This report captures quarterly trends in module demand and supply, import and domestic production volumes, supplier market shares, break-up by technology and rating, pricing trends across the value chain, key international developments and short-term market outlook.

Figure: Domestic module availability, Q1 2023

Source: BRIDGE TO INDIA research
Note: Module shipments for domestic manufacturers are shown net of exports.

Q1 saw total solar capacity addition of 2,658 MW, almost unchanged from the previous quarter. Total module demand in the quarter was estimated at 3,367 MWp, split 23:37:34:6 between utility scale, open access, rooftop solar and off-grid solar respectively. Share of domestic modules for projects commissioned in the quarter has again declined to 19% because of limited domestic capacity plus rising exports. Module and cell imports increased sharply over the previous quarter mainly because of demand from open access projects. With allocation of PLI tranche-II by SECI in March, we expect polysilicon, cell and module capacity to reach 30 GW, 42 GW and 110 GW respectively by December 2026.