Top 10 Solar Panel Manufacturing Companies in India 2024

India’s solar energy industry has witnessed rapid growth over the past decade, fueled by government initiatives, rising environmental consciousness, and the urgent need to reduce reliance on fossil fuels. Solar panel manufacturing companies play a pivotal role in this energy transition. As demand for solar photovoltaic (PV) systems continues to increase, it becomes essential to understand which companies are leading the industry in terms of manufacturing capacity.

This blog ranks the top solar panel manufacturers in India based solely on their production capacities, providing a clear view of the major contributors to the solar PV supply chain.

1. Waaree Energies Ltd. – 12 GW

Waaree Energies tops the list with an annual manufacturing capacity of 12 GW. Founded in 1990, Waaree Energies has expanded its footprint to become a major player in the solar PV industry. The company produces a range of products, including high-efficiency N-Type TOPCON , monocrystalline, polycrystalline, and flexible solar PV modules, which are used in various applications like rooftop installations, solar farms, and off-grid solutions. 

The company also has special modules in their product portfolio, which include BIPV, and agrivoltaic modules. Waree’s capacity and global presence underscore its ability to meet growing demand, both domestically and internationally.

2. Adani Solar – 4 GW

Adani Solar, a subsidiary of Adani Group, ranks second with a production capacity of 4 GW. The company is a vertically integrated manufacturer, producing everything from solar cells to complete PV modules. The company's focus on expanding its renewable energy portfolio, including solar manufacturing, aligns with India’s ambitious renewable energy goals. Adani Solar has also been active in exporting its products to international markets, leveraging its integrated approach to solar energy solutions.

One interesting fact about the company is that it is India’s first and largest vertically integrated solar PV manufacturer with an annual 2 GW of ingots and wafers manufacturing capacity. 

The company plans to create the world’s first fully integrated, co-located solar manufacturing ecosystem with a 10 GW capacity at Mundra, India. This facility will include the entire PV production chain: metallurgical-grade silicon, polysilicon, ingots, wafers, cells, and modules along with supporting units for solar glass, aluminum frames, encapsulants, junction boxes, and more. All operations will be housed within the 800-acre Mundra Electronic Manufacturing Cluster.

3. Saatvik Green Energy Pvt. Ltd. – 3.8 GW

Saatvik Green Energy holds a manufacturing capacity of 3.8 GW. The company offers a diverse range of solar PV modules, including polycrystalline, monocrystalline, and bifacial panels. Saatvik Green Energy focuses on high-performance products that cater to large-scale installations, commercial applications, and even residential projects. 

Its manufacturing primary facility is based at Ambala, Haryana. The company is part of India's push to become a global manufacturing hub for solar panels, targeting both domestic and export markets. In order to achieve that, the company plans to expand its manufacturing capacity by establishing facilities in Orissa and Gujarat.

4. Vikram Solar Ltd. – 3.5 GW

Vikram Solar Limited (formerly known as Vikram Solar Private limited) ranks fourth with a manufacturing capacity of 3.5 GW. Vikram Solar has been in operation since 2006 and is known for its focus on solar PV module efficiency and innovation. The company has a strong R&D foundation, which allows it to produce high-quality products that are used in both ground-mounted and rooftop solar installations. 

Its manufacturing plant is located in Falta, West Bengal, India, and its products include Somera Monocrystalline & Monocrystalline Perc, Half-Cut & Full Cell Modules, 325Wp – 400Wp.

5. Goldi Solar – 3 GW

Goldi Solar is another significant player in the Indian solar panel manufacturing sector, with a capacity of 3 GW. Goldi Solar’s products are used in various applications, from utility-scale solar farms to smaller, decentralized systems. The company offers a wide range of solar modules, including bifacial and mono-facial variants. 

6. RenewSys India Pvt. Ltd. – 2.5 GW

RenewSys India stands out with a manufacturing capacity of 2.5 GW and a unique vertically integrated business model. The company not only manufactures PV modules but also produces key components such as solar cells, encapsulants, and backsheets. This integrated approach allows RenewSys to maintain control over the quality of its products while streamlining the manufacturing process. It supplies modules for a wide range of solar applications, from residential to large-scale commercial projects.

7. Solex Energy Limited – 0.7 GW

Solex Energy Limited has been in the solar power business since 1995. However, the company was involved in the solar water heaters, solar lanterns, solar water pumps, and solar street & home lighting systems business. This expertise, which the company developed over the course of 25 years, helped it become a major player in the solar PV business.

With a current solar module manufacturing capacity of 0.7 GW per year and an additional 800 MW to start production by December this year.  

The company has recently announced its plans to expand its manufacturing capacity to 15 GW by 2023, for which the company has planned investments exceeding INR 8,000 crores for its vision 2030.

8. Tata Power Solar Systems Ltd. – 0.67 GW

Tata Power Solar is one of the oldest renewable energy companies in India, with a current solar module manufacturing capacity of 0.67 GW per year and 0.53 GW of solar cells annually. Tata Power Solar has been involved in the renewable energy sector for over 33 years and is recognized for its reliability in providing turnkey solutions. 

The company manufactures high-efficiency solar panels and cells, and has played a key role in popularizing solar energy through residential rooftop systems and large-scale solar projects. Tata has shipped around 3 GW of modules globally in the past 33 years, which have been used in some of the large industry and utility scale solar projects in North America and Europe, in addition to India.

9. Jakson – 0.6 GW

Jakson has an annual solar module production capacity of 0.6 GW and is primarily known for its work in providing energy solutions, including solar power. The company manufactures a wide range of solar PV (bifacial and monofacial) modules for on-grid and off-grid applications. The company also deals in solar inverters. 

10. Emmvee Solar Systems – 0.5 GW

Emmvee Solar operates with a manufacturing capacity of 0.5 GW. The company has been involved in the Indian solar industry for many years, offering solar panels that cater to residential, commercial, and industrial clients. Emmvee Solar is also known for its solar thermal solutions, which are widely used in industrial heating applications.

The company has a manufacturing unit in Bengaluru, Karnataka, India. 

Conclusion

India’s solar panel manufacturing industry is poised for further growth as both domestic and global demand for solar energy rises. The companies listed above, ranked by their manufacturing capacities, are some of the key players contributing to the expansion of solar energy solutions across various sectors. As India moves closer to achieving its renewable energy targets, these manufacturers will continue to play a significant role in shaping the solar landscape.

This article serves as a guide for those interested in understanding the top solar panel manufacturers in India. By considering the companies’ manufacturing capacities, we provide a clear, data-driven view of the leaders in the Indian solar market. For more information about their products and services, you can visit their official websites linked above.