar</a> on &#8216;Increasing RoI of Utility-Scale Systems Through String Inverters&#8217; on March 30 to discuss the growing acceptance of string inverters and the factors driving the growth of string inverters in the solar space.
<a href="https://attendee.gotowebinar.com/register/3275075025332810000?source=Article"><img loading="lazy" decoding="async" class="aligncenter wp-image-33646 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy.jpg" alt="" width="2024" height="1063" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy.jpg 2024w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy-300x158.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy-2000x1050.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy-768x403.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy-1536x807.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy-650x341.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy-624x328.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/03/WEBINAR-Banner_Facebook_1200-x-630-copy-600x315.jpg 600w" sizes="(max-width: 2024px) 100vw, 2024px" /></a>
This webinar will bring together developers and manufacturers to discuss the advantages of string inverters and how they improve utility-scale systems&#8217; economics by maximizing system performance and reliability and reducing downtime.
The panelists at the webinar are C Chaudhary, Chief Operating Officer-Solar, <a href="https://amp.energy/global/india" target="_blank" rel="noopener">Amp Energy India</a>; Sudhir Pathak, Head-Design, Engineering &amp; QA, <a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>; Prateek Sharma, Business Leader, India Key Accounts, <a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow India</a>; and Rakesh BP, Technical Sales, <a href="https://solis.solar/" target="_blank" rel="noopener">Solis</a>. Priya Sanjay, Managing Director of Mercom India, will moderate the session.
Recently, MNRE <a href="https://mercomindia.com/deadline-for-bis-certification-extended-june-2022/" target="_blank" rel="noopener">issued</a> a fresh notification extending the self-certification of solar photovoltaic inverters under the Bureau of Indian Standards from December 31, 2021, to June 30, 2022. The extension was granted as the industry had sought more time for compliance, considering the issues relating to testing and the level of preparation of test labs.
Sungrow, Sineng Electric, and TBEA Energy were the top solar inverter suppliers in the Indian solar market in the first half (1H) of the calendar year (CY) 2021, according to Mercom&#8217;s <a href="https://mercomindia.com/sungrow-sineng-tbea-top-inverter-suppliers/" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2021</a> report. The top three suppliers represented 78% of the overall market share in 1H 2021.
You can <a href="https://mercomindia.com/increasing-roi-of-utility-scale-solar-systems-through-string-inverters/" target="_blank" rel="noopener">register</a> for the webinar here.

Growing Use of String Inverters in Utility-Scale Projects

<a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>, <a href="http://www.fourthpartner.co/" target="_blank" rel="noopener">Fourth Partner Energy</a>, and <a href="https://www.prozealinfra.com/" target="_blank" rel="noopener">Prozeal Infra</a> emerged as the top solar rooftop installers in India in the calendar year (CY) 2020, according to Mercom’s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2021-market-shares-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 2021</a>.
Together these three installers accounted for almost 40% of the total rooftop installations in 2020.
&nbsp;
<a href="https://mercomindia.com/wp-content/uploads/2021/05/Tata-Power-Solar-Fourth-Partner-Prozeal-Infra-Top-Rooftop-Solar-Installers-in-2020.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-26174 size-full" src="https://mercomindia.com/wp-content/uploads/2021/05/Tata-Power-Solar-Fourth-Partner-Prozeal-Infra-Top-Rooftop-Solar-Installers-in-2020.png" alt="Tata Power Solar, Fourth Partner, Prozeal Infra Top Rooftop Solar Installers in 2020" width="393" height="283" srcset="https://cms.mercomindia.com/wp-content/uploads/2021/05/Tata-Power-Solar-Fourth-Partner-Prozeal-Infra-Top-Rooftop-Solar-Installers-in-2020.png 393w, https://cms.mercomindia.com/wp-content/uploads/2021/05/Tata-Power-Solar-Fourth-Partner-Prozeal-Infra-Top-Rooftop-Solar-Installers-in-2020-300x216.png 300w" sizes="(max-width: 393px) 100vw, 393px" /></a>
The top ten installers contributed to 66% of the total rooftop installations in 2020, while other small players contributed to the remaining 34%. However, rooftop solar capacity additions slowed down to just 719 MW during CY 2020, a decline of 35% compared to 2019, due to the Covid-19 pandemic.
The segment also grapples with the government’s restrictive policy on net metering. The Ministry of Power has <a href="https://mercomindia.com/ministry-of-power-net-metering-rooftop-500-kw/" target="_blank" rel="noopener">issued</a> a draft amendment to Electricity (Rights of Consumers) Rules, 2020, which allows net metering for rooftop solar systems of loads up to 500 kW or up to the sanctioned load, whichever is lower and gross metering after. Earlier the cap was at 1 MW.
Installations slowed down in 2020 due to the pandemic. Construction activity for ongoing projects came to a halt, and the solar supply chain took a beating.
In 2019, Tata Power Solar, Fourth Partner Energy, and Azure Power were the <a href="https://mercomindia.com/tata-fourth-partner-azure-top-rooftop-installers/" target="_blank" rel="noopener">top</a> solar rooftop installers in India. Together, these three installers accounted for nearly 22% of total rooftop installations in 2019.
Gujarat has been leading rooftop solar drive contributing to around 26% of the country’s installations, followed by Rajasthan and Tamil Nadu. Gujarat’s dominance in the rooftop segment can be attributed to highly rated DISCOMs and favorable policies.
Mercom’s <a href="https://mercomindia.com/product/2020-q4-annual-india-solar-market-update/" target="_blank" rel="noopener">Q4 2020 and Annual India Solar Market Update</a> showed that the residential segment has been witnessing slow growth but has enormous potential. There is a strong surge towards rooftop installations from the commercial and industrial (C&amp;I) sector, which saw 33% installations in the last quarter of 2020.
With the levelized cost of energy of rooftop solar on an average 50-60% lower than retail electricity tariffs for C&amp;I consumers in many states, it makes for a great case for C&amp;I consumers to install rooftop solar and save on their energy bills.

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