India to add 22.4GW solar capacity in 2024 – JMK Research

By the end of the year, utility-scale additions are expected to reach 17GW, rooftop 4GW and another 1.4GW of off-grid capacity.

The numbers have increased sequentially, (quarter-by-quarter) as well. Around 3.7GW of utility-scale solar was added in Q3 2024, which JMK said was a 71.4% increase on Q2 figures.

The upshot of these figures is that India’s cumulative renewable energy installations passed 200GW as of September. Solar PV accounts for 45% of the 201.46GW total – by far the largest portion for any single technology, followed by wind and large hydro with a 23% share each.

The current pipeline of combined capacity of solar, wind, wind-solar hybrid and storage projects is around 111.2GW, JMK said, which is “likely” to be commissioned in the next four to five years.

The states of Rajasthan and Gujarat have continued to lead solar capacity additions in 2024.

This year has seen a resurgence in India’s solar installations after two relatively fallow years in 2022 and 2023. Market research firm Mercom Capital found that solar capacity additions increased by over 250% in the first half of the year compared with 2023.

Indian solar manufacturing

JMK also published quarterly data on India’s PV manufacturing industry. Recent months have seen a flurry of capacity announcements and expansions in the sector, as India attempts to position itself as a significant alternative to China’s dominance of the solar supply chain.

The data shows two major trends: a changing landscape of module exports from India and the notable presence of domestic producers in the Indian market.

While India still imports more solar cells and modules than it exports, JMK data shows that the three leading manufacturers have exported between 17% and 57% of their produced capacity so far this year. Adani, Waaree and Vikram Solar led module production capacity in India this year.

PV Tech Premium published a feature last week looking into the role that India’s solar manufacturing capacity could play on the global stage. Expansions in cell capacity could see India become a major supplier for US module assembly plants, as the latter continues to impose trade sanctions on Chinese-backed operations.

The JMK report also showed that domestic manufacturers accounted for 66% of total shipments in Q3, with “Chinese/International” companies accounting for 34%. Waaree was the dominant supplier in the third quarter, contributing around 20% of the domestic market.

JMK’s full report can be read here.