Rubix Data Sciences, a leader in risk management and monitoring, has released an insightful sectoral report on India’s solar energy landscape, highlighting the country’s remarkable progress in renewable energy. As India aims to achieve its ambitious goal of 500 GW of clean energy capacity by 2030, the report provides an in-depth analysis of key growth drivers, policy initiatives, and market dynamics shaping the nation’s solar sector.
India’s solar sector is expanding rapidly, having surpassed the 100 GW installed capacity milestone – an achievement that places it among the world’s top solar energy producers. Over the past decade, solar capacity has grown at an impressive 38% compound annual growth rate (CAGR), now accounting for over 60% of the country’s total renewable energy portfolio. In FY2024 alone, India added a record 24.5 GW of solar capacity, more than double the previous year’s installations. The report also highlights a shift toward self-reliance, with solar module imports from China declining from over 90% in FY2022 to 65% in FY2024, while exports surged 23-fold, while exports surged 23-fold touching nearly USD 2 billion in FY2024. These developments underscore India’s growing influence in the global renewable energy sector.
Commenting on the findings, Mohan Ramaswamy, Co-Founder and CEO of Rubix Data Sciences, said, “India’s progress in solar energy is remarkable, as we continue to grow rapidly and expand our capabilities. By focusing on local manufacturing and reducing dependence on imports, we are paving the way for a cleaner, more sustainable future. The opportunities ahead are immense, and we are committed to driving innovation in this exciting sector. The pace and presence of the industry is irrefutable, and with relentless efforts, India is already on its way to becoming a global clean energy leader.”
As India continues to expand its renewable energy capacity, the outlook for the solar sector remains strong. With increasing government support, foreign investments, and technological advancements, the country is well on track to achieving its ambitious clean energy targets. Rubix Data Sciences remains committed to delivering valuable industry insights, helping businesses and policymakers make informed decisions in the renewable energy space.
