India’s solar industry has in overdrive for the last few quarters — buoyed by the announcement of the PM Surya Ghar Muft Bijli Yojana which aims to install solar panels on 1 crore households, solar panels have been selling like hot cakes. Companies are looking to reach out to users through IPL teams, and several Indian businesses have seen their businesses grow manifold in the space. However, the top three suppliers of solar panel in India are still Chinese — China is the undisputed leader in the solar panel industry, and seems to maintain its dominance in India. But one Indian firms has managed to find itself a spot in the top 5. Here are the top solar panel suppliers in India in 2023.
1.Jinko Solar
20.4 % market share
Jinko Solar is a leading global solar panel manufacturer and energy storage system integrator. Founded in 2006, the company has rapidly grown to become the world’s largest solar panel manufacturer, with a strong track record of innovation and research and development. Jinko Solar offers a range of solar panels designed for residential, commercial, and utility-scale installations, with power ratings from 370W to 635W and efficiencies up to 23.2%. The company’s flagship Tiger NEO series panels feature cutting-edge N-type cell technology. With a global presence, Jinko Solar has established manufacturing facilities in China, Malaysia, and the US, and its products are distributed in over 190 countries and regions, serving more than 3,000 customers. In India, as many as 20.4 percent of all shipped solar panels in 2023 were made by Jinko Solar.
2. LONGi Green Energy Technology
18.8 percent market share
Jinko Solar was closely followed by fellow Chinese company LONGi Green Energy Technology. LONGi Green Energy is a leading global solar technology company. As a subsidiary of LONGi, founded in 2000, it has over 60,000 employees, 30+ locations, and 30 manufacturing sites globally, with its European headquarters in Frankfurt. The company operates across five business sectors, including mono silicon, wafers, cells, and modules, commercial and industrial distributed solar solutions, green energy solutions, and hydrogen equipment, supporting global zero-carbon development. LONGi had set a new world record of p-type HJT silicon solar cell efficiency at 26.81% in 2022. The company is the second largest solar panel supplier in 2023 with a 18.8 percent market share.
3. JA Solar
8.7 percent market share
JA Solar founded in 2005 and is headquartered in Beijing, China. With a strong global presence, the company operates in 135 countries and regions, offering a wide range of panels for residential, commercial, and utility-scale systems. JA Solar is known for its reliable and cost-effective panels, focusing on incorporating proven solar cell technologies to deliver affordable options backed by a 12 to 15-year product warranty. The company’s Deep Blue series, including the Deep Blue 3.0 and 4.0 Pro models, offers efficiency ratings up to 22%, with the latter providing a longer 25-year product warranty, making it a recommended choice for residential customers looking for high-performance solar panels. JA Solar was the third biggest supplier of solar panels in India in 2023 with a 8.7 percent marketshare.
4. Waaree Energies
6 percent market share
Waaree Energies, founded in 1989 and headquartered in Mumbai, is the flagship company of the Waaree Group. With an installed solar panel manufacturing capacity of 12 GW, Waaree is India’s largest solar panel manufacturer, with plants located in Chikhli, Surat, and Umbergaon in Gujarat. The company offers a wide range of solar products, including PV modules, inverters, and solar gadgets, and provides EPC services, project development, rooftop solutions, and solar water pumps. Waaree’s stock has risen an astonishing 116x in the last four years.
5. Trina Solar
5.5 percent market share
Trina Solar is a vertically-integrated solar power product manufacturer based in Changzhou, China. The company designs, constructs, operates and sells solar power projects in China and overseas, offering smart PV solutions for large power stations, energy storage systems, commercial and residential applications. Trina Solar distributes products globally, with a presence in Asia Pacific, North and South America, the Middle East, Europe, Africa and other regions. The company provides a range of solar modules, including multicrystalline, mono-crystalline, and bifacial dual glass panels, with power outputs ranging from 335W to 700W. It was the fifth biggest supplier of solar panels in India in 2023 with a market share of 5.5 percent.