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The Evolution of India’s Solar Energy Landscape: Trends & Insights from 2023 to 2024

In recent years, India's solar energy sector has witnessed significant growth, both domestically and internationally. India has been actively contributing to the global transition towards sustainable energy solutions. India possesses a great potential to become a leading exporter of solar cells and panels globally.

Let's look into the India import export statistics and trends shaping India's solar energy trade landscape in 2023 and early 2024.

India’s Solar Exports in 2023

As per India export data reports, India's export of solar cells and panels reached a notable figure of $1.6 billion during FY 2023. This shows India's increasing role in the global solar energy market. The United States emerged as the largest importer of Indian solar products, accounting for a substantial $1.5 billion. The USA accounted for 98% of India’s overall solar exports. Other significant importers included Somalia, Thailand, Indonesia, and South Korea, with smaller amounts.

Top Solar Export Markets Export Value  
United States $1.5 Billion
Somalia $64 Million
Thailand $13 Million
Indonesia $5.6 Million
South Korea $4.8 Million
Somalia $4.5 Million
South Africa $4.4 Million
United Arab Emirates $2.7 Million
Malaysia $2.5 Million
Cambodia $1.9 Million

Key Export Companies

Several Indian companies played a pivotal role in driving solar exports. Waaree Energies Limited led India’s solar exports with a commanding 42% share, followed by Mundra Solar Energy at 32% in 2023. Other notable players included Solon India Pvt Ltd, Premier Energies Photovoltaic, and Vikram Solar Private Limited.

Top Export Companies Export Share
Waaree Energies Limited 42%
Mundra Solar Energy 32%
Solon India Pvt Ltd 4%
Premier Energies Photovoltaic 1.71%
Vikram Solar Private Limited 0.87%
FS India Solar Ventures Pvt Ltd 0.61%
Samsung India Electronics 0.33%
Goldi Sun Pvt Ltd 0.17%
Renewsys India Pvt Ltd 0.15%
Lasthope Enterprises 0.15%

Trends in Early 2024

In January 2024, India's solar exports amounted to $157 million, with the United States continuing to dominate as the primary market. However, Tanzania, Canada, Puerto Rico, and Germany also emerged as significant destinations for Indian solar cells and modules exports, showcasing a diversified export growth.

By February 2024, India's solar exports slightly dipped to $151 million, with the United States maintaining its lead. Whereas, emerging markets such as Somalia, Colombia, and Australia exhibited potential for future growth, offering new avenues for Indian solar exporters.

India's Solar Imports 2023

While India's export progress in the solar sector is commendable, it's equally essential to analyze its import statistics. According to India import data reports, India's solar cells and panels imports amounted to a substantial $4.9 billion during 2023. China emerged as the largest source of imports, accounting for a staggering 58% of India's total imports. Other significant contributors included Vietnam, Malaysia, Thailand, and Cambodia.

Top Solar Import Markets Import Value Import Share
China $2.9 Billion 58%
Vietnam $786 Million 16%
Malaysia $638 Million 12%
Thailand $272 Million 5.5%
Cambodia $155 Million 3.13%
Japan $27 Million 0.54%
South Korea $20 Million 0.5%
Singapore $9.98 Million 0.2%
Taiwan $8.26 Million 0.17%
Indonesia $3.4 Million 0.07%

Top Import Companies

Leading the import landscape were prominent companies such as JA Solar International from China, Longi (H.K.) Trading Limited from Malaysia, and T.S Solar Energy from Thailand. These companies played a crucial role in meeting India's domestic demand for solar components.

Unlocking the Power of Solar Energy: A Global Perspective

In the dynamic landscape of renewable energy, China emerges as the biggest powerhouse, with a staggering 55% share of the global solar energy market. With over 80% of the world's polysilicon resources under its belt, China plays a pivotal role in fueling the solar revolution.

Europe stands as the primary destination for China's solar exports, capturing a significant 45% market share in 2023. Meanwhile, India, with its growing solar potential, looks to the US, which dominates nearly 90% of its solar exports.

Despite India's promising exports, it still trails behind China in solar module manufacturing. Major players in India's solar sector rely heavily on Chinese imports, with leading project developers sourcing up to 50% of their panels from China. However, India is on a trajectory of growth, aiming to surpass 150 GW of solar module manufacturing capacity by 2026, with an impressive addition of 20.8 GW of solar modules and 3.2 GW of solar cell capacity.

Notably, America's leading solar equipment manufacturer, First Solar, is investing a hefty $700 million in establishing a new panel manufacturing facility in Tamil Nadu, India. With industry giants like Tata, Jindal, Ambani, and Adani shaping the landscape, India's solar future holds great promise."

Conclusion:

In conclusion, India's journey in the solar energy market reflects not only economic growth but also a commitment to sustainable development and global energy transformation. As the world embraces renewable energy solutions, India stands ready to play a leading role in shaping a brighter and greener future for generations to come.

Exim Trade Data provides the best market research platform through which you could access the opportunities in the Global solar energy market. Schedule a free demo or request a free sample on India export import data at info@eximtradedata.com or connect at +91-9625812393

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