Annual India Solar Report Card: FY2023
The growth of solar energy in India has seen remarkable advancements in recent years, driven by significant capacity additions and technological developments:
Installation trends
- As of March 31, 2023, about 56 GW of utility-scale solar capacity has been commissioned in India, while another 51.7 GW is under pipeline (where auctions are completed).
- As of March 31, 2023, Rajasthan has added a maximum solar capacity of 16.1 GW followed by Karnataka (8.5 GW) and Gujarat (5.9 GW).
- In FY2023, about 9.8 GW of utility-scale solar capacity and another 2.2 GW of rooftop solar capacity was added, contributing significantly to the growth of solar energy in India
- In FY2023, the top three states where maximum solar capacity was added were Rajasthan (5.1 GW), Maharashtra (1.1 GW), and Gujarat (1.1 GW).
- For next year i.e. FY2024, about 14.2 GW of new utility-scale solar projects and 2.8 GW of rooftop/ onsite solar projects are expected to be commissioned.
Annual Market shares- FY2023
- Modules: Waaree, Adani and Goldi Solar were the top three module suppliers in India in FY2023.
- Inverters: Sungrow, Sineng and FIMER were the top three inverter suppliers in India in FY2023.
- Project Developers: Adani, NTPC Limited and Avaada were the top three project developers which have commissioned maximum utility-scale solar projects in India in FY2023.
- Open access:In FY 2023, about 2.76 GW of open access capacity was installed in India, representing a 123% increase compared to the previous year’s installations. ReNew, Avaada, and Radiance Renewables were the top three developers that commissioned maximum open access capacity in FY 2023.
- Rooftop/Onsite model: Tata Power Solar, Amplus and Roofsol were the leading players that have setup maximum rooftop/ onsite projects in FY2023.
- Utility-Scale EPC Contractors: Tata Power, L&T and Vikram Solar were the leading third-party EPC contractors for utility-scale solar projects in India in FY2023.
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