India's solar module manufacturing capacity is expected to reach approximately 95 GW by the end of 2025, according to Mercom Capital.
States are promoting domestic solar manufacturing through fiscal and non-fiscal incentives under industrial, electronics, and solar policies, it added
India's solar module manufacturing capacity is expected to reach approximately 95 GW by the end of 2025, according to Mercom Capital.
The solar module manufacturing capacity as of September last year was 39 gigawatt (GW), the research firm said in its latest report.
"India's solar module manufacturing capacities announced...39 GW at the end of September 2022 and is expected to reach approximately 95 GW by the end of the calendar year (CY) 2025," the report titled 'State of Solar PV Manufacturing in India' said.
Indian PV (photovoltaic) manufacturers are strategically poised to expand their production capacities and adopt new technologies in the coming years on the back of government incentive programmes, the report said.
States are promoting domestic solar manufacturing through fiscal and non-fiscal incentives under industrial, electronics, and solar policies, it added.
In September 2022, the Cabinet approved a Rs 19,500-crore production linked incentive (PLI) scheme on 'national programme on high efficiency solar PV modules' with an aim to attract Rs 94,000 crore investment in the sector.
"The PLI programme is an added push to enhance vertical integration of new capacity additions and technology used. With an estimated 220 GW of solar capacity required by the end of the decade, India needs significant manufacturing capacity ramp up," Priyadarshini Sanjay, Managing Director of Mercom India said.
The US-based Mercom Capital Group is a clean energy research and communications firm with expertise in cleantech markets.