India’s solar module production capacity will almost double to 36GW in two years, from 18GW as of December 2021. Cell production capacity will rise to 18GW by the end of 2023 from just 4GW at present, according to JMK Research analysts.
The analysts estimated the two-year capacity additions based on the announcements of industry leaders and new entrants exploring the market. The Indian government’s production-linked incentive (PLI) scheme for solar PV manufacturing is a major catalyst for the whole Indian solar industry, according to JMK Research analysts.
“New entrants in solar manufacturing in India are targeting GW-scale installation capacities as well as upstream integration, in line with what the government of India is trying to achieve with its PLI scheme for solar modules,” said JMK Research. “In the meantime, the relevant industry stakeholders also need to focus on upskilling the workforce, boosting R&D infrastructure, and most crucially, adopting uniform, long-term policies for the Indian solar sector.”
