In FY 2024, India added 11.5 GW of new utility-scale solar capacity, an 18% increase from the previous year, according to a report by JMK Research. The rooftop solar sector also showed impressive growth, with 3 GW installed, a 34% year-on-year increase. Wind capacity additions reached 3.25 GW, a 42.9% rise compared to FY 2023.
The momentum continued in Q1 2024, with approximately 7.5 GW of utility-scale solar capacity added, five times the amount installed in the previous quarter. The wind sector saw an addition of 1.15 GW, a sevenfold increase from Q4 2023.
JMK Research forecasts the addition of 21.2 GW of new solar capacity in FY 2025. This includes 16.5 GW from utility-scale projects, 4 GW from rooftop installations, and 700 MW from off-grid components. The wind sector is expected to grow by around 4 GW. In the next two quarters, it is estimated that 7.3 GW of solar and 1.75 GW of wind capacity will be added.
In terms of market shares for Q1 2024, Sungrow led the inverter market with a 50.7% share, while FIMER and Sineng held 18.7% and 12.6%, respectively. Jinko emerged as the top module supplier, capturing a 19.5% share of total shipments, followed by Longi and Trina, which accounted for 12.1% and 10.7%, respectively. Among project developers, Adani stood out as the leading player, with a cumulative operational capacity of about 10.4 GW across utility-scale solar, wind, and hybrid segments. The company also has 21.95 GW of renewable energy projects in the pipeline.