JMK Research says India’s solar PV market grew by 145% YoY with 24.5 GW of capacity added in CY 2024
The utility-scale segment drove the installations with 18.5 GW with Rajasthan alone bringing 7.09 GW online
The PM Surya Ghar rooftop solar scheme is driving this segment as the country has installed 700,000 systems since its launch 10 months back
India added 24.5 GW of new solar PV capacity in the calendar year (CY) 2024, growing by 145% year-on-year (YoY), according to India-based market intelligence and consulting firm JMK Research and Analytics. With this highest recorded PV capacity in any year to date, it says India’s total installed solar energy capacity exceeds 98.4 GW.
The newly added solar capacity last year comprised about 18.5 GW of utility-scale, 4.59 GW of rooftop solar and 1.48 GW of off-grid solar, all segments representing an increase of 184.6%, 53% and 197% on a year-on-year (YoY) basis, respectively.
Rooftop PV capacity increased with the launch of the PM Surya Ghar: Muft Bijli Yojana. Touted to be the world’s largest domestic rooftop solar initiative, this scheme targets to have 10 million households solar-powered by March 2027. It is expected to install 30 GW of new PV capacity (see India Eyeing 30 GW Rooftop Solar Capacity With New Scheme).
Within 10 months of its launch, JMK says 700,000 rooftop solar installations have been reported in the country.
In the utility-scale segment, Rajasthan deployed the lion’s share at 7.09 GW, followed by Gujarat’s 4.32 GW, and Tamil Nadu’s 1.73 GW. Altogether, these 3 states accounted for 71% of the country’s utility-scale solar installation capacity, according to JMK.
JMK’s data pegged new solar PV capacity additions in H1 2024 at 12.15 GW, with 9.6 GW of utility-scale capacity, which it attributed to competitive module prices and commissioning of delayed projects awarded in government tenders. Back then, JMK had predicted over 2 GW of new rooftop PV capacity in H2 2024 (see India’s CY H1 2024 New Solar Capacity Additions Exceeded 12 GW).
Official government data from the Ministry of New and Renewable Energy (MNRE), however, shows the cumulative PV capacity of the country as 97.86 GW with the addition of over 16 GW of new capacity between April 2024 and December 2024. India’s financial year runs from April 1 to March 31.
In comparison, JMK says India’s wind capacity increased by 21% YoY to around 3.4 GW in 2024 with Gujarat, Karnataka, and Tamil Nadu as the leading states.
With these, India’s total installed renewable energy capacity increased to 209.44 GW at the end of December 2024, with solar PV as the largest clean energy generation technology with a 47% share.
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