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Solar photovoltaic installations in India hit a record 14.4 gigawatts during the first quarter of 2026, according to a report from the Institute for Energy Economics and Financial Analysis (IEEFA).
This figure nearly doubled the 7.7 gigawatts added in the same period a year earlier. Data from analysts JMK Research and Mercom India, released earlier this year, indicated that 2025 was already a record year for solar PV in India, with approximately 37 gigawatts of new installations.
The recent growth in solar PV has been fueled by a rise in rooftop solar installations under the PM Surya Ghar Muft Bijli Yojana program. That initiative, which aims to equip ten million households with rooftop solar systems, has added nearly 10 gigawatts of rooftop PV capacity between the first quarter of 2024 and the first quarter of 2026 since its launch in 2024.
Solar PV was the leading technology for new capacity additions in the first quarter of 2026, accounting for 76 percent of all new power generation capacity. With the record additions in the first three months of the year, India surpassed a cumulative installed solar PV capacity of 150 gigawatts and now ranks third globally in installed PV capacity.
According to IEEFA, the current momentum for solar PV reflects a sustained build-out driven by better project execution and supported by an expanding pipeline of hybrid solar-wind projects. However, IEEFA noted that the rapid expansion of renewables has begun to strain grid integration capabilities.
Despite continued growth in solar PV, renewable energy investments in the first quarter of 2026 dropped sharply from $9.8 billion to $3.3 billion, a year-on-year decline of 65.8 percent. IEEFA attributed this decline to growing caution over grid integration challenges, curtailment risks, and transmission constraints, adding that the pace of renewable growth is outstripping transmission and grid infrastructure.
Among the most notable investments in the first quarter of 2026 were Premier Energies‘ $1.17 billion expenditure to add 7.4 gigawatts of solar cell manufacturing capacity in Andhra Pradesh and 6 gigawatts of module manufacturing capacity in Telangana, as well as equity financing by Inox Clean Energy in January 2026 to expand its independent power production portfolio and manufacturing capacity.
Interactive table based on the Store Companies dataset for this report.
This report provides a comprehensive view of the solar cells and light-emitting diodes industry in India, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the solar cells and light-emitting diodes landscape in India.
The report combines market sizing with trade intelligence and price analytics for India. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.
This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for India. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
The forecast horizon extends to 2035 and is based on a structured model that links solar cells and light-emitting diodes demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in India.
Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of solar cells and light-emitting diodes dynamics in India.
The market size aggregates consumption and trade data, presented in both value and volume terms.
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
The report benchmarks market size, trade balance, prices, and per-capita indicators for India.
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
Report Scope and Analytical Framing
Concise View of Market Direction
Market Size, Growth and Scenario Framing
Commercial and Technical Scope
How the Market Splits Into Decision-Relevant Buckets
Where Demand Comes From and How It Behaves
Supply Footprint and Value Capture
Trade Flows and External Dependence
Price Formation and Revenue Logic
Who Wins and Why
How the Domestic Market Works
Commercial Entry and Scaling Priorities
Where the Best Expansion Logic Sits
Leading Players and Strategic Archetypes
How the Report Was Built
Major integrated solar manufacturer
India's largest solar module manufacturer
Part of Adani Group, integrated manufacturing
Leading manufacturer, part of Tata Group
Major PV module and cell producer
Historical leader in solar manufacturing
Makes solar cells, modules, encapsulants
Module and cell manufacturer
Solar PV module manufacturer
Solar panel manufacturer and distributor
Manufactures solar modules and inverters
Solar panel manufacturer
Solar panel manufacturer
Solar panel manufacturer
Solar cell and module manufacturer
Major LED lighting products manufacturer
Leading electrical goods co, major LED player
Major manufacturer of LED lights and fixtures
Major player in LED lighting segment
LED lighting manufacturer
Manufactures LED displays and lighting
Indian subsidiary, major LED mfg in India
Manufactures LED lights and fixtures
Major Indian electrical brand, produces LEDs
LED lighting products manufacturer
Manufactures LED bulbs and lighting
Major player in consumer LED lighting
Leading LED lighting solutions provider
Manufactures LED lights under Finolex brand
Wires & cables major, also manufactures LEDs
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