India on Track to Become the Second-largest Producer of Solar Modules
India is on track to become the second-largest producer of solar modules by 2025, overtaking Southeast Asia, according to a Wood Mackenzie report. This growth is set against the backdrop of China’s dominant investment of over US$130 billion in the solar industry in 2023. While China will continue to hold a significant majority of the global manufacturing capacity for polysilicon, wafers, cells, and modules over the next few years, India’s focused incentives are expected to catalyse a substantial increase in its production capabilities.
As the demand for older technologies like P-type cells declines, with an expected drop to only 17% of the supply by 2026, India’s strategic positioning in the production of next-generation solar technologies positions it well to capitalize on the evolving market dynamics. The shift in production capacity to India reflects a significant reconfiguration in the global solar industry’s supply chain, potentially heralding a new era of renewable energy manufacturing led by Indian firms.
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