Mercom’s Market Leaderboard report shows established and deep-pocketed Indian companies ruled the roost in the country’s solar power industry going by their performance during H1/2020 when COVID-19 brought the industry basically to a standstill, even as Chinese module and inverter suppliers maintained their stronghold. (Source: Mercom India Market Share Leaderboard/Mercom India Research)
- Mercom’s India Solar Market Leaderboard for H1/2020 sees Indian companies strengthening their presence in the development and installation space
- Chinese companies still claim large market share when it comes to core technology supply in terms of solar modules and inverters
- During H1/2020, Indian solar installations declined 60% YoY but with 41.7 GW under development and 34.2 GW to be auctioned still, Mercom believes 2021 may be the country’s strongest year for solar
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During the first 6 months of 2020, India’s Hero Future Energies (HFE) installed 300 MW solar power capacity at Bhadla Solar Park in Rajasthan – and with this it has placed itself on top of the list of utility scale solar project developers in India during the reporting period, on Mercom India Research’s India Solar Market Leaderboard 1H 2020. However, in terms of cumulative installed capacity till the end of June 2020, Adani was still the largest utility scale solar developer in the country.
The renewable energy arm of the Hero Group won the 300 MW project in a Solar Energy Corporation of India (SECI) tender in December 2017 quoting the lowest winning tariff of INR 2.47 per kWh (see SECI Awards 750 MW PV Capacity At Bhadla).
During H1/2020, India installed 1,016 MW utility scale solar, with the top 10 utility scale project developers staking claim to 94% of market share.
In terms of rooftop solar, it was another home grown group, Tata Power Solar that had the largest solar rooftop portfolio during this period and was also the country’s largest solar rooftop installer as of June 2020. The top 10 companies in this segment held 70% market share though installations here significantly declined on an annual basis due to COVID-19, but Mercom believes the C&I segment is likely to recover in H2/2020.
India’s Sterling & Wilson was the top performer as the leading EPC company between January 2020 to June 2020, and also held largest EPC portfolio as of June 2020.
Mercom analysts call Rays power Experts, Amplus Solar and CleanMax Solar as the leading open access developers at of June 2020.
Chinese companies maintained their dominance in the Indian market in terms of technology used with LONGi Solar being the top module supplier during H1/2020 even as Trina Solar was the leading supplier in cumulative shipments. The top 10 module suppliers accounted for 74% of the market share in this segment.
China’s Sungrow was the leading central inverter supplier with Huawei as the top string inverter supplier, while Fimer India held fort as the largest solar inverter supplier. TaiyangNews recently had Enerparc and Ginlong Solis discuss the advantages of using string inverters for utility scale solar projects in a webinar (see Advantage String Inverters, Say Enerparc & Ginlong Solis).
Mahindra Susten supplied most module mounting structures, but it was Ganges International that led in terms of cumulative shipments.
Solar robotic cleaning technology company SolaBot Technologies of India was the leading supplier in this domain.
Having braced the impacts of COVID-19 related lockdown and social distancing measures on its solar supply chain, Indian solar PV installations in H1/2020 added up to 1.3 GW, declining 60% over previous year’s 3.2 GW which led to a ‘shuffle’ in the solar market leaderboard, explained Mercom.
As India now recovers economically, the future looks bright with 41.7 GW utility scale solar project pipeline under development and another 34.2 GW tendered capacity waiting to be auctioned.
“This has been unlike any other year in the Indian solar industry’s history. Although installations are at historic lows, the market has also created opportunities for new leaders and innovators,” said Mercom Capital Group’s CEO Raj Prabhu. “The market share leader board will remain volatile as we go from one of the weakest years for solar to one of the strongest in 2021.”
The Mercom India Solar Market Leaderboard 1H 2020 report can be purchased on its website.