PV Manufacturing

Assessing Overcapacity risk in India’s Solar PV Manufacturing market At 233 GW, India is the world’s second-largest solar PV module manufacturer, but capacity additions outstrip demand till 2030. Capacity is heavily concentrated in modules, whose manufacturing base is operating at 35–40% utilisation. The level required for sustainable operations is 50–65%. Date of release: September 2025Report by JMK Research and IEEFA India has moved from near-total import dependence in solar photovoltaics (PVs) to becoming one of the world’s largest manufacturers of solar PVs. This rapid expansion has strengthened domestic manufacturing capabilities, but most new capacity has been added at the module…

Assessing the effectiveness of India’s solar Production Linked Incentive scheme Date of release: December 2025 Report by JMK Research and IEEFA This report finds that while the solar PLI scheme has helped lay the groundwork for domestic PV manufacturing, it continues to face significant operational and policy challenges. The scheme channels government support towards measurable industrial output, helping build durable, long-term manufacturing capacity.  India’s solar manufacturing capacity has expanded significantly since 2022, with current operational capacity reaching 120 gigawatts (GW) for modules and…

Indian Solar PV Exports Surging The country can potentially replace Southeast Asian countries as top exporter to the US Report by JMK Research and IEEFA India is making significant progress in transitioning from a net importer to a net exporter of photovoltaic (PV) products. In Fiscal Year (FY) 2024, Indian PV manufacturers exported approximately US$2 billion worth of PV modules. The export value of PV modules from India increased by more than 23 times in just two years between FY2022 and FY2024. Several…

New Paradigms of Global Solar Supply Chains Impact of the United States of America’s Inflation Reduction Act and the European Union’s Green Deal on Indian Solar Photovoltaic Manufacturers Report by IEEFA and JMK Research At present, around 80-90% of the global photovoltaic (PV) manufacturing infrastructure is based in China. With a significant increase in solar installations underway globally (Bloomberg NEF estimates that installations in 2023 are set to grow 46% year-on-year to 392 gigawatts (GW)1), a corresponding increase is needed…