Annual India Solar Report Card: FY2024

Annual India Solar Report Card: FY2024

Installation trends

  • As of March 31, 2024, about 68.2 GW of utility-scale solar capacity has been commissioned in India, while another 65.6 GW is under pipeline (where auctions are completed).
  • As of March 31, 2024, Rajasthan has maximum installed solar capacity of 19.9 GW followed by Gujarat (10.6 GW) and Karnataka (9.2 GW).
  • In FY2024, about 11.7 GW of utility-scale solar capacity and another 3 GW of rooftop solar capacity were added in India.
  • In FY2024, the top three states with maximum installed solar capacity were Gujarat (4.8 GW), Rajasthan (3.4 GW), and Madhya Pradesh (0.8 GW).
  • For next year i.e. FY2025, about 16.9 GW of new utility-scale solar projects and 4 GW of rooftop/ onsite solar projects are expected to be commissioned.

Annual Market shares- FY2024

  • Modules: Jinko, Longi, and Trina were the top three module suppliers in India in FY2024. The Chinese/ International players’ module shipment capacity is anticipated to dip in the next quarter because of the imposition of the ALMM order for solar PV modules effective from April 1, 2024.
  • Module Export: In FY2024, the top 3 players, Waaree, Adani, and Vikram Solar, have contributed solar modules exports of about 50-70% of their total production in FY2024.
  • Inverters: Sungrow, FIMER and Sineng were the top three inverter suppliers in India in FY2024.
  • Project Developers: Adani, ReNew and O2 Power were the top three project developers with maximum solar projects commissioned in India in FY2024.
  • Utility-Scale EPC Contractors: Jakson Green, Sterling & Wilson and Vikram Solar were the leading third-party EPC contractors for utility-scale solar projects in India in FY2024.
  • Rooftop/Onsite model: Tata Power Solar, Havells and Orb Energy were the leading players that have setup maximum rooftop/ onsite projects in FY2024.



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