Mercom Capital estimates that in 2023, India will have deployed 20.8 GW of solar modules and 3.2 GW of cell production capacity.
According to the US-based research firm’s most recent study, State of Solar PV Manufacturing, as of December 2023, the nation’s cumulative capacity for manufacturing solar modules reached 64.5 GW, while its capacity for producing solar cells was 5.8 GW.
“About 60 per cent of the installed module manufacturing capacity was equipped to manufacture solar modules in M10 and G12 wafer sizes.”
Mercom Capital
According to Mercom, thin film, polycrystalline, tunnel oxide passivated contact (TOPCon), and monocrystalline modules made up the remaining 67.5% of the nation’s module production capacity.
It stated that by 2026, module manufacturing capacity is anticipated to exceed 150 GW and cell capacity to surpass 75 GW.
“As Indian manufacturers continue to invest in expanding their solar panel production capacities, they need to carefully navigate through the complexities of geopolitical tensions and trade disputes. Cheaper Chinese products will continue to challenge the competitiveness of locally-produced modules.”
Raj Prabhu, CEO, Mercom Capital Group
After the elections, a shift in US policy may limit export prospects, and he noted that India’s requirement for solar energy must expand dramatically to meet the country’s anticipated rise in module manufacturing over the next three years.
Gujarat held the top spot in the nation for photovoltaic (PV) module production, producing 46.1% of all solar modules.
As of December 2023, Telangana has the largest share of the nation’s yearly solar cell production capacity, accounting for 39%.
