Annual India Solar Report Card: CY2023

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, 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

  • Modules:  Jinko, Longi and Trina were the top three 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.
  • 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.



    ABOUT US

    JMK Research & Analytics is a specialist research and consulting firm that focuses on various cleantech segments in India and the Asia Pacific Markets, including Renewables, E-mobility, Energy Storage, and Green Hydrogen.

    Based on our extensive industry experience and strong network, we offer valuable insights and detailed information to help clients develop successful business models and market strategies.

    CONTACT US

    Address: 212A, Suncity Trade Tower, Sector 21, Gurugram, Haryana- 122016

    Phone: +91-7428306655

    Email: contact@jmkresearch.com

    Terms and Conditions

    Payment Policies

    FOLLOW US

    Subscribe Us