India’s Solar Market Leaders for 1H 2022
Several new companies made it to the top ten for the first time
November 9, 2022
Mercom India has released its report, India Solar Market Leaderboard 1H 2022, unveiling solar market leaders in the first half (1H) of the calendar year (CY) 2022.
The report covers market share and shipment rankings across the Indian solar supply chain.
During 1H 2022, India installed approximately 7.2 GW of solar projects, a 59% year-over-year increase. India also had a robust pipeline of utility-scale projects under development of 57 GW as of June 2022, with another 37 GW of project tenders pending auction.
India has set a target of installing 280 GW of solar by 2030. The government intends to develop a resilient domestic solar ecosystem with 70 – 80 GW of manufacturing capacity under various programs to achieve this goal.
The report noted significant changes in the market share categories compared to last year. Several new companies made it to the top ten for the first time, reflecting a dynamic solar market with significant market opportunities.
Large-scale installations accounted for over 88% of overall solar installations, with almost 6.4 GW. Solar also accounted for nearly 78% of the total power capacity additions, the highest ever for any year.
The top ten large-scale project developers account for 67% market share during 1H 2022. Avaada Energy was the leading utility-scale solar project developer by installed capacity, while Adani Green Energy had the largest solar project portfolio cumulatively as of June 2022.
Tata Power Solar was the largest rooftop installer during the period, followed by Amplus Solar. The top ten installers represented 60% of the rooftop solar market share.
Tata Power Solar was also the top EPC service provider, followed by Jakson Green and Voltas.
The Indian market, throughout the year, has seen a steady shift to mono PERC and other new technologies. Jinko Solar, which dominated this shift, was the top module supplier to India. The leading ten module suppliers accounted for over 73% of the market at the end of 1H 2022.
Sungrow was the top solar inverter supplier to India in 1H 2022 as well as cumulatively. Sungrow and Ginlong (Solis) Technologies were India’s top string inverter suppliers. Sineng Electric and Sungrow were the top central inverter suppliers. The top five inverter suppliers shipped over 6.2 GW to India during the period.
Goodluck India was the top supplier of module mounting structures.
In 1H 2022, the top five solar open access developers accounted for 55% of the market share. JSW Energy was the top open access solar project developer.
Airtouch was the top robotic module cleaning systems supplier in 1H 2022.
The report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.