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India PV Module Intelligence Brief | Q3 2023


29 November 2023 | BRIDGE TO INDIA

India PV Module Intelligence Brief | Q3 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, Q3 2023

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

Based on project commissioning status, we estimate total module demand in the quarter at 2,008 MWp, split 23:27:42:8 between utility scale, open access, rooftop and off-grid solar respectively.

Key trends from the quarter:

  1. Prices near record lows across the value chain
  2. Rising share of imports due to ALMM waiver
  3. Project commissioning being postponed to take advantage of falling module prices
  4. Sharp increase in module shipments including 10% QOQ increase in domestic module production
  5. Worsening supply glut in China – 64% YOY increase in module production in 9M 2023 coupled with weak international demand

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