India added approximately 6.8 GW of new solar capacity during the first half of 2023, including 4.2 GW of utility-scale projects, 2.3 GW of rooftop installations, and 0.3 GW of offgrid systems. This marked a decrease of about 15% compared to solar installations in the first half of 2022, according to a recent report by JMK Research & Analytics.

In the second quarter of 2023 (April-June period), around 1.7 GW of utility-scale solar capacity was installed, up 28% from the preceding quarter.

India's cumulative installed renewable capacity reached 129.6 GW as of June 30, 2023. Among renewable sources, solar maintained its dominance, contributing 54% to the total mix, followed by wind at 34%.

A promising pipeline of approximately 66 GW for solar, wind, and hybrid projects is expected to be commissioned within the next four to five years. Additionally, 61.9 GW of projects are in the bidding phase, where tenders have been issued but auctions are yet to be finalized.

Analysts at JMK Research said that India will add around 13 GW of new solar capacity (9 GW of utility-scale solar and 4 GW of rooftop PV) and 4.1 GW of wind capacity in calendar year 2023. Furthermore, approximately 5.8 GW of solar and 2.3 GW of wind capacity are expected to be added in the upcoming two quarters.

In the second quarter of 2023, Sineng led in terms of inverter shipments, followed by Sungrow and Fimer, while Waaree emerged as the leading module supplier, accounting for approximately 14.2% of the total shipments

Adani emerged as a major player in both the utility-scale solar and wind segments, boasting an operational capacity of approximately 8.3 GW and a robust pipeline of 20.4 GW.

In the Indian market, the price of Chinese mono PERC modules (excluding goods and services tax and basic customs duty) stood at $0.27/Wp to $0.29/Wp during the second quarter of 2023, down 9% to 13% from the previous quarter. Bifacial module prices ranged between $0.30/Wp to $0.32/Wp.