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Solar PV Market in India Outlook Update Q1 2020

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Report Summary Coronavirus outbreak is set to impact 3 giga watt (GW) of Indian solar projects worth INR 16,000 crore – leading to slump in solar capacity addition in Q1 2020    

Solar PV Market in India Outlook Update Q1 2020

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  • About
    In order to achieve 100 GW solar installed capacity target by 2022, year 2020 was expected to bring much renewed push to the solar sector but with the corona virus outbreak in China the future of the solar sector seems to be in doldrums. The Indian solar components market is dominated by the Chinese companies supplying around 80% of solar cells and modules which are being used India due to their competitive pricing. After the disease outbreak in China the component production has taken a hit and due to prevention measures the imports from China have come to a standstill. Due to slowdown in solar component import from China around 3 GW of solar projects worth INR 16,000 crore are facing risk of missing project completion deadline. This situation has also come as a ray of hope for the OEMs of solar components in India who need to grab this opportunity by increasing their production capacities to match the domestic requirement and also try to export solar components making India a leading manufacturing hub of solar components in future.
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