18 GW of solar module and 14 GW of solar cell production capacity to be added by CY2023: JMK research and analytics

Cumulatively, about 18 GW of the module and 14 GW of cell production capacity are in the pipeline to add to the existing domestic capacity by CY2023.

In addition, the Indian government’s production-linked incentive (PLI) scheme for solar PV manufacturing will be a major catalyst for the whole solar industry, being allocated a total budget of Rs. 24,000 crores and expected to incentivize about 40-50 GW of module production capacity.

Currently, India’s solar photovoltaic (PV) manufacturing base stands at 18 gigawatts (GW) for solar module and 4 GW for solar cells. The module production capacity is anticipated to grow at an unprecedented rate of 40 percent (CAGR) over the next 2 years, according to JMK research and analytics report.

The Solar PV manufacturing industry of India, of late, has been receiving significant impetus. Going by the announcements in the past year by industry leaders or new entrants exploring the market indicate solar manufacturing will be a key area of growth domestically.

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.

In the meantime, the report states that 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. India is currently not a hub of solar manufacturing but there is great potential, and confidence, in its solar growth story.

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