State of Solar PV Manufacturing in India
India’s solar module manufacturing capacities announced exceeded 39 gigawatts (GW) at the end of September 2022 and is expected to reach approximately 95 GW by the end of the calendar year (CY) 2025, according to the newly released report ‘State of Solar PV Manufacturing in India’ by Mercom India Research.
The report provides a detailed account of the Indian solar PV module manufacturing landscape. The report identifies the challenges and opportunities for Indian PV manufacturers and their evolving role in the global solar industry with capacity and technology development during the coming years.
India’s installed solar cell manufacturing capacity as of September 2022 was about 4.7 GW and could increase seven-fold by the end of CY 2024.
Indian PV manufacturers are strategically poised to expand production capacities and adopt new technologies in the coming years with the support of government incentive programs and research and development, according to the report.
States are promoting domestic solar manufacturing through fiscal and non-fiscal incentives under industrial, electronics, and solar policies. The government’s Production Linked Incentives program is an added push to enhance vertical integration of new capacity additions and technology used.
A comparative analysis of global and Indian PV technology evolution in the report will help companies chart their business growth in line with the global solar industry trends. The report analyzes the price competitiveness of Indian solar module manufacturers compared to the imports, along with detailed coverage of policies impacting the domestic PV manufacturing industry.
Stakeholders will find this report valuable in understanding the Indian manufacturing landscape, vertical integration, and expansion trajectory to plan their investments and procurement.
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