According to a recent report by Mercom India Research, India's photovoltaic (PV) module capacity increased by 11.3 GW and cell capacity by 2 GW in the first half of 2024, driven by rising market demand.
This growth is mainly attributed to an expected 132.7 GW of solar projects in India between 2024 and 2026. In April 2024, India also reinstated the Approved List of Models and Manufacturers (ALMM) order.
By the end of June 2024, India's cumulative PV module capacity reached 77.2 GW, and cell capacity stood at 7.6 GW, with 51 GW of module capacity certified under ALMM. The top 10 manufacturers accounted for 58% of module capacity and 100% of cell capacity.
Raj Prabhu, CEO of Mercom Capital Group, commented: "Despite the significant increase in capacity, domestic module supply remains tight due to lagging local cell production. Many projects will face delays due to shortages in China content supply unless cell capacity grows rapidly. Until the supply-demand balance improves, especially with limited availability of imported products, average module prices are expected to remain high. As countries develop their own local manufacturing supply chains and trade restrictions tighten, relying on exports as a long-term growth strategy for manufacturers remains very risky."
Source：https://mp.weixin.qq.com/s/ihG_9_CfpDGLfETqHQDEXw
