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Mercom Report Unveils India’s Solar Market Leaders in 2023

May 06, 2024 – Mercom India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released its report, India Solar Market Leaderboard 2024. The report covers market share rankings and provides a comprehensive view of the competitive landscape across the Indian solar supply chain in calendar year (CY) 2023.

The report highlights significant changes in the market share of solar companies in a year heavily impacted by the extension of several large-scale solar and wind-solar hybrid projects and the delays caused by the lack of transmission and land. In 2023, thirty-five new companies broke into the top ten list across various categories, none of which were listed the year before, reflecting an extremely competitive solar market with significant market opportunities. Some established companies solidified their positions and expanded. With domestic manufacturing receiving a strong push from the capacity allocation under Tranche – II of the Production-Linked Incentive program, we expect more new market leaders to emerge in 2024.

India added 7.5 gigawatts (GW) of solar capacity in CY 2023, down 44.1% compared to 13.4 GW in CY 2022. Large-scale solar (including open access) projects (5.8 GW) accounted for 77.2% of overall installations.

The country’s cumulative installed solar capacity stood at around 72 GW as of December 2023.

India’s large-scale solar project pipeline under development (including open access) stood at 105.3 GW, with another 70.6 GW of tenders pending auction as of December 2023.

Adani Green Energy retained the position as the top utility-scale solar project developer, with the highest capacity additions in CY 2023 and the largest cumulative installed capacity as of December 2023. UPC Renewables and Tata Power Company added the second and third largest capacities in CY 2023. The top ten developers accounted for 88.2% of utility-scale solar capacity additions during the year. NTPC Renewable Energy had the largest pipeline of projects under development as of December 2023.

In CY 2023, over 1.7 GW of rooftop solar capacity was added. Tata Power Solar continued to be the leading rooftop solar installer. Amplus Solar and Roofsol Energy added the second and third-most rooftop solar capacities. In 2023, the top ten developers accounted for 55.7% of the rooftop solar market.

Oriano topped the list of EPC service providers in CY 2023, followed by Waaree Renewable Technologies and Prozeal Green Energy.

Sungrow Power Supply held on to the top solar inverter supplier position in CY 2023 and was also the top central inverter supplier. The other leading central inverter suppliers were FIMER India and Sineng Electric. TBEA Energy India was the leading supplier of string inverter shipments. Central inverters accounted for 55.2% of the total shipments in CY 2023, and string inverters were at 44.8%.

Jinko Solar was the leading module supplier in CY 2023, followed by LONGi Green Energy Technology and JA Solar. Waaree Energies was the only domestic manufacturer in the top five. The top ten module suppliers accounted for nearly 73% of the market in CY 2023.

Arctech was the leading solar tracker supplier during the year.

Goodluck India topped the solar module mounting structure suppliers list in 2023, followed by Arctech and GameChange Solar. The top 10 suppliers accounted for 95.3% of the yearly shipments.

In 2023, nearly 3.2 GW of open access solar capacity was added, up 5.7% compared to 2022. O2 Power was the top open access solar developer during the year. Continuum Green Energy and CleanMax Enviro Energy ranked second and third. In CY 2023, the top ten solar open access project developers held around 56.7% market share.

Aegeus Technologies was the top robotic module cleaning equipment supplier to the Indian market in 2023.

The report covers the market landscape across the entire supply chain, including profiles of market leaders, installation and supply data, ranking changes year-over-year, market share data of the top 10 companies in CY 2023, and cumulative data.

Disclaimer/Disclaimer: This press release serves for informational purposes only and does not constitute professional advice. Any reliance on the information provided is at the reader’s discretion.

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