Annual India Solar Report Card: CY2023
Installation trends
- As of December 31, 2023, about 60.9 GW of utility-scale solar capacity has been commissioned in India with huge solar module installation, while another 64 GW is under pipeline (where auctions are completed).
- As of December 31, 2023, Rajasthan has maximum installed solar capacity of 17.4 GW followed by Karnataka (8.9 GW) and Gujarat (6.9 GW).
- In CY2023, about 6.5 GW of utility-scale solar capacity and another 3 GW of rooftop solar capacity were added in India.
- In CY2023, the top three states with maximum installed solar capacity were Rajasthan (2.4 GW), Gujarat (1.3 GW), and Maharashtra (0.9 GW).
- For next year i.e. CY2024, about 15.9 GW of new utility-scale solar projects and 4.2 GW of rooftop/ onsite solar projects are expected to be commissioned.
Annual Market shares- CY2023
- Solar Module Supply: Jinko, Longi and Trina were the top three solar module suppliers in India in CY2023. Chinese/ International players have shown significant increase in sales in CY 2023 due to the suspension of ALMM order until March 2024.
- Solar Module Export: In CY2023, the top 3 players i.e. Waaree, Adani and Vikram Solar have contributed solar modules exports of about 60-65% of their total production in CY2023.
- Inverters: Sungrow, Sineng and FIMER were the top three inverter suppliers in India in CY2023.
- Project Developers: Adani, ReNew and UPC Renewables were the top three project developers with maximum solar projects commissioned in India in CY2023.
- Utility-Scale EPC Contractors: Waaree, Sterling & Wilson and Vikram Solar were the leading third-party EPC contractors for utility-scale solar projects in India in CY2023.