India would become world’s 2nd largest solar module manufacturer by 2025: Wood Mackenzie report
Current Hunt Team
Wood Mackenzie has forecasted that India will overtake Southeast Asia as the second-largest module production region by 2025.
Wood Mackenzie said this will be driven by India’s strong PLI incentives.
It added India and the US have announced over 200 gigawatts (GW) of planned module capacity since 2022.
Earlier, ICRA said India’s solar photovoltaic (PV) module manufacturing capacity to increase to more than 60 GW by 2025 from the current level of around 37 GW.
International Energy Agency (IEA) in a report last month said that India’s domestic production capacity can surpass 70 GW by 2027.
According to the IEA, solar manufacturing currently is concentrated in five countries accounting for more than 90% of global capacity.
These five countries are China (80% of the global market), Vietnam, (5%), India (3%), Malaysia (3%) and Thailand (2%).
India accounts for 3% of the global solar manufacturing market.
Wood Mackenzie is a global consultancy firm for renewables, energy and natural resources.
