October 26, 2023 – Mercom India, a subsidiary of Mercom Capital Group, an integrated communications, research, and media firm focused exclusively on clean energy markets, has released its report, India Solar Market Leaderboard 1H 2023. The report covers market share and rankings across the Indian solar supply chain in the first half (1H) of the calendar year 2023.
The report underscores notable shifts in market share across ten categories compared to the previous year and provides a clear view of which companies are surging and who fell behind.
Several Indian companies have made it to the top ten list for the first time, and the leaders continue to change in a market with significant opportunities for growth.
During 1H 2023, India installed approximately 3.6 GW of solar projects, down nearly 53% compared to 1H 2022. The country’s cumulative installed solar capacity stood at over 66 GW as of June 2023. India also had a robust pipeline of over 67 GW of utility-scale projects under development, with another 62 GW of project tenders pending auction.
The report reveals that the top ten large-scale project developers account for around 52% of the market share. Adani Green Energy was the leading utility-scale solar project developer during 1H 2023 and had the most extensive solar project portfolio as of June 2023.
Large-scale installations in 1H 2023 accounted for around 76% of overall solar installations, with almost 2.8 GW. Solar accounted for nearly 43% of the total power capacity additions in 1H 2023.
Tata Power Solar had the most rooftop installations in 1H 2023, followed by Havells India. The top ten installers represented over 45% of the rooftop solar market share.
Prozeal Green Infra was the top EPC service provider in 1H 2023, recording a 422% increase year-over-year (YoY). Tata Power Solar and Vikram Solar were the other leading EPC companies during the period.
Sungrow was India’s top central and string inverter supplier, accounting for 35% of total shipments. The top five inverter suppliers shipped around 6 GW to India during 1H 2023.
LONGi Solar was the top module supplier to India in the first half of the year. The top ten module suppliers accounted for around 52% of the market during the period. The market has steadily shifted to new technologies.
Strolar Mounting Systems led solar module mounting structure supplies in 1H 2023, accounting for around 19% of the market share. Cumulatively, Purshotam Profiles was the leading supplier for mounting structures.
Arctech was the leading solar tracker supplier in 1H 2023 and cumulatively.
In 1H 2023, the top five solar open access developers accounted for 65% of the market share. O2 Power was the top open access solar project developer in 1H 2023, accounting for over 19% of the market share.
Aegeus Technologies was the leading solar module robotic cleaning systems supplier in 1H 2023.
The report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, click here.