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India PV Module Intelligence Brief | Q2 2023


24 August 2023 | BRIDGE TO INDIA

India PV Module Intelligence Brief | Q2 2023

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

Figure: Domestic module availability, Q2 2023

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

India added 2,321 MW solar power capacity in Q2 2023, down 13% QOQ. Total module demand in the quarter is estimated at 2,938 MWp, split 18:49:28:5 between utility scale, open access, rooftop and off-grid solar respectively. Share of domestic modules for projects commissioned in the quarter remained unchanged over previous quarter at 19% due to constrained domestic supply and rising imports.

Other key trends from the quarter:

  1. Sharp price fall across the value chain
  2. Increasing share of duty-free imports from South-east Asia particularly by corporate renewable projects
  3. 19% increase QOQ in domestic module production
  4. 37% of domestic production exported mainly to the US
  5. Growing incidence of duty petitions by component suppliers

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