India expected to install more than 20 GW of solar this year: JMK Research


A new report by JMK Research projects that India’s annual solar installations in 2024 will surpass 20 GW, with 15.9 GW of capacity likely to be added in the utility-scale segment and 4.2 GW in rooftop (onsite) PV.

The research, titled Annual India Solar Report Card – CY2023, states that India commissioned around 9.5 GW of solar capacity in 2023, including 6.5 GW from utility-scale projects and 3 GW rooftop. The capacity additions in 2023 were led by Rajasthan, where 2.4 GW of new projects were installed. Rajasthan was followed by Gujarat (1.3 GW) and Maharashtra (0.9 GW).

As of Dec. 31, 2023, the nation had installed a cumulative utility-scale solar capacity of 60.9 GW, while another 64 GW is under pipeline (auctions completed).

Leading players in 2023

China’s Jinko, Longi and Trina were the top three module suppliers in India in CY2023. The sales of Chinese players increased in India due to the suspension of ALMM mandate until March 2024.

Waaree, Vikram Solar and Adani were the top 3 exporters among all domestic module manufacturers. These players exported about 60-64% of their total production in CY2023.

Sungrow, Sineng and FIMER led inverter supplies in India.

Adani, ReNew and UPC Renewables were the top three utility-scale project developers. Adani developed 11.5% of the overall 6.9 GW utility-scale capacity commissioned in CY2023. ReNew contributed 5.9% and UPC Renewables 4.6%.

Waaree, Sterling & Wilson and Vikram Solar were the leading third-party EPC contractors for utility-scale solar projects.



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