Avaada Energy emerged as India’s leading utility-scale solar developer in 2022 by commissioning the largest capacity during the year. It was followed by NTPC Renewable Energy and Adani Green Energy, according to Mercom India’s recently released report India Solar Market Leaderboard 2023.
India recorded its highest-ever yearly solar installation of 13 GW in 2022. Large-scale (utility-scale) solar projects accounted for 87% (over 11 GW) of the cumulative 13 GW installations in 2022, with rooftop solar comprising around 1.6 GW.
The Mercom report highlights significant changes in the players’ market share in 2022—a year heavily impacted by policies like basic customs duty on cells and modules and the Approved List of Models and Manufacturers. Several new companies made to the top ten list for the first time, reflecting a dynamic solar market with significant market opportunities.
The report states top ten utility-scale project developers accounted for 65% of projects installed in 2022.
Tata Power Solar led the list of rooftop solar developers, accounting for almost 27% of the total 1.6 GW rooftop installations in 2022. The top ten developers accounted for nearly 50% of the rooftop solar market in 2022.
Tata Power Solar topped the list of EPC providers during the year, followed by Vikram Solar and Bharat Heavy Electricals.
Sungrow was the leading string inverter supplier in terms of shipment volume. FIMER India led central inverter supplies.
Jinko Solar was India’s biggest module supplier in 2022. Adani Solar was the only domestic manufacturer in the top five solar module suppliers list.
Scorpius Trackers was the top solar tracker supplier.
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