JMK Research Predicts: India to Add 21.2 GW of New Solar Cap

2025-06-12 15:10

According to JMK Research estimates, by March 31, 2025, India is projected to install approximately 21.2 GW of new solar capacity. Of this total:

· 16.5 GW will come from utility-scale PV installations,

· 4 GW from rooftop solar,

· 700 MW from off-grid systems.

FY2024 Performance:

· India added 1.5 GW of utility-scale solar capacity, marking an 18% year-on-year increase from the previous fiscal year.

· Rooftop solar installations reached 3 GW, up 34% year-on-year.

Cumulative Renewable Energy Capacity (as of March 2024):

· Total: 190.57 GW, with solar accounting for 43%​(led by wind and large hydropower, each contributing 24%).

· 108 GW of solar, wind, and hybrid projects are in development, slated for commissioning over the next 4–5 years.

Adani Group:

· Leads India’s renewable energy development, with 10.4 GW of operational utility-scale solar, wind, and hybrid projects as of March 2024.

· Has 21.95 GW of renewable energy projects currently in the pipeline.

Q1 2024 Installations:

· Utility-scale solar capacity surged by 7.5 GW, five times the previous quarter’s installations.

Market Leadership:

· Sungrow Power Supply dominates the inverter market with a 50.7% share, followed by FIMER (18.7%)and (Sungrow Electric, 12.6%)​​.

· JinkoSolar is the top module supplier, accounting for 19.5% of India’s Q1 2024 shipments, followed by LONGi (12.1%) and (Trina Solar, 10.7%).

Source: pv magazine