November 5, 2024 – Mercom India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released its report, India Solar Market Leaderboard 1H 2024. The report covers market share rankings and provides a comprehensive view of the competitive landscape across the Indian solar supply chain in the first half (1H) of the calendar year (CY) 2024.
The report highlights notable shifts in the market share of solar companies during 1H 2024, a record-setting period for India’s solar sector driven by the commissioning of several delayed projects, spurred by a substantial decline in module prices.
In 1H 2024, 37 companies entered the top ten rankings across various categories. These companies did not feature among the top ten in the first half of 2023, underscoring a highly competitive solar market with substantial opportunities for growth.
Some established companies have solidified and expanded their positions, driven by a renewed emphasis on domestic manufacturing following the reimposition of the Approved List of Models and Manufacturers (ALMM) order. With initiatives like PM – Surya Ghar: Muft Bijli Yojana launched in Q1 2024 and the growing project pipeline under Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), both requiring domestic solar modules made with locally produced solar cells, new market leaders are expected to emerge by the end of 2024.
India added 12.8 gigawatts (GW) of solar capacity in 1H 2024, up 228.3% compared to 1H 2023. Large-scale solar (including open access) projects (11.7 GW) accounted for 91.4% of overall installations.
The country’s cumulative installed solar capacity stood at around 85.5 GW as of June 2024.
The pipeline of large-scale solar projects under development (including open access) stood at 126.1 GW as of June 2024, with another 103.8 GW of tenders pending auction.
Adani Green Energy maintained its position as the top utility-scale solar project developer in 1H 2024, achieving the highest capacity additions and holding the largest cumulative installed capacity as of June 2024. ReNew and O2 Power secured the second and third spots, respectively, for capacity added during the same period. Collectively, the top ten developers contributed to 76.8% of utility-scale solar capacity additions in 1H 2024 and accounted for 44.5% of the project development pipeline as of June 2024.
In 1H 2024, more than 1.1 GW of rooftop solar capacity was added. Tata Power Solar remained the top rooftop solar installer, while Roofsol Energy and Havells India secured the second and third positions in terms of capacity added. The top ten developers collectively captured 57.2% of the rooftop solar market during this period.
Tata Power Solar was the top EPC service provider in 1H 2024, followed by Jakson Green and Ashoka Buildcon.
Sungrow Power Supply held its position as the leading solar inverter supplier in 1H 2024 and remained the top central inverter supplier. FIMER India and Sineng Electric were the other leading central inverter suppliers. TBEA Energy India emerged as the top supplier of string inverters, followed by Sungrow Power Supply and Ginlong (Solis) Technologies. In terms of overall shipments, central inverters accounted for 52%, while string inverters made up 48%.
Jinko Solar retained its top spot as the leading module supplier in 1H 2024, with LONGi Green Energy Technology and Waaree Energies following in second and third place, respectively. The top ten module suppliers accounted for nearly 65% of total shipments in 1H 2024.
Arctech led the solar tracker market in 1H 2024, with GameChange Solar in second place. In the solar module mounting structures category, Goodluck India ranked first, followed by Arctech and Strolar Mounting Systems.
In 1H 2024, 3.7 GW of open access solar capacity was added, a 119.6% YoY increase. AM Green Energy emerged as the leading open access solar developer, with Serentica Renewables and Amplus Solar ranking second and third, respectively. The top ten developers captured 59.5% of the market share for solar open access projects during this period.
LEAPTING was the top robotic module cleaning equipment supplier to the Indian market in 1H 2024. Vayu Solar and Airtouch Solar were the other leading robotic module cleaning equipment suppliers.
The report provides a comprehensive overview of the market landscape across the entire solar supply chain. It includes profiles of market leaders, detailed installation and supply data, year-over-year ranking changes, market share information for the top ten companies in 1H 2024, and cumulative market data.