India could become world’s second-largest solar manufacturer by 2026: With 110 gigawatts (GW) of solar photovoltaic (PV) module capacity set to come online in the next three years, India will quickly become self-sufficient and the second-largest PV manufacturing country after China, finds a new joint report from the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics.
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“The future of the Indian PV manufacturing sector is bright. 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,” says the report’s co-author Vibhuti Garg, Director, South Asia, IEEFA.
India’s cumulative module manufacturing nameplate capacity more than doubled from 18GW in March 2022 to 38GW in March 2023. In terms of upcoming PV manufacturing installations, Gujarat would be the leading state in India.