India's solar product exports record over 20-fold jump to $2 bn

15 Nov 2024 CW Team

Among the factors listed for the increase in exports is that other countries are mow considering India as a viable option for their "China Plus One" strategy, and domestic PV manufacturers looking to sell their products at a higher premium abroad. In terms of markets, the US has emerged as a key market for Indian solar PV exports. More than 97 per cent of Indian solar PV exports went to the US in both FY2023 and FY2024, the report states.

"Focussing on the US market can benefit the Indian PV manufacturing ecosystem. The exposure to the US market will enable Indian PV manufacturers to attain economies of scale, ultimately enhancing their product quality and competitiveness," says the report's contributing author, Vibhuti Garg, Director -South Asia, IEEFA.

"But, to truly establish India as a global manufacturing hub in the long run, Indian PV manufacturers must focus on upstream backward integration. This will help India maintain its foothold in existing markets while unlocking untapped markets like Europe, Africa, Latin America, etc," she added At the same time, the report also noted that it is important for PV manufacturers in India to balance the needs of the growing export market with domestic availability.

"During periods of domestic supply shortage, certain distributed renewable energy segments, such as residential rooftop solar, could be affected due to their smaller order sizes. This can make it difficult for developers to secure enough supplies to execute their projects. The supply-demand gap also affects solar module prices, which is a critical factor for the price-sensitive residential rooftop solar segment," said Jyoti Gulia, Founder, JMK Research. The report estimated that annual module production by Indian solar PV manufacturers in FY2025 and FY2026 will likely be 28 gigawatts (GW) and 35GW, respectively.

"After accounting for exports, the resultant supply by Indian PV manufacturers in the next two years will be only 21GW and 25GW, respectively, which is less than the requirement of approximately 30GW per annum to meet India's 2030 renewable energy target," according to Prabhakar Sharma, Senior Consultant, JMK Research.

The report highlighted that adopting a multi-pronged export-oriented approach while balancing domestic demand would augur well for India's climate goals. "India is on the cusp of an energy transition revolution, with solar technology being a critical enabler. Ensuring that India meets its domestic demand while simultaneously establishing itself as a viable alternative to Chinese-origin PV products will contribute significantly to achieving the country's renewable energy goals," said Garg.

India's exports of solar photovoltaic (PV) products surged 23 times to $2 billion in the fiscal year (FY) 2024 from FY22, according to a new report. This marks a significant progress in India transitioning from a net importer to a net exporter of solar products, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics. Among the factors listed for the increase in exports is that other countries are mow considering India as a viable option for their China Plus One strategy, and domestic PV manufacturers looking to sell their products at a higher premium abroad. In terms of markets, the US has emerged as a key market for Indian solar PV exports. More than 97 per cent of Indian solar PV exports went to the US in both FY2023 and FY2024, the report states. Focussing on the US market can benefit the Indian PV manufacturing ecosystem. The exposure to the US market will enable Indian PV manufacturers to attain economies of scale, ultimately enhancing their product quality and competitiveness, says the report's contributing author, Vibhuti Garg, Director -South Asia, IEEFA. But, to truly establish India as a global manufacturing hub in the long run, Indian PV manufacturers must focus on upstream backward integration. This will help India maintain its foothold in existing markets while unlocking untapped markets like Europe, Africa, Latin America, etc, she added At the same time, the report also noted that it is important for PV manufacturers in India to balance the needs of the growing export market with domestic availability. During periods of domestic supply shortage, certain distributed renewable energy segments, such as residential rooftop solar, could be affected due to their smaller order sizes. This can make it difficult for developers to secure enough supplies to execute their projects. The supply-demand gap also affects solar module prices, which is a critical factor for the price-sensitive residential rooftop solar segment, said Jyoti Gulia, Founder, JMK Research. The report estimated that annual module production by Indian solar PV manufacturers in FY2025 and FY2026 will likely be 28 gigawatts (GW) and 35GW, respectively. After accounting for exports, the resultant supply by Indian PV manufacturers in the next two years will be only 21GW and 25GW, respectively, which is less than the requirement of approximately 30GW per annum to meet India's 2030 renewable energy target, according to Prabhakar Sharma, Senior Consultant, JMK Research. The report highlighted that adopting a multi-pronged export-oriented approach while balancing domestic demand would augur well for India's climate goals. India is on the cusp of an energy transition revolution, with solar technology being a critical enabler. Ensuring that India meets its domestic demand while simultaneously establishing itself as a viable alternative to Chinese-origin PV products will contribute significantly to achieving the country's renewable energy goals, said Garg.

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Infrastructure Urban

02 Jun 2026

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..