India Exports 50% of Solar Module Output, Totalling 7 GW in FY24

India exported nearly 7 GW of solar modules, which represents about 50 percent of the nation's output in Fiscal 2024. As domestic production exceeds local demand, the report predicts that the surplus in module manufacturing will create substantial export prospects in the coming years.

Despite this optimistic perspective, the proportion of exports in total output is anticipated to decrease to 25-32 percent by Fiscal 2030, fueled by increasing domestic consumption demands. Absolute exports, on the other hand, are expected to increase consistently throughout the period.

It said "the share of exports in production is expected to moderate between 25 per cent and 32 per cent over the years owing to rising domestic consumption needs".

India's solar module manufacturing sector is set for a major shift in the next five years, with a substantial enhancement in the export-import balance anticipated, as detailed in a report by CRISIL.

The report emphasized that strong domestic demand for solar modules, projected at an average of 50-55 gigawatts (GW) each year from Fiscal 2024 to 2030, will be a major force for the industry. Nevertheless, growing domestic output is expected to lead to an oversupply starting from Fiscal 2025, generating export opportunities.

The report said "the growth in production of modules is expected to result in oversupply from Fiscal 2025 onwards leaving room for exports".