Top 10 Solar Panel Manufacturers in India in 2024 [Updated List]

India’s march towards solar supremacy is not an overnight success story. It’s a meticulously planned and beautifully executed growth saga, bolstered by a combination of government initiatives and industry innovations.

By the end of 2022, solar energy production in India had begun to surge, proving that the country was not just playing catch up with the rest of the world, but in many ways, was leading the charge.

This progress has been aided by the Union Public Service Commission’s (UPSC) forward-looking policies, which have provided a fertile ground for the solar industry to blossom. The schemes launched by the government of India aim to add solar and another renewable capacity of 30.800 MW by 2022 with the financial support of ₹34,422 crore including service charger (source).

With the nation’s stakeholders focused more on using a sustainable source of energy there has been a rise of solar panel manufacturers in the country. The country’s solar installed capacity as of 31st May 2023 was 67.82GWAC. India is ranked 4th globally in terms of solar power generation as of 2021. (Wikiped i a)

For these reasons, India is literally having a shift towards sustainable energy production, and at the vanguard of this transformation are the top solar panel manufacturers in India.

Table of Contents

Here’s the list of the top 10 solar panel manufacturers in India in 2024

Tata Power Solar System

Tata Power Solar System is one of the leading solar panel manufacturers in India. It is the country’s largest power utility and its solutions are powering change in some of the biggest cities in India as well as around the globe.

Recently, they received the Letter of Award (LOA) of ₹1,755 crore for setting up a 300 MW Domestic Content Requirement(DCR) project for NLC India Limited, formerly known as Neyveli Lignite Corporation Limited.

This project is located at Barsingar, in Bikaner district, Rajasthan. This plant is expected to generate more than 750 Mn units and reduce 6 lakh tons of carbon dioxide from the environment annually.

Year of Foundation: 1991
Projects Setup: 17 utility-scale projects (as of July 2023)

Waaree Energies Ltd

Waaree Energies is a flagship company under the name of Waaree Group. They are headquartered in Mumbai, India. Hitesh Chimanlal Doshi is the chairman of the board and is also the director of the company.

Waaree is one of the leading solar panel manufacturers in India. Recently Waaree Energies Ltd. commissioned a 122.5 MWp solar power project in Madhya Pradesh. This project is expected to generate 349 million units of electricity annually and will reduce Carbon Dioxide emissions by 3,73,422 metric tons. (source). Power generated from this project will provide electricity to approximately 153,125 homes meeting their annual energy needs.

Waaree is in talks with HNI to raise ₹1,000 core at the valuation of ₹13,000 crore.

Year of Foundation: 1989
Projects setup: ~ 34 solar power park projects

Vikram Solar

One of the early movers at scale into India’s solar manufacturing space, Vikram Solar operates on 6 continents. They had the movers advantage and therefore are considered among the best solar panel manufacturers in India.

Based out of Kolkata, they recently are planning to move into the manufacturing space in the US. With a heavy investment of up to $1.5 billion in the US market, they are beginning with a factory in Colorado next year.

Year of foundation: 2006
Global Installations: More Than 2.4 GW

Adani Solar

Adani Solar is one of the leading Solar PV manufacturers in India. Funded by one of the strongest financial groups (Adani Groups), it is one of the pillars of the solar industry.

Last year the photovoltaic manufacturer and their research team Introduced India’s first large-sized monocrystalline silicon ingot. They said that the new manufacturing line will keep on producing the silicon ingots exclusively for its solar wafers, cells, and modules production.

They have been ranked as the top performer in 2023 PVEL (PV Evoltuoin Labs) after passing its product qualification program testing procedure.

They have been able to score this distinction for 6 consecutive years starting from 2018. (source)

Year of Foundation: 2015
Model Range of Panels: 295 Watt to 660 Watt.

Renewsys Solar

Renewsys Solar is a global manufacturer of quality, solar PV modules, PV cells, and PV encapsulators- EVA & POE. It is the first integrated manufacturer of solar photovoltaics.

RenewSys India is headquartered in Mumbai, Maharastra, and has production facilities in Mumbai, Bengaluru, and Hyderabad.

They have maintained the premium quality of their products. In Indian Market, they are emerging solar panel manufacturers. They won the prestigious module Innovation of the Year award in 2020.

Year of Foundation: 2011
Manufacturing Capacity: 2.75 GW

Moser Baer Solar Ltd

Moser Baer is an energy-focused organization that provides solar-powered PV and EPC solutions. They have a robust E&D development team that enables them to manufacture one of the top-notch solar panels in India.

Year of foundation: 2010

Servotech Power Systems

Servotech is one of the renowned solar panel companies in India. This company has significantly contributed to the clean energy generation. Servotech in its 18+ years of establishment has completed many projects and has delivered various solar power projects to state governments, state nodal agencies, fuel retailers, oil refineries, etc.

The company also manufactures the first portable solar rooftop system PV ports.

Year of foundation: 2004

Goldi Solar

Goldi Solar is a Gujrat-based solar panel manufacturer. They have achieved a record growth from 10 MW to 500 MW in a mere 11 years in operation. They export their solar panels to 20+ countries with a workforce of 1,500 strength.

They have an annual manufacturing capability of 2.5 GW and they are looking to add another 2000 MW by the end of 2023. They are investing 5k crore to boost module manufacturing capacity. (source)

Year of foundation: 2011

Saatvik Green Energy Pvt. Ltd.

Saatvik Green Energy Pvt. Ltd. is an active contributor to the solar energy sector producing 1 GW of energy annually. They produce mono- and bifacial mono-PERC solar panels for commercial and residential purposes. The company is also available in the USA, with its stock being maintained in California and Indian states.

Year of foundation: 2016

EMMVEE

EMMVEE is a Banglore-based solar panel manufacturer in India. EMMVEE is the market leader with an affordable range of solar water heaters. They have also installed PV projects of 14 MW in North Germany, 13 MW rooftop, and 140+ MW in India.

They recently started building a new solar cell and module line. A 1.5 GW cell line with integrated 1.75 GW module capacity in Karnataka is being constructed. This new facility will expand its overall module capacity to 3 GW. (source)

Conclusion

India’s solar panel manufacturing industry is a testament to the country’s commitment to a sustainable future.

The top solar panel manufacturers in India are not just producing solar panels; they are reshaping the energy landscape, driving innovation, and making India a global leader in solar energy.

As we move forward, one thing is clear – the sun is rising on India’s solar future, and the future looks incredibly bright.

From an analytical perspective, the progress and prospects of solar panel manufacturing in India are truly remarkable. It is an exciting time to be part of this industry and to witness the incredible work being done by manufacturers, installers, and policy-makers alike.

The future is here, and it’s powered by the sun!

Frequently Asked Questions on Solar Panels

Who is the largest solar panel producer in India?

Waaree Energies is one of the largest solar panel producers and renewable energy companies in India. However, the renewable energy and solar panel manufacturing industry is dynamic, with new players emerging and established companies expanding or contracting their operations based on various factors.

To get the most current information on the largest solar panel producer in India, it would be advisable to refer to industry reports, government publications, or official updates from the Ministry of New and Renewable Energy (MNRE) of India.

Is solar panel successful in India?

Yes, solar energy, especially solar panels, has seen substantial success and growth in India. Several factors contribute to the success of solar panels in India:

Geographical Advantage: India has an average of 300 sunny days a year, making it an ideal location for harnessing solar energy.
Government Initiatives: The Indian government has set ambitious renewable energy targets. The government had a target of achieving 100 GW of solar capacity by 2022 as part of its broader renewable energy goal. Numerous subsidies, incentives, and policies have been rolled out to promote solar installations.
Declining Costs: The cost of solar installations in India has seen a significant decline over the years, making solar power competitive with traditional fossil fuel-based energy sources.
Energy Demand: With a growing population and increasing energy consumption, India needs diverse energy sources. Solar energy provides a sustainable solution to meet this rising demand.
Rural Electrification: Solar panels have played a vital role in electrifying remote and rural areas where extending the traditional power grid is challenging or not cost-effective.
Economic Benefits: The solar industry has generated numerous jobs in the manufacturing, installation, and maintenance sectors. Additionally, it’s seen as a means to reduce the country’s dependence on imported fossil fuels.
Environmental Concerns: Solar energy provides a clean, renewable source of power, helping to combat air pollution and reduce carbon emissions.
Large-scale Solar Parks: India has established numerous large-scale solar parks, some of which are among the largest in the world, showcasing the country’s commitment to solar energy.

Challenges still exist, such as land acquisition issues, integration with the national grid, and the need for further technological advancements, but the trajectory for solar panels in India remains promising. Given the momentum and the critical role solar energy plays in India’s energy strategy, it’s clear that solar panels have been and continue to be successful in the country.

Additional Resources

1 Comment

Vikas sharma on February 9, 2024 at 1:18 pm

I couldn’t agree more with the sentiments expressed in this insightful post. India’s remarkable strides in solar energy are indeed commendable, and it’s heartening to see the concerted efforts towards a sustainable future. However, I have a question regarding the scalability and accessibility of solar energy solutions, especially in rural areas where electricity access is still a challenge. How are these top solar panel manufacturers addressing such issues, and what measures are being taken to ensure equitable distribution of solar power across the country? It would be enlightening to delve deeper into these aspects. Nevertheless, kudos to the authors for shedding light on India’s solar journey and igniting hope for a brighter tomorrow!

Top 10 Solar Panel Manufacturers in India: 2024’s Bright Leaders