India installed 7.4 GW of new solar capacity in the first nine months of 2021, and this year is expected to be one of the best 12 months since new photovoltaic installations have been recorded.
According to the newly released Indian solar market update report for the third quarter of 2021 by Mercom India Research, despite a series of market challenges faced by developers, India still recorded strong growth in solar installations this year.
Higher raw material costs, component availability and severe price volatility, power cuts in several states, and high shipping costs all add to the difficulties developers are facing now. However, Mercom India Research stated that in the first nine months of 2021, India's new solar installed capacity exceeded 7.4 GW, a year-on-year increase of 328%.
India added 2,835 megawatts of solar power in the third quarter of the calendar year, an increase of 14% from the 2,488 megawatts in the second quarter. Installations in the third quarter surged 547% year-on-year.
Mercom Capital CEO Raj Prabhu said: "Despite the supply challenges, the Indian solar market is moving towards one of the best years on record, and it has completely improved from 2021. 2021 is the worst year for the solar industry. One." Group. "Despite the high price and uncertainty of components related to transmission problems in the Great Indian Bustard (GIB) in Rajasthan, we expect strong growth in 2022. Increases, cuts, and payment issues in goods and services tax increase developers The challenges faced have limited growth."
The average selling price of solar modules rose sharply in the third quarter. Mono-crystalline PERC module prices rose by more than 15% month-on-month, and major manufacturers began to experience tight supply after reducing production in China. Freight rates this quarter reached a peak of approximately US$9,000 per container.
"As domestic manufacturers hope to take advantage of the 40% basic tariff that is planned to be levied from April 2022, manufacturing capacity continues to grow rapidly. It is expected that in the second quarter of next year, sourcing strategies will begin to change dramatically as imports become expensive. Change," Prabhu said.
According to the report, module prices have now risen for six consecutive quarters-a trend not seen in the past 10 years. Due to rising prices of raw materials and components, the quarterly increase in large-scale system costs during the current three-month period is also the largest.
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