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

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.

“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.