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India PV Module Intelligence Brief | Q3 2024

India PV Module Intelligence Brief | Q3 2024


27 December 2024 | BRIDGE TO INDIA

India PV Module Intelligence Brief | Q3 2024

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, Q3 2024

Source: CRISIL-BRIDGE TO INDIA research

Total module demand during Q3 is estimated to have been 6,553 MWp, of which utility scale accounted for 2,719 MWp (41%), open access 1,767 MWp (27%), rooftop 1,652 MWp (25%) and off-grid solar 415 MWp (6%)

Key developments from the quarter:

  • Prices near record lows across the value chain
  • The share of domestic modules for projects rose to 42% from 24% qoq
  • Waaree and Adani were the leading manufacturers, followed by Saatvik and Premier
  • Anti-dumping duties on solar glass are expected to have an impact on module cost
  • ALMM to boost domestic cell production, reducing import dependence

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