India is set to be the 2nd largest solar PV manufacturing market

The module manufacturing capacity more than doubled to 38GW in March 2023.

India is expected to become the second-largest solar photovoltaics globally next to China as 110 gigawatts (GW) of module manufacturing capacity is seen to come online in the next three years, making the country self-sufficient.

In a report, the Institute for Energy Economics and Financial Analysis and JMK Research & Analytics found that India’s total module manufacturing nameplate capacity rose over two-fold to 38GW in March 2023 from 18GW in the same period last year.

“The future of the Indian PV manufacturing sector is bright. The favourable policy environment created by the Indian government is helping the PV manufacturing industry to grow rapidly, which is evident in the frequent announcements of expansions or new investments in the sector,” said co-author Vibhuti Garg, Director, South Asia, IEEFA.

“After India attains self-sufficiency in two to three years, the next course of action should be to challenge and compete for dominance in both quality and scale in the global PV module market. Despite the aggressive market drivers, there are minor hurdles that are impeding the growth of the PV manufacturing industry. Therefore, policy stability is necessary to sustain investor confidence in the market,” she added.

JMK Research Founder and co-author Jyoti Gulia said the production-linked incentive (PLI) scheme is one of the main drivers in boosting the PV manufacturing ecosystem in the country.

The report added that a 51.6GW increase in module capacity is expected as a result of both tranches of the PLI scheme, as well as at least 27.4GW growth of integrated “polysilicon-to-module” capacity in the next three to four years.

Follow the link for more news on

IEEFA

Also Read

NSW OKs Liverpool Range Wind Farm expansion

SPNEC faces delays in project over right-of-way, grid connection issues

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

India’s Rajasthan and Gujarat need policy reforms to fuel RE transition

Some steps they could take are implementing green tariffs and setting infrastructure funds.

20 hours ago

Global clean energy tech market to hit $2t by 2035

This is fuelled by investments as countries aim to enhance energy security.The global clean energy technology market is projected to grow from $700b in 2023 to over $2t by 2035, nearing the scale of the crude oil market, according to the International Energy Agency (IEA).This growth is fuelled by significant investments in clean technology manufacturing as countries aim to enhance energy security, maintain economic competitiveness, and cut emissions. Investment is concentrated in regions with established positions in clean energy, particularly China, the European Union, the UK, and increasingly, India.Whilst the US, EU, and India have taken measures to support their clean energy sectors, China is expected to remain the world's manufacturing hub. By 2035, China's clean technology exports are forecasted to exceed $340b—comparable to projected oil export revenues from Saudi Arabia and the UAE.Southeast Asia, Latin America, and Africa contribute less than 5% of global cleantech production value, yet the IEA suggests that these areas still hold opportunities within the clean energy economy. Developing economies, for instance, could leverage competitive advantages to advance in the value chain beyond resource extraction.The IEA said Southeast Asia could become one of the most cost-effective regions for producing polysilicon and wafers for solar panels over the next decade.

20 hours ago

NSW OKs Liverpool Range Wind Farm expansion