May 6, 2025 – Mercom India, a subsidiary of global clean energy communications and consulting firm Mercom Capital Group, has released its latest report, India Solar Market Leaderboard 2025. The report covers market share rankings and offers a comprehensive view of the competitive landscape across the Indian solar supply chain for the calendar year (CY) 2024.
The report highlights significant shifts in market share among solar companies during CY 2024, a record-setting year for India’s solar sector, driven by the commissioning of previously delayed projects and those extended following the implementation of the Approved List of Models & Manufacturers (ALMM) order.
In CY 2024, 30 companies broke into the top ten rankings across various categories despite not appearing in the top ten in CY 2023. This highlights the highly competitive nature of India’s solar market and the significant opportunities it offers for growth and disruption.
Some established companies strengthened and expanded their market positions, driven by a renewed focus on domestic manufacturing following the reimposition of the Approved List of Models and Manufacturers (ALMM) order. Government initiatives such as the PM–Surya Ghar: Muft Bijli Yojana (launched in Q1 2024), and the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), mandate the use of domestically manufactured solar modules with locally produced cells. These developments are expected to pave the way for new market leaders to emerge by the end of 2025.
India added 25.2 gigawatts (GW) of solar capacity in 2024, marking a 204.3% increase over the 8.3 GW installed in 2023. Large-scale solar projects, including open access installations, contributed 22 GW, accounting for 87.4% of the total capacity added.
The country’s cumulative installed solar capacity stood at 98.7 GW as of December 2024.
As of December 2024, the pipeline of large-scale solar projects under development (including open access) stood at 177.5 GW, with another 141.9 GW of tenders pending auction.
Adani Green Energy retained its position as the leading utility-scale solar project developer in CY 2024, recording the highest capacity additions and holding the largest cumulative installed capacity as of December 2024. ReNew and ACME Solar ranked second and third, respectively, in terms of capacity added during the year. Together, the top ten developers accounted for 68.8% of total utility-scale solar capacity additions in CY 2024. In terms of project pipeline, Adani Green Energy, Avaada Energy, and NTPC Renewable Energy held the top three positions, with the top ten developers collectively representing 55.3% of the total pipeline as of December 2024.
In CY 2024, India added over 3.2 GW of rooftop solar capacity. Tata Power Solar retained its position as the leading rooftop solar installer, followed by Roofsol Energy and Mahindra Solarize. Together, the top ten developers accounted for 36.2% of the total rooftop solar installations during the year.
Jakson Green emerged as the leading EPC service provider in 2024, with Tata Power Solar and Hartek Group securing the second and third positions, respectively.
Sungrow Power Supply maintained its position as the leading solar inverter supplier in 2024 and remained the top central inverter provider. TBEA Energy India was the leading supplier of string inverters. In terms of overall shipments, central inverters accounted for 49%, while string inverters comprised 51%.
Jinko Solar retained its position as the leading module supplier in 2024, followed by Waaree Energies and LONGi Green Energy Technology in second and third place, respectively. The top ten module suppliers collectively accounted for 63% of total shipments in CY 2024.
ARCTECH led the solar tracker market in CY 2024, with GameChange Solar securing the second position. In the solar module mounting structures category, Goodluck India ranked first, followed by Strolar Mounting Systems and Raydean Industries.
In CY 2024, India added 6.9 GW of open access solar capacity, a 77% year-over-year increase. AM Green Energy emerged as the leading open access solar developer, followed by Serentica Renewables and Amplus Solar in second and third place, respectively. The top ten developers accounted for 55% of total market share in the open access segment during the year.
Taypro was the leading supplier of robotic module cleaning equipment to the Indian market in CY 2024, followed by Langfang Sol-Bright New Energy Technology and Airtouch Solar.
The report offers a comprehensive overview of the solar market landscape, covering the entire supply chain. It features profiles of market leaders, detailed installation and supply data, year-over-year ranking shifts, market share information for the top ten companies in CY 2024, and cumulative market insights.