India’s Top Ten Solar Module Manufacturers

A recent announcement by the All India Solar Manufacturers Association (AISMA) has put the spotlight on India’s surging manufacturing capacity, which has crossed the 60 GW mark recently. Highlighting the details, the association showcased that 27 of the almost 100 manufacturers account for 50 GW of installed capacity now, even as significant fresh capacities are set to be commissioned in the coming weeks and months. Amid the rising penetration of solar module manufacturers in the country, the question often comes on the the top 10 solar module manufacturers in the country. The latest announcement helped us to find a way to get answers.

We tried to use these details to find out India’s top 10 solar module manufacturers in the country. We take a look at the top 10 solar module manufacturers based on their list. Note that the rankings are likely to shuffle quite a lot in the near future, as many impending capacities come onstream.

Top 10 Solar Module Manufacturers Based on AISMA Data

Rank	Firm Name	Installed Capacity
1	Waaree Energies	12000 MW
2	Adani Solar	4000 MW
2	ReNew Power	4000 MW
3	Vikram Solar	3500 MW
4	Goldi Solar	3329 MW
5	First Solar	3200 MW
6	Emmvee Group	2933 MW
7	Premier Energies	2300 MW
7	Rayzon Solar	2300 MW
8	RenewSys India	1700 MW
9	Solex	1471 MW
10	Kosol	1150 MW

Top 10 Solar Manufacturers in India

No surprises for guessing- Waaree Energies, claims a lion’s share in the Top Ten Solar Module Manufacturers based on AISMA, boasting 12000 MW capacity. Waaree has cemented its position as the largest exporter of solar modules, and currently exports its products to over 20 countries worldwide, even as it dominates the domestic market as well.

Following Waaree Energies are Adani Solar and the newly commissioned facility of ReNew Power, with installed solar capacities of 4000 MW each. Both the firms share the second position in the Top 10 Solar Module Manufacturers Based on AISMA. Keep in mind that Adani Solar has a major expansion drive underway, and will probably have a much higher set of numbers to show as early as 2024-25 possibly with 10 GW of integrated solar manufacturing by 2027 in the offing.

Claiming the third position is Kolkata-based Vikram Solar with 3500 MW. The firm has been mulling a solar manufacturing facility with an annual capacity of 2 GW in the US. Vikram Solar already has gigafactories operational in West Bengal and Tamil Nadu. Last year, it had revealed its aspiration to add 3 GW capacity to its unit in Tamil Nadu over the next five years (2027).

Behind Vikram Solar is fast rising Goldi Solar The Surat based group has installed solar capacities worth 3329 MW. The firm seems to be on track to achieve 4 GW as early as next month. By 2025, it aims to reach 6 GW in module manufacturing and 5 GW solar cell manufacturing.

Interestingly, US based firm First Solar, known for being the only large firm in the world to make thin film solar cells, has also entered the India list with an installed capacity of 3200 MW and earned itself a place in the Top Ten Solar Module Manufacturers Based on AISMA. First Solar has set up its first Indian manufacturing unit at Sriperumbudur, near Chennai, Tamil Nadu, where it has started production already. The firm has been allocated a sum of ₹1,170 crore from Government of India’s Production Linked Incentive (PLI-2) scheme. First Solar has planned to invest  $ 684 million in the 3.5 GW plant that will produce its patent thin film modules.

Claiming the sixth position is Bengaluru based Emmvee Group boasting a capacity of 2933 MW. Emmvee’s expansion plan entails a total of 1.50 GW solar cell line and 3.00 GW solar module manufacturing capacity in due course.

Emmvee Group is followed by Hyderabad based Premier Energies and Surat based Rayzon Solar with 2300 MW each in the Top Ten Solar Module Manufacturers. Rounding off the top 10 are RenewSys, Solex and Kosol with 1700 MW, 1471 MW and 1150 MW respectively.

This list is likely to see an unprecedented level of changes in coming months, as India’s solar sector remains in the middle of a never before churn as far as expanding capacities goes. From new entrants like Rayzon that are executing expansion plans already, to the established players, no one is sitting still on their numbers.  Players like the Reliance Group are also ramping up facilities, and the first starts are likely to be announced as early as Q1 next year. Others who have won PLI entitlements like Shirdi Sai Electricals will also be joining the list with high capacities from day 1 once they start.

Premier has 2 GW of MONO PERC solar cell line and has chalked out an expansion plan with 1 GW of TOPCon cell line and another 1 GW of module line of glass-to-glass modules.

RenewSys, during REI 2023 in October, told Saur Energy that it was looking to double its capacity by the next six months and further double its capacity to 4 gigawatts by the next one and a half years.

Tata Power’s installed capacity of just 500 MW is set to be augmented substantially with its 4.3 GW cell and module plant that achieved First Module Out (FMO) in October 2023. The first cell production is scheduled in Q4FY24. This should place the firm higher up in the Top Ten Solar Module Manufacturers next year.

Aided by a growing market as well as strong government support, manufacturers have rushed into the segment, with the future promise of over 30 GW of annual solar installations beckoning, as India seeks to meet a national target of 300 GW solar capacity from its existing 80 GW approximately by 2030.