India's PV Cell Exports Hit $712M in FY25, US Takes 96% Share

India exported PV cells valued at $711.95 million From April to October FY25, either assembled in modules or crafted into panels, with 96% of the exports destined for the US. New Delhi exported $25 million worth of photovoltaic cells that were not assembled into modules or turned into panels during April-October FY25, with 90% of these exports directed to the US.

India has become the sixth largest exporter of solar photovoltaic (PV), with its share in global exports of this product increasing to 2.51% in 2023 from 0.4% in 2013. The official stated that the export of solar PV increased to $1.83 billion in 2023 from $200.8 million in 2013.

"India’s solar PV exports have experienced a significant rise." "This signifies a considerable increase of more than eight times and an important enhancement in India's status as a solar PV exporter," the official mentioned, crediting the growth to rising global demand and policy measures encouraging solar energy.

In FY24, India brought in $7 billion in solar equipment, with China providing 62.6% of it. The worldwide solar photovoltaic (PV) market was valued at USD 150 billion in 2022 and is expected to exceed USD 383.78 billion by 2032, with a projected CAGR of 9.90% throughout the forecast period from 2023 to 2032.