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.

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