• Solar Panel Imports
  • ALMM
  • India Solar Panel Imports
  • Solar Energy
  • Clean Energy

Last Update 26 December 2023

India’s solar panel imports set to remain higher in FY24

New Delhi: India’s solar panel imports are set to remain higher in financial year 2023-24 (FY24) as compared to FY23 owing to upcoming solar power capacities planned till FY26 and how the situation around ALMM evolves, according to industry experts.

During the initial six months of FY24, India saw a surge in solar module imports, reaching a substantial $1,136.28 million. This surpassed the total PV panel imports for the entire FY23, which amounted to $943.53 million, according to Eninrac Consulting.

The estimated solar module imports in India for FY23 was 2.6 GW and for FY24 till October 24 was 8.9 GW, according to the research consultancy. It added that the estimated MW imports were drawn by assuming an average price per MW of solar panels.

According to Ravi Shekhar, director, Eninrac Consulting, although domestic manufacturing is ramping up in India, it is still far from serving the annual demand generated for panels in the country which in turn necessitates imports.

“The extent of imports is likely to follow a similar trend as displayed in the past 18 months owing to the upcoming solar capacities planned till FY26, quantifying a volume of 18.9 GW. This means nearly 9.5 GW on an annual basis shall be required in the coming two financial years – unless otherwise fresh capacities are announced in the near future – signaling close to 75 per cent to 80 per cent of capacity added in FY23,” said Shekhar.

He, however, added that the overall volume of imports might decline, though imports at large will serve the Indian demand with a transition likely to be recorded from China to other countries such as Vietnam, Malaysia, Thailand, and Hong Kong in the mix as well.

China maintained its position as the primary contributor to the Indian market, supplying solar panels valued at $501.9 million in H1 FY24, in contrast to $874.89 million during the 12 months of FY23, according to Eninrac Consulting.


BEST VISION IS INSIGHT

Combine market knowledge and your skill to contribute value for end consumers

pngtree-an-aerial-view-of-a-highway-junction-with-cars-crossing-each-picture-image_2707356.png

PPP Investments Status in India across Varied Sectors

Read more  →
Refinery-geoplotics.jpg

Production & EXIM Trends for Major Chemicals & Petrochemicals in India

Read more  →
virtualni-prohlidka-dlouhe-strane-640.jpg

Global Development Status of Pumped Hydro Storage Capacity

Read more  →

Get started with
EI Market personalised demo

Complete the form to get in touch with our sales team to see our Visionboard platform in action. We'll show you how you can use eninrac to build a culture of action of consistently hunting down and eliminating poor market research expriences across your companies line of business

power by why
REQUEST DEMO
By providing this information, you grant consent that we may process your personal data in accordance with our Privacy Statement.
By submitting this form, you grant consent to receive marketing information from eninrac as set out in our Terms of Service & Privacy Statement. You may unsubscribe at any time.
budget India Budget