8 out of 10 categories saw new leaders emerge

May 15, 2023 – Mercom India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released its report, India Solar Market Leaderboard 2023. The report covers market share rankings and provides a comprehensive view of the competitive landscape across the Indian solar supply chain in the calendar year (CY) 2022.

The report highlights significant changes in market share in a year heavily impacted by policies like Basic Customs Duty and Approved List of Models and Manufacturers. Several new companies made the top ten list for the first time, reflecting a dynamic solar market with significant market opportunities. With domestic manufacturing receiving a strong push from the Production-Linked Incentive program, we anticipate the emergence of more new leaders in 2023.

India added 13 GW of solar capacity in CY 2022, a ~27% increase from the ~10 GW installed in CY 2021. India aims to install 280 GW of solar by 2030. Cumulative solar installations currently stand at nearly 63 GW.

India had a 58 GW utility-scale solar project development pipeline and 51 GW of projects tendered and pending auction, as of December 2022.

The report reveals that Avaada Energy was the leading utility-scale solar developer commissioning the most projects during the year, followed by NTPC Renewable Energy and Adani Green Energy. The top ten utility-scale project developers accounted for 65% of projects installed in 2022.

In 2022, utility-scale installations accounted for over 87% of overall solar installations, with over 11 GW. Solar accounted for nearly 82% of the total power capacity additions in CY 2022, the highest ever for any year.

In 2022, over 1.6 GW of rooftop solar capacity was added. Tata Power Solar led the list of rooftop solar developers, accounting for almost 27% of total installations. In 2022, the top ten developers accounted for nearly 50% of the rooftop solar market.

Companies offering solar engineering, procurement, and construction (EPC) services commissioned a significant number of projects in 2022 that were scheduled to be commissioned the previous year. Tata Power Solar topped the list of EPC providers during the year, followed by Vikram Solar and Bharat Heavy Electricals.

Sungrow was the top solar inverter supplier in 2022 and also the top string inverter supplier. FIMER India was the leading central inverter supplier.

Jinko Solar was India’s leading module supplier in 2022. Adani Solar was the only domestic manufacturer that made it to the top five.

Scorpius Trackers was the top supplier of solar trackers during the year.

Purshotam Profiles topped the list of solar module mounting structure suppliers in 2022, accounting for over 38% of the total market. Goodluck India and Strolar Mounting Systems came in second and third for module mounting structure suppliers.

In 2022, 2.5 GW of open access solar capacity was added, up 92% compared to 2021. ReNew was the top open access installer during the year.

Solabot Technologies was the top supplier of solar robotic cleaning systems to the Indian market in 2022.

The report covers the market landscape across the entire supply chain, including profiles of market leaders, installation and supply data, along with ranking changes year-over-year. Market share data for 2022 as well as cumulative figures are included in the report.

For the detailed and comprehensive report, click here.

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About Mercom India

Mercom India (formerly Mercom Communications India), a subsidiary of U.S.-based Mercom Capital Group, is a clean energy research and communications firm in India recognized worldwide for its expertise in Indian cleantech markets. Located in Bangalore, India, Mercom has been providing communications and research services across India for clean energy organizations since early 2009. For more information, visit: https://www.mercomindia.com