India to become second-largest PV manufacturer by FY26 with 110 GW capacity

New Delhi, Apr 10 (KNN) Following China, India will take the second position of largest PV manufacturing country as it is set to reach 110 GW of solar photovoltaic (PV) module capacity by fiscal 2026.

About 72 GW of new manufacturing capacity will go online within the next three years, as per a new report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research.

The significant jump will establish self-sufficiency and make the nation the second-largest PV manufacturing country after China.

India will have a notable presence in all upstream components of PV manufacturing, as per the report.

It claims that cell capacity will reach 59 GW by fiscal 2026, ingot/wafer capacity will hit 56 GW, and polysilicon will touch 38 GW.

Calling the future of the Indian PV manufacturing sector as bright, the report’s co-author Vibhuti Garg, Director of South Asia for IEEFA said, “The favourable policy environment created by the Indian government is helping the PV manufacturing industry to grow rapidly, which is evident in the frequent announcements of expansions or new investments in the sector.”

The report shows that India’s cumulative module manufacturing nameplate capacity more than doubled from 18 GW in March 2022 to 38 GW in March 2023.  (KNN Bureau)