Indian corporates taking hold of domestic solar market

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Bridge to India's 'India Solar Map 2016'. Credit: Bridge to India

Indian corporates are taking a significant share of the domestic solar PV market with Indian conglomerate Adani taking top spot in terms of capacity additions in the last year, according to consultancy firm Bridge to India.

The ‘India Solar Map 2016’ shows that the only foreign developers to make the top 10 installers were US-based firm First Solar and now bankrupt SunEdison, whose Indian assets are set to be acquired by Hyderabad-based firm Greenko Group. Adani and ACME are expected to continue dominating with large pipelines of 1.3-1.4GW each.

The following table shows developers’ installed capacity combined with pipelines:

Credit: Bridge to India

India’s installed solar capacity grew by more than 80% from Q3 2015 to Q2 2016, with 3.6GW additions dominated by southern states with high irradiance levels.

For manufacturers, 8 out 10 lead module suppliers are from China compared to just 4 out of 10 in the previous year, with Canadian Solar, Trina Solar and First Solar topping the market this year.

ABB continues to dominate the supply of inverters and now commands a 35% market share, with  Japanese firms TMEIC and Hitachi both able to gain a significant market share.

Bridge to India noted that most developers have in-house EPC capabilities resulting in 48% of the capacity commissioned in India being built by these in-house teams.

Vinay Rustagi, managing director, Bridge to India, said: “With a significant growth in market size, we have seen the player landscape evolving. Indian corporates are again asserting themselves in the project development space, new Chinese module supply entrants are competing with counterpart bellwethers like Trina Solar and Canadian Solar for market share and European and Japanese inverter suppliers successfully compete with Chinese companies by assembling in India.”

Read Next

January 25, 2022
Indian PV encapsulant and backsheet manufacturer RenewSys has brought its encapsulant production capacity up to 3GW with the commissioning of a new line in Bengaluru, India, with the company eventually targeting 11GW of capacity through a “phased manner”.
January 21, 2022
India is at risk of a supply and demand mismatch for solar equipment if domestic PV manufacturers are unable to meet the quantity and quality required by project developers, Fitch Solutions has warned.
January 18, 2022
Trina Solar’s tracker manufacturing unit TrinaTracker has launched a 1P single-row tracker, dubbed Vanguard.
January 13, 2022
Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.
January 13, 2022
Finlay Colville, head of market research at Solar Media, reveals the top ten PV module suppliers last year in the first of a two-part blog, exploring not just shipment volumes but also the overall supplier bankability.
January 10, 2022
Indian renewables company ReNew Energy Global Plc’s wholly owned subsidiary India Clean Energy Holdings has raised US$400 million through a green bond sale that will be used to support the company’s growth strategy and “refinance existing high-cost debt”.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany