India's Prime Minister Narendra Modi has set bold Solar energy targets, driving rapid growth in the country's solar market. Over the years, both import and export volumes have surged significantly. Beyond expanding domestic solar deployment, India is also focused on developing a self-sufficient solar industry and positioning itself as a global supplier.
According to data from Mercom Capital, India’s solar PV module exports and imports have seen substantial year-on-year growth. Notably, solar cell module exports experienced the fastest increase. From April to July 2015, the export value stood at $19 million, rising to $41 million in the same period in 2016—an impressive 116% increase. The UK emerged as India’s largest export destination, accounting for 34.1% of total solar exports, despite its own stagnant solar market. Italy followed closely with 11.4%, while China held 10.7%, securing the top three positions.
Meanwhile, during the same period in 2016, India’s solar module imports also rose sharply. Although the growth rate was not as high as that of exports, the volume of imports was much larger. The import value reached $580 million, up 52% from $381 million in the same period the previous year. China dominated the import market, making up 82% of total imports, followed by Malaysia with 12%, and Taiwan with just 3%.
India remains committed to achieving its ambitious goal of installing 100 GW of solar capacity by 2022. However, the country still has a long way to go to meet this target. Raj Prabhu, CEO of Mercom Capital, emphasized that developers will need to continue importing cost-effective components to stay competitive and build projects that deliver strong returns. With continued policy support and investment, India is well-positioned to play a major role in the global solar energy landscape.
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