India exports 97% of its solar modules to the US, says PL Capital
India exports 97% of its solar modules to the US, says PL Capital India''s solar module exports rose nearly nine times in 2023 and doubled again in 2024. It notes that this
Most Indian PV exports are to the US, which accounted for 97% and 99% of India's PV exports in FY2023 and FY2024, respectively. India also exports PV products to South Africa, Somalia, Kenya, the UAE, Afghanistan, Nepal, and Bangladesh. The exports from Indian solar module makers are significant. Source: SBI Caps Report
With China, the world's largest solar module-making country facing resistance due to tariffs and blockades in key markets, especially the US, many Indian solar module makers see an opportunity for exports.
As a result, the US became the main buyer, taking about 97 per cent of India's solar module exports between 2023 and 2025. The report shows that India's solar module exports rose nearly nine times in 2023 and doubled again in 2024. It notes that this shift positions India as a credible alternative supplier in the global solar value chain.
Take the example of Knack Energy. The company, which was earlier into the manufacturing of backsheet, EVA and other key solar components, recently started its solar module manufacturing two months ago. While it has just started with a capacity of 800 MW it has planned to add 1.2 GW of new solar module manufacturing capacity soon. Ravi Patel
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