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Mercom India has released the India Solar Market Leaderboard 2025, outlining the market share rankings and competitive dynamics of the Indian solar sector for the calendar year 2024.
The report notes significant changes in company rankings during a year marked by high capacity additions, primarily due to the commissioning of previously delayed projects and projects that were extended following the reinstatement of the Approved List of Models and Manufacturers (ALMM) order.
In 2024, 30 companies not featured in the previous year’s top ten rankings across various solar market segments made it to the list. This shift reflects an increasingly competitive environment with new participants gaining market presence. Several established firms also expanded their market positions, supported by a renewed policy focus on domestic manufacturing, particularly following the ALMM reimposition.
Government initiatives such as the PM–Surya Ghar: Muft Bijli Yojana, introduced in the first quarter of 2024, and the ongoing Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) have also contributed to the demand for domestically produced solar modules and cells. These programs are expected to influence future market leadership through 2025.
India added 25.2 GW of solar capacity in 2024, a 204.3% increase from the 8.3 GW installed in 2023. Large-scale projects, including open access, comprised 22 GW, or 87.4% of the total capacity added.
As of December 2024, the country’s cumulative installed solar capacity reached approximately 98.7 GW.
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The report identifies a project development pipeline of 177.5 GW for large-scale solar projects, with an additional 141.9 GW in tenders awaiting auction at the end of 2024.
Adani Green Energy continued to lead as the top utility-scale solar project developer in 2024, both in terms of new capacity added and cumulative installed capacity. ReNew and ACME Solar followed in second and third place, respectively. The top ten developers were responsible for 68.8% of new utility-scale solar capacity additions. Adani Green Energy, Avaada Energy, and NTPC Renewable Energy ranked as the top three developers in pipeline capacity. The top ten developers held 55.3% of the total development pipeline.
Over 3.2 GW of rooftop solar capacity was installed during the year. Tata Power Solar remained the leading rooftop installer, followed by Roofsol Energy and Mahindra Solarize. The top ten rooftop solar developers comprised 36.2% of installations in this category.
Jakson Green was the leading engineering, procurement, and construction (EPC) service provider in 2024, with Tata Power Solar and Hartek Group coming second and third, respectively.
Sungrow Power Supply remained the top overall solar inverter supplier and retained its lead in the central inverter category. TBEA Energy India was the leading string inverter supplier. Shipment data shows that string inverters represented 51% of the market, while central inverters accounted for 49%.
Jinko Solar was the top solar module supplier in 2024. Waaree Energies and LONGi Green Energy Technology followed in second and third positions. The ten leading module suppliers made up 63% of total module shipments.
ARCTECH held the largest share in the solar tracker segment, while GameChange Solar ranked second. Goodluck India led the solar module mounting structures market, followed by Strolar Mounting Systems and Raydean Industries.
Open access solar capacity additions reached 6.9 GW in 2024, reflecting a 77% year-over-year increase. AM Green Energy was the leading open access solar developer, with Serentica Renewables and Amplus Solar in the next two positions. The top ten developers in this category comprised 55% of the market share.
Taypro led the supply of robotic module cleaning equipment in 2024, followed by Langfang Sol-Bright New Energy Technology and Airtouch Solar.
The report offers detailed insights into installation figures, supply chain performance, year-over-year ranking changes, and the share held by the top ten companies across different segments in 2024. It also includes cumulative data and company profiles across the solar value chain. For the detailed and comprehensive report, click here.
Mercom’s Market Share Tracker also gives quarterly data insights into the solar market landscape and the top players.
source mercomindia
