Spring 2023 Solar Industry Update

Million U.S. dollars Indian Market Update 600 Value of Indian Module Exports: H1 2022 vs. H2 2022 500 400 300 Exported elsewhere Exported to the U.S 200 100 0 January-June 2022 July-December 2022 Indian module exports jumped more than tenfold between the first and second halves of 2022, with all the increase going to the United States. - - - India's module manufacturing capacity reached 40 GWdc in 2022, but only 10 GWdc was for modules of 500 Wdc or higher. One projection shows India's module manufacturing capacity reaching 110 GWdc by 2026, which is 90 GWdc more than projected domestic installations in that year. The U.S. module market yields higher profit margins than the Indian market. Mid-year U.S. policies (UFLPA, AD/CVD investigation) contributed to demand for Indian modules. Indian module exports to the U.S. totaled about 1.5-2.0 GWdc in 2022. Indian manufacturing is promoted through import barriers and incentives, but some Indian manufacturers are expanding without incentives. Indian manufacturers are reportedly considering U.S. module plants to benefit from IRA incentives. Sources: BNEF, 1H 2023 India Renewables Market Outlook, 2/28/23; BNEF, 1Q 2023 Global PV Market Outlook, 2/28/23; Goldman Sachs Equity Research, America's Clean Technology: Solar, 2023 Outlook, 12/18/22; JMK Research and Institute for Energy Economics & Financial Analysis, India's Photovoltaic Manufacturing Capacity Set to Surge, Mercom (3/10/23, 3/14/23); Mercom India Research, State of Solar PV Manufacturing in India, 3/23. NREL 12

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