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Top solar module and inverter suppliers in India for Q4 2023: JMK Research

In Q4 2023, Jinko Solar and Sungrow emerged as the leading suppliers of modules and inverters in the Indian market, according to a recent report by JMK Research.

Jinko claimed a 35% share of the total 10.7 GW module shipments, with LONGi, Trina Solar, Waaree, and Znshine following in the rankings.

Top solar module suppliers in India for Q4 2023: JMK Research

Module shipments in Q4 have more than doubled as compared to Q3. Almost 85% of shipped modules were high-efficiency mono PERC modules, said the consulting firm.

Solar module imports experienced a notable 138% increase in this quarter, while exports were down by 38.5%. The surge in imports is attributed to the sharp reduction in solar module prices.

The module prices in India observed a 7-13% decline compared to the previous quarter.

The top three exporters of Indian-made solar modules—Waaree, Vikram Solar, and Adani—have exported about 40-80% of their total production. The top destination for Indian-made solar modules is the United States.

In the inverter landscape, Sungrow led the pack, followed by FIMER, Sineng, Solis, and GoodWe. Central inverters constituted a majority of the shipments in Q4 2023.

Q4 2023 witnessed a spike with 1.42 GW added in utility-scale solar, 67% more than the previous quarter. However, rooftop solar saw no new installations during this period.

Looking ahead, JMK Research forecasts positive growth in the next two quarters, anticipating 7.5 GW of solar capacity additions.

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