Schedule a Call Back
India’s solar equipment imports may reach $30 billion by 2030
Industry News- Oct 22,24
Currently, around 90% of India’s solar manufacturing is limited to assembling modules from imported cells, with only 15% local value addition.
India’s solar equipment imports could surge to $30 billion annually by 2030, rising sharply from around $7 billion in the fiscal year ending March 2024, according to a report by the Global Trade Research Initiative (GTRI). Despite efforts to boost domestic manufacturing through production-linked incentives (PLI), a significant portion of imports will likely continue to come from China.
In FY24, 62.6% of India’s solar equipment imports originated from China, with total solar capacity additions reaching 15 gigawatts (GW). To achieve the target of 500 GW of non-fossil fuel-based power capacity by 2030, as committed at COP26, India would need to install 65-70 GW of solar power annually, driving up import volumes proportionately.
“Given India’s limited local manufacturing and dependence on imports, the annual solar import bill could escalate to $30 billion, with most shipments coming from China,” GTRI stated.
Currently, around 90% of India’s solar manufacturing is limited to assembling modules from imported cells, with only 15% local value addition. In FY24, India imported solar cells worth $1.9 billion. Few Indian companies manufacture solar cells using imported polysilicon or wafers, which add 30-40% value locally, and none currently produce cells from raw silica sands.
The PLI scheme aims to enhance domestic manufacturing, but its impact remains constrained by reliance on imported inputs. GTRI noted that China dominates 97% of global polysilicon production and 80% of solar module manufacturing, creating a significant price advantage.
During FY24, China supplied $3.89 billion worth of solar cells and modules to India, making it the largest supplier. Vietnam followed with $1.02 billion (16.5%), Malaysia with $549.8 million (8.9%), and Thailand with $248.8 million (4%). However, many of these countries depend heavily on Chinese components for their exports.
“Building a self-reliant solar manufacturing ecosystem in India will require substantial investment to develop an integrated supply chain, especially for polysilicon and wafer production. Without this, India will struggle to curb its import dependence and meet its renewable energy goals,” the report concluded.
(Decan Herald)
Related Stories
Electrical & Electronics
Calcom Vision Reports Record Q3 and 9M FY26 Revenue, Strong YoY Growth
Calcom Vision Limited posts highest-ever 9MFY26 revenue at Rs 150.3 crore, with robust growth across lighting and EMS segments.
Read moreAutomation & Robotics
Taypro aims to be a performance-driven automation provider: Yogesh Kudale
Yogesh Kudale, Co-Founder & CEO, Taypro explains how AI-led, waterless robotic cleaning is improving solar plant performance ratios, reducing soiling losses, and reshaping O&M economics across utili..
Read moreElectrical & Electronics
Fujiyama to Commission 1 GW Solar Cell Manufacturing Plant at Dadri
Fujiyama Power Systems has announced the commissioning of a 1 GW solar cell plant at Dadri, Uttar Pradesh, strengthening its integrated manufacturing capabilities and reducing reliance on imports.
Read moreRelated Products
Integrated Electric Gripper S Series
ELECTRICAL & ELECTRONIC EQUIPMENT
IBK Engineers Pvt Ltd offers a wide range of integrated electric gripper S series.
Geared Electric Motors
ELECTRICAL & ELECTRONIC EQUIPMENT
Delco Fans Pvt Ltd offers single phase capacitor run and three
phase geared Instrument motors, totally enclosed face/foot mounted.
“Kusam-Keco” Partial Discharge Acoustic Imager - Model - Km-pdai
ELECTRICAL & ELECTRONIC EQUIPMENT
‘Kusam-Meco’ has introduced a new “Partial Discharge Acoustic Imager Model KM-PDAI.
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
