JMK Research analysts said they expect India to install about 21.5 GW of new solar capacity in calendar year 2024. About 16.5 GW will likely come from utility-scale PV installations, on top of 4 GW of rooftop solar and 1 GW of off-grid systems.
In the first half of 2024, India added approximately 9.6 GW of new utility-scale solar capacity, which is 2.3 times more than the same period in 2023. Rooftop solar installations during this period totaled about 1.8 GW, representing a 19.6% decrease year on year.
During the second quarter of 2024, India installed about 2.1 GW of utility-scale solar capacity, marking a 72% decline compared to the previous quarter. Rooftop solar installations during this quarter reached around 1.05 GW.
In the second quarter of 2024, Sungrow led inverter supplies with a 29.7% market share, followed by Sineng with 13.6% and Fimer with 11.8%. Waaree emerged as the leading module supplier, contributing about 12.9% of total shipments in India.
JMK Research said it expects higher installation activity, projecting about 6.9 GW of solar additions over the next two quarters. The analysts said that approximately 110.6 GW of solar, wind, wind-solar hybrid, and storage projects are in the pipeline, with commissioning expected within the next four to five years. An additional 71.4 GW of projects are in the bidding phase, where tenders have been issued but auctions remain incomplete.
