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 and key international developments.
Figure: Domestic module shipments, Q4 2022
Source: BRIDGE TO INDIA research
Q4 saw capacity addition of 2,755 MW, down 17% over the previous quarter. Total module demand in the quarter was estimated at 3,791 MWp, split 56:25:14:5 between utility scale, open access, rooftop solar and off grid solar respectively. Share of domestic modules for projects commissioned in the quarter has increased steadily to 36%. Module imports have fallen sharply but cell imports jumped 35% QOQ to 1,775 MWp. Domestic production also increased 42% to 2,445 MWp. Using conservative assumptions, we expect domestic cell and module capacity to increase to 12 GW and 55 GW respectively by end of the year.