INDIA SOLAR GLASS MARKET RESEARCH BASED ON RENEWABLE ENERGY STATISTICS 2023-2024

In 2014, the Indian National Institute of Solar Energy (NISE) estimated that the solar power potential installation capacity would be up to 749 GW. By the end of March 2024, it is reported that the installed capacity of the renewable energy (RE) power was 190.57 GW in India. The government proposed the plan on RE install capacity up to 500 GW by 2030, including infusing 50 GW of RE capacity from 2025 to 2028 annually, and with the gap funded by battery storage capacity. Currently, India ranks 5th globally in terms of total installed solar capacity and positions 4th in the energy generation from solar power, following China, the USA, and Brazil.

According to the Renewable Energy Statistic 2023-2024, the renewable energy has increased dramatically with around 10% surge annually from 2015 to 2024, sharing 43.12% of the overall installed capacity in India by the end of March 2024. The whole country's RE cumulative installed capacity during this period has increased from 81.22 GW to 190.57 GW (Table 1).

Table 1 Cumulative Installed Capacity since 2014-15

Source: Ministry of New and Renewable Energy (MNRE) and Central Electricity Authority (CEA)

RES- Comprising of Solar, Wind, Bio-Power and Small Hydro Power Gr=Growth (%)

CAGR= Compound Annual Growth Rate

In the solar power sector, it has risen sharply from 3.99 GW to 81.81 GW from March of 2015 to that of 2024 (Fig 1). Solar power capacity installation is sharing more than half of the RES installed capacity with 56.95%. Comparing with the global solar energy installation capacity, which has been growing substantially from 179.64 GW in 2015 to 1418.02 GW of 2024 ， India solar power grew faster than that of the global solar power sector. During this period, Solar power energy generation increased from 4.6 billion units to 115.98 billion units, registering a growth of 2421.30% and having a CAGR of 43.13%.

Source: Renewable Energy Statistic 2023-2024 (India)

In India, five states, Gujarat, Rajasthan, Tamil Nadu, Karnataka, and Maharashtra, lead in the renewable energy markets, contributing around 60% of the total installed RE capacity and approximately 70% of the national solar power installation (Table 2).

Table2. Top Ten states Non-RE and RE Cumulative installed Capacity up to March

2018 and up to March 2024 (in MW)

Source: National Power Portal (NPP), MoP & MNRE (India)

From the above, it is clearly seen that the top 10 states RE installed capacity have increased dramatically in the past six years, especially Gujarat and Rajasthan have increased around 3 times, with a growth of 194.04% and 271.83% respectively during the last 6 years.

It is also interesting to see that these states still have great potential in solar power installation capacity (Table 3 and 4), especially for Rajasthan, UT of Jammu &Kashmir, Maharashtra having more than 5 times growth.

Source: National Power Portal (NPP), MoP & MNRE (India)

In this market, according to the Ministry of New& Renewable Energy Grid Solar Power Division of India, updated the list of Manufacturers and Models of Solar PV Modules on 17th February 2025, there are about 90 manufacturers enlisted under ALMM Order and 33 manufacturers solar PV module capacity above 500 MW per year. The big players include Waaree Energies Limited with around 11GW annually, leading the top 1, following TP Solar Limited, FS India Solar Ventures Private Limited, and Rayzon Solar Private Limited, Saatvik Green Energy Pvt Ltd, Indosolar Limited, and Emmvee Energy Private Limited etc.