ReNew, Waaree and First Solar Lead Solar Manufacturing Capacity Additions in 2023

The top five manufacturers accounted for 72% of the annual capacity additions

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ReNew, Waaree Energies, First Solar, Adani Solar, and Emmvee Photovoltaic Power led the annual solar module manufacturing capacity additions in the calendar year (CY) 2023, according to Mercom’s India Solar Market Leaderboard Report 2024.

India added 20.8 GW of solar modules and 3.2 GW of solar cell production capacity in  CY 2023, according to Mercom’s State of Solar PV Manufacturing in India 2024 report.

The country’s cumulative solar module and cell manufacturing capacity reached 64.5 GW and  5.8 GW, respectively, as of December 2023. Of the installed module manufacturing capacity, about 60% was equipped to make modules in M10 and G12 wafer sizes.

As of December 2023, monocrystalline modules accounted for 67.5% of the country’s module production capacity, followed by polycrystalline, Tunnel Oxide Passivated Contact (TOPCon), and thin-film.

ReNew and Waaree Energies led the capacity additions, each accounting for 19% of the total capacity additions during the year. First Solar, Adani Solar, and Emmvee Photovoltaic Power rounded off the top five.

The top five manufacturers accounted for 72% of the production capacity additions in CY2 2023.Module Manufacturing Capacity Additions (MW) in CY 2023

ReNew’s newly commissioned manufacturing unit in Jaipur, Rajasthan is spread across 22 acres and can produce ~15,000 solar modules/day.

Waaree Energies added 4 GW of module manufacturing capacity in Q1 2023. The company announced the expansion in December 2022, enabling the company to increase its production of modules rated up to 650 Wp.

First Solar commissioned its thin-film module manufacturing unit in Tamil Nadu in Q4 2023. The facility has a nameplate capacity of 3.3 GW. The unit involved an investment of approximately $700 million (~₹57 billion).

India’s module manufacturing capacity is expected to surpass 150 GW, and cell capacity will likely reach over 75 GW by 2026. The monocrystalline is expected to account for a majority of the annual module production capacity (although declining), followed by TOPCon, Heterojunction (HJT), and other technologies.

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