This report encapsulates quarterly trends in module demand and supply, import and domestic production volumes, supplier market share, break-up by technology and rating, global market scenario, pricing across the value chain, key policy developments and market outlook.
Figure: Domestic module availability, Q2 2024 (MW)
Source: CRISIL-BRIDGE TO INDIA research
Total module demand during Q2 is estimated to have been 4,575 MWp, of which utility scale accounted for 1,162 MWp (25%), open access 1,574 MWp (34%), rooftop 1,264 MWp (28%) and off-grid solar 575 MWp (13%)
Key developments from the quarter:
- Prices have fallen to historic lows across the solar value chain
- Rising share of domestic modules due to reimposition of ALMM
- Global oversupply of modules to continue in 2024, keeping the prices low
- TOPCon cells to take the lead, surpassing PERC in market share
- Domestic manufacturing capacity for modules is already sufficient to meet domestic demand, and domestic cell manufacturing capacity expected to reach a scale that can service domestic demand within the medium term.
