India’s market for solar panel parts could more than double to US$ 7.8 billion by 2028, provided capacity realisation and demand certainty keep pace: CEEW study
- IBEF
- November 6, 2026
India’s market for solar panel components could more than double from about Rs. 34,200 crore (US$ 3.6 billion) in September 2026 to Rs. 74,100 crore (US$ 7.8 billion) by March 2028, according to a new study by the Council on Energy, Environment and Water (CEEW). These components, known as the bill of materials (BOM), include solar glass, aluminium frames, copper ribbons, encapsulant sheets, backsheets and junction boxes. India’s solar module manufacturing capacity reached 228.5 gigawatts (GW) in September 2026. Company announcements suggest that India could become self-reliant for most components by March 2028 if facilities are commissioned on time. Frames, ribbons and encapsulants are expected to cover the estimated annual module demand of about 67 GW by March 2027, and glass by March 2028.
Union Minister of New and Renewable Energy Mr. Pralhad Joshi noted that India’s solar installed capacity has grown from 2.8 GW in 2014 to 172 GW today. A second CEEW study found that India’s chemical industry already has the capability to manufacture battery electrolyte domestically. Electrolyte accounts for about 5% of a battery cell’s cost and is almost entirely imported. With announced domestic cell manufacturing capacity of about 150 gigawatt hours (GWh), India would require 60,000 to 90,000 tonnes of electrolyte annually. A domestic testing facility would cost about Rs. 15 crore (US$ 1.6 million). The studies recommend dedicated customs codes, uniform testing standards and bringing all six solar components under the Approved List of Models and Manufacturers (ALMM).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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