By 2029, India is expected to solidify its place as a key player in the global solar module industry, driven by a major surge in domestic production, as highlighted by a CRISIL report. This substantial growth is largely due to India’s abundant skilled workforce, an expanding manufacturing base, and easy access to essential raw materials. The country is set to produce around 125 GW of solar modules by FY29, with domestic demand projected at 38-42 GW, leaving a sizable surplus for export.
India’s government has been instrumental in driving this shift, introducing policies that bolster local solar manufacturing and offering significant incentives to promote exports. These efforts aim to help Indian manufacturers enter international markets, particularly where solar energy demand is high and import tariffs are low. Despite stiff competition from more established manufacturers, especially in China, India is well-positioned to capitalize on a growing global demand for renewable energy, including opportunities arising from anti-China trade sentiments. As its solar manufacturing capabilities expand, India is on track to emerge as a leader in the international solar module market, helping to ensure energy security while boosting its manufacturing economy.
