India’s Solar Market Leaders Unveiled for First Half of 2019
Leading companies further consolidated and strengthened their positions, while newer players competed for market share
India’s solar installations recorded in the first half (1H) of calendar year 2019 totaled 3.2 GW and the country’s cumulative installed solar capacity has exceeded 31.5 GW. India’s pipeline of utility-scale projects under development stood at approximately 22.3 GW at the end of 1H 2019, with another 34.4 GW of tenders pending auction.
The rankings computed by Mercom India Research for its newly released India Solar Market Leaderboard 1H 2019 reveals the industry’s leaders as well as their market share and shipment rankings across the Indian solar supply chain.
“The India solar market leaderboard has a completely new set of market leaders in almost every category in the first half of 2019. The market is extremely dynamic with a lot of fluctuations and no clear standouts, leaving it open for new leaders to emerge in the future,” said Raj Prabhu, CEO of Mercom Capital Group.
Full list of categories and market share leaders available here
Large-scale project development accounts for 88% of cumulative solar installations with 27.7 GW in India and 83% of solar capacity additions in 1H 2019 with 2,716 MW.
According to the report, the top 10 large-scale developers accounted for 84% market share in 1H 2019, while others made up the remaining 16%.
Azure Power was the top utility-scale developer as well as top rooftop solar installer during 1H 2019. Adani is the largest project developer in terms of cumulative solar installations as of June 2019.
Five companies had a cumulative project development pipeline of over 1.5 GW apiece at the end of June 2019. ACME Solar had the largest project pipeline as of June 2019.
Rooftop solar installations accounted for 17% of total solar installations in 1H 2019 with 555 MW. Rooftop installations grew by 58% year-over-year (YoY) with cumulative installations totaling nearly 3,816 MW as of June 2019.
In 1H 2019, rooftop solar installations fell by 45% compared to 1H 2018. General elections, regulatory headwinds in several states, and a lack of financing were some of the reasons for the slowdown in the rooftop market in 1H 2019.
In 1H 2019, the top 10 rooftop solar installers represented 41% of market share, leaving all other rooftop developers with 59%.
Tata Power Solar had the largest cumulative rooftop portfolio and Azure Power emerged as the top rooftop solar installer in 1H 2019.
Solar inverter suppliers
TMEIC was the top solar inverter supplier in India in 1H 2019.
ABB, TMEIC, TBEA, Sungrow, and Sineng Electric were the top central inverter suppliers.
Solar module suppliers
In 1H 2019, the top ten module suppliers acquired 60% of the market share. Trina Solar was the leader in supplying modules to India both in terms of cumulative shipments and in 1H 2019. The top 10 list also included some Indian manufacturers.
Solar trackers and mounting structures
Scorpius Trackers was the top supplier of solar trackers in 1H 2019.
The top supplier of solar mounting structures in 1H 2019 was Ganges Internationale followed by Purshotam Profiles and Strolar.
Open access solar
Rays Power Experts and CleanMax Solar were the top open access developers as of 1H 2019.
Image credit: LONGi Solar