According to the latest data from JMK Research, India added approximately 12.2 GW of solar installed capacity in the first half of 2024, surpassing the total new installed capacity for the entire year of 2023. This strong growth momentum highlights India's rapid development in the renewable energy sector.

India added over 14GW of renewable energy installed capacity in the first half of 2024. Among them, solar installed capacity accounts for as much as 44%, becoming the largest single force driving India's current 195GW of renewable energy installed capacity.

Large scale ground power station projects are the main driving force for this growth, with India adding approximately 9.6GW of installed capacity of large ground power stations in the first half of this year. MK Research pointed out that the implementation of the Temporary Exemption from Components and Manufacturer Approval List (ALMM) policy has encouraged developers to purchase and install more locally manufactured solar products in India, while also allowing them to import components from overseas in the first three months of this year to meet domestic demand.

Compared to the first half of 2023, India achieved a significant increase of 78.9% in solar energy installations in the first half of 2024. This trend is also reflected in quarterly data, especially in the first quarter of this year, India added about 7.5GW of installed capacity of large ground power plants, of which 5.3GW was installed in March alone.

However, compared to the significant increase in new installed capacity of large ground power plants, the installed capacity of rooftop solar energy decreased by 10% month on month in the first quarter. However, this trend is expected to reverse in the coming months as the Indian government's latest budget includes an investment of $8.9 billion for deploying new rooftop solar projects. JMK Research also expects the industry to rebound.

Analysts point out that India plans to increase its new rooftop solar installed capacity by over 2GW in the second half of this year, up from 1.8GW in the first half. Nevertheless, the country's reliance on large-scale ground power station projects remains significant.

From the first half of 2023 to the first half of 2024, India achieved a 78.9% increase in newly installed solar capacity, while wind power capacity increased by 2.3%. In order to achieve its clean energy goals, including installing 500GW of non fossil fuel installed capacity by the end of this decade, India needs to continue this growth trend.