India's Solar Panel Exports Soar, World Seeks Beyond China as Global Alternative

06 Jan 2025

India is quickly emerging as a major exporter of solar PV cells, as nations look for alternatives to China in their shift toward renewable energy to address climate change.

In the first half of FY25 (April-October), India exported PV cells worth $711.95 million, primarily in the form of assembled modules or panels, with a significant 96% of these shipments destined for the US. This trend highlights the increasing shift of the US away from Chinese suppliers. Additionally, India exported $25 million worth of unassembled PV cells during the same period, with 90% of these exports also heading to the US.

The US has remained the leading market for Indian solar PV products, accounting for more than 97% of India's total solar PV exports in both FY2023 and FY2024.

India's progress in the solar sector is remarkable, as the country shifts from being a net importer to a net exporter of solar PV products. A report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics reveals that India's solar PV exports surged 23 times, reaching a value of $2 billion in FY2024, up from FY2022.