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, Q4 2024 (MW)
Source: Crisil – Bridge To India
Total module demand during Q4 is estimated to have been 7,470 MWp, of which utility scale accounted for 3,510 MWp (47%), open access 1,620 MWp (22%), merchant 155 MWp (2%), rooftop 1,645 MWp (22%) and off-grid solar 540 MWp (7%)
Key developments from the quarter:
- Prices remain low across the solar value chain
- Domestic module suppliers now comprise the largest share in domestic shipments
- India has the second-highest rate of defects detected during pre-shipment inspections, highlighting the need for improved quality control measures and operator training amidst rapid expansion for scale.
- Currently, domestic manufacturing capacity for solar modules and cells is sufficient to meet local demand. However, timely completion of announced cell manufacturing projects is crucial to ensure adequate capacity to meet future demand after the imposition of the ALMM for cells in June 2026.
