IEA Forecasts India's Solar Module Manufacturing Capacity to Surpass 70 GW by 2027.

India's production linked incentive (PLI) scheme, which allocates approximately $2.5 billion to boost solar PV module manufacturing, is pointing toward a significant growth in domestic production capacity that could exceed 70 gigawatts (GW) annually by 2027, according to the International Energy Agency (IEA). In its latest world energy outlook report, the IEA noted that India is committed to expanding its production capacity to meet domestic energy demands and also to export solar modules.

Currently, India accounts for 3% of the global solar PV market and is well on its way to achieving its 2030 target of having half of its electricity capacity come from non-fossil sources, well ahead of the decade's end.

The global solar manufacturing landscape remains highly concentrated, with just five countries responsible for over 90% of global capacity. China leads the pack with the capacity to produce over 500 GW of solar modules annually, equivalent to 80% of global manufacturing capacity. The other four key players are Vietnam (5% of the global market), India (3%), Malaysia (3%), and Thailand (2%). The next tier of solar manufacturers, including the US, Korea, Cambodia, Turkey, and Chinese Taipei, each accounts for around 1% of the global total, similar to the European Union's share.

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