JMK Research analysts project India to install about 21.5 GW of new solar capacity in the current calendar year 2024. Out of this, 16.5 GW is estimated to come from utility-scale PV installations, 4 GW from rooftop solar and another 1 GW from off grid component.
So far, in the first half (Jan-June period) of 2024 (H12024), the nation added about 9.6 GW of new utility-scale solar capacity, which is about 2.3 times more than in the corresponding period of 2023. Rooftop solar installation in H1 2024 was about 1.8 GW, about 19.6% less year-on-year.
In Q2 (April-June) 2024, about 2.1 GW of utility-scale solar capacity was added, a 72% decrease compared to the previous quarter’s installations. Around 1.05 GW was installed in the rooftop segment.
In Q2 2024, Sungrow led in inverter supplies with a 29.7% share, followed by Sineng (13.6%) and Fimer (11.8%). Waaree was the leading module supplier, contributing around 12.9% share of total shipments in India.
JMK Research expects the installation activity to pick up. In the next two quarters, it estimates about 6.9 GW of solar addition.
JMK Research analysts said around 110.6 GW of solar, wind, wind-solar hybrid and storage projects are in the pipeline. These projects are likely to be commissioned in the next 4-5 years. Another 71.4 GW of projects are under the bidding phase, i.e., where tenders have been issued but auctions are not yet completed.
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