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					</table><a href="https://www.trinasolar.com/en-glb/" target="_blank" rel="noopener">Trina Solar</a>, <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, <a href="https://goldisolar.com/" target="_blank" rel="noopener">Goldi Solar</a>, <a href="https://rayzonsolar.com/" target="_blank" rel="noopener">Rayzon Solar</a>, and <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a> were the top solar module suppliers in 2025, according to Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2026.</a>
India’s solar module demand grew significantly in 2025, driven by record project installations. Annual capacity additions <a href="https://www.mercomindia.com/product/q4-2025-india-solar-market-update" target="_blank" rel="noopener">reached</a> 36.6 GW, marking the highest annual installation level recorded so far.
The country <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-2026" target="_blank" rel="noopener">added</a> 119 GW of module and over 9 GW of cell manufacturing capacity in 2025.
Trina Solar was the leading supplier during the year, accounting for 15% of the modules shipped to India. Waaree Energies and Goldi Solar ranked second and third, accounting for 10% and 6% of module shipments, respectively. Rayzon Solar and Saatvik Green Energy rounded out the top five, accounting for about 5% of annual module shipments each.
The top five suppliers accounted for 41% of the module capacities shipped to domestic solar projects in 2025.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93585 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png" alt="Leading Solar Module Suppliers in India 2025" width="975" height="534" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3.png 975w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-300x164.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-768x421.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-650x356.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-624x342.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture1-3-600x329.png 600w" sizes="auto, (max-width: 975px) 100vw, 975px" /></a>
Trina Solar was the only Chinese-origin supplier among the top five, supported by contracts secured in 2021–2022 during the early or paused phase of the Approved List of Models and Manufacturers (ALMM).
The presence of eight Indian module manufacturers in the top ten reflects a clear shift toward local sourcing, driven by supply chain localization, policy support, and particularly the ALMM mandate, which significantly strengthened the market share of domestic manufacturers.
The leading Indian module suppliers in 2025 were Waaree Energies, Goldi Solar, Rayzon Solar, Saatvik Green Energy, and <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93587 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png" alt="Leading Domestic Solar Module Suppliers in India 2025" width="975" height="522" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2.png 975w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-768x411.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-650x348.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-624x334.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Picture2-600x321.png 600w" sizes="auto, (max-width: 975px) 100vw, 975px" /></a>
Waaree Energies retained its position as the leading solar module manufacturer in India. During the year’s first half, the company <a href="https://www.mercomindia.com/waaree-to-double-texas-solar-module-manufacturing-plant-capacity-to-3-2-gw" target="_blank" rel="noopener">announced</a> an additional 1.6 GW expansion of its module manufacturing capacity at its U.S. facility. It also <a href="https://www.mercomindia.com/waaree-energies-commissions-950-mw-solar-module-plant-in-gujarat" target="_blank" rel="noopener">commissioned</a> a 950 MW module manufacturing facility in Gujarat and <a href="https://www.mercomindia.com/waarees-n-type-solar-module-plant-in-gujarat-expands-to-3-gw" target="_blank" rel="noopener">added</a> 1.5 GW of high-efficiency N-type module lines. Waaree ended the year with a domestic order to <a href="https://www.mercomindia.com/waaree-energies-secures-1500-mw-solar-module-supply-order" target="_blank" rel="noopener">supply</a> 1,500 MW of solar modules.
Goldi Solar emerged as the second-largest module manufacturer, supported by strong capacity expansion during 2025. The company <a href="https://www.mercomindia.com/goldi-solar-secures-%E2%82%B914-billion-in-havells-led-funding-round" target="_blank" rel="noopener">secured</a> ₹14.22 billion (~$161.07 million) in growth capital in a funding round led by Havells India, high-net-worth individuals, and institutional and strategic investors, which will support the company&#8217;s capacity expansion, backward integration into cell manufacturing, advancement in high-efficiency technologies, and expansion of market reach.
Rayzon Solar ranked third among domestic module suppliers, supported by its advanced TOPCon manufacturing lines. As of last December, Rayzon Solar <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-grows-to-144-8-gw" target="_blank" rel="noopener">increased</a> its ALMM-listed capacity by 5,659 MW. During the year, the company <a href="https://www.mercomindia.com/rayzon-solar-secures-sebi-approval-for-%E2%82%B915-billion-ipo">received</a> approval to raise ₹15 billion (~$170.64 million) through an initial public offering.
Saatvik Green Energy is <a href="https://www.mercomindia.com/saatvik-begins-work-on-4-8-gw-solar-cell-and-4-gw-module-facility-in-odisha" target="_blank" rel="noopener">developing</a> a greenfield integrated facility in Odisha with 4 GW of module capacity and 4.8 GW of cell capacity. The company has also expanded into balance-of-system manufacturing, <a href="https://www.mercomindia.com/saatvik-commissions-2-gw-encapsulation-film-facility-in-haryana" target="_blank" rel="noopener">operationalizing</a> a 2 GW encapsulation polyolefin elastomer film facility at its Ambala campus. In October 2025, Saatvik <a href="https://www.mercomindia.com/saatvik-green-receives-solar-module-orders-worth-%E2%82%B97-billion-2" target="_blank" rel="noopener">secured</a> an order worth ₹6.9 billion (~$78.05 million) and also <a href="https://www.mercomindia.com/saatvik-green-receives-solar-module-orders-worth-%E2%82%B97-billion" target="_blank" rel="noopener">finalized</a> another order worth ₹7.07 billion (~$79.62 million) to supply high-efficiency solar modules.
Last November, ReNew announced plans to <a href="https://www.mercomindia.com/renew-to-invest-%E2%82%B9600-billion-in-clean-energy-projects-in-andhra-pradesh" target="_blank" rel="noopener">invest</a> ₹600 billion in clean energy projects in Andhra Pradesh, including a 6 GW solar ingot and wafer manufacturing facility.
TOPCon modules accounted for around 71% of total shipments in 2025, followed by Mono PERC at 29%, while HJT, thin-film, and polycrystalline technologies made up the remaining share.
<a href="https://en.cell.tongwei.cn/" target="_blank" rel="noopener">Tongwei Solar</a>, <a href="https://www.jietaisolar.com/" target="_blank" rel="noopener">Jietai New Energy Technology</a>, <a href="https://www.solarspace.com/" target="_blank" rel="noopener">SolarSpace Technology</a>, <a href="https://aikosolar.com/en/" target="_blank" rel="noopener">AIKO Solar</a>, and <a href="https://www.dmegc.com.cn/" target="_blank" rel="noopener">Hengdian Group DMEGC Magnetics</a> were the top solar cell suppliers in 2025.
Mercom’s India Solar Market Leaderboard 2026 report covers market shares and rankings across the Indian solar supply chain and provides the most accurate and comprehensive coverage of India’s solar industry leaders.
For the complete report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">click here</a>.
The <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Market Share Data Tracker</a>, which provides quarterly insights into competitors’ growth rates, is now available.

<a href="https://en.sungrowpower.com/" target="_blank" rel="noopener">Sungrow</a>, <a href="https://www.huawei.com/en/" target="_blank" rel="noopener">Huawei</a>, and <a href="https://en.si-neng.com/" target="_blank" rel="noopener">Sineng Electric </a>were the top solar inverter suppliers to the Indian solar market in the calendar year (CY) 2020, according to Mercom’s recently released report <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2021-market-shares-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 2021</a>.
Mercom’s latest report provides insight into the industry leaders’ market share and shipment rankings across the Indian solar supply chain.
The top three companies accounted for 56% of the total market share in CY 2020. The top five solar inverter suppliers accounted for almost 80% of the total inverter supplies to the country in 2020.
<a href="https://mercomindia.com/wp-content/uploads/2021/05/Inverters.png"><img loading="lazy" decoding="async" class="alignnone wp-image-26224 size-full" src="https://mercomindia.com/wp-content/uploads/2021/05/Inverters.png" alt="Inverters" width="390" height="254" srcset="https://cms.mercomindia.com/wp-content/uploads/2021/05/Inverters.png 390w, https://cms.mercomindia.com/wp-content/uploads/2021/05/Inverters-300x195.png 300w" sizes="auto, (max-width: 390px) 100vw, 390px" /></a>
String Inverters
String inverters have made rapid inroads into the Indian solar market over the past two years. In the string inverters category, Huawei led the way with 37% of the market share, followed closely by Sungrow and Growatt with 19% and 13%, respectively. Other names in the list included Goodwe and Solis.
<a href="https://mercomindia.com/wp-content/uploads/2021/05/String-Inverters.png"><img loading="lazy" decoding="async" class="alignnone wp-image-26225 size-full" src="https://mercomindia.com/wp-content/uploads/2021/05/String-Inverters.png" alt="String Inverters" width="395" height="264" srcset="https://cms.mercomindia.com/wp-content/uploads/2021/05/String-Inverters.png 395w, https://cms.mercomindia.com/wp-content/uploads/2021/05/String-Inverters-300x201.png 300w" sizes="auto, (max-width: 395px) 100vw, 395px" /></a>
Central Inverters
Central inverters accounted for about 51% of the total shipments. Sungrow, Sineng Electric, and FIMER India (formerly ABB) were the top suppliers with 29%, 26%, and 20%, respectively. Kehua Tech and TMEIC were the other leading suppliers on the list.
<a href="https://mercomindia.com/wp-content/uploads/2021/05/Central-Inverters.png"><img loading="lazy" decoding="async" class="alignnone wp-image-26228 size-full" src="https://mercomindia.com/wp-content/uploads/2021/05/Central-Inverters.png" alt="Central Inverters" width="410" height="282" srcset="https://cms.mercomindia.com/wp-content/uploads/2021/05/Central-Inverters.png 410w, https://cms.mercomindia.com/wp-content/uploads/2021/05/Central-Inverters-300x206.png 300w" sizes="auto, (max-width: 410px) 100vw, 410px" /></a>
Sungrow, FIMER, and Sineng Electric <a href="https://mercomindia.com/sungrow-fimer-sineng-major-solar-inverter/" target="_blank" rel="noopener">were</a> the top inverter suppliers in the first half (1H) of CY 2020.
In the Budget 2021, the Finance Minister proposed to <a href="https://mercomindia.com/budget-2021-%e2%82%b910-billion-seci/" target="_blank" rel="noopener">raise</a> the customs duty on solar inverters from 5% to 20% to encourage domestic production. The government believes that by hiking the duties and increasing the cost of imports, manufacturers will be incentivized to manufacture in India. Recognizing the growing demand for inverters, Chinese manufacturers, including <a href="https://mercomindia.com/sungrow-3-gw-solar-inverter-manufacturing-unit-india/" target="_blank" rel="noopener">Sungrow</a>, and <a href="https://mercomindia.com/chinas-tbea-launch-2-gw-inverter-factory-bengaluru/" target="_blank" rel="noopener">TBEA</a> have already opened manufacturing units in India.
In December last year, Mercom <a href="https://mercomindia.com/developers-prefer-string-inverters-mercom-webinar/" target="_blank" rel="noopener">hosted</a> a webinar to discuss how solar inverter technologies impact project performance. The webinar shed light on the technological trends pushing the market and how Indian developers decide which inverters would be used for their projects. Although inverters account for 5% of the total project cost, their impact on project performance, stability, and the levelized cost of energy is substantial, making quality and technology the prime movers. Developers who participated in the webinar commented that bifacial modules with string inverters are the future trend.
A complete list of the inverter suppliers and their market share is available through Mercom’s <a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener">India Solar Market Share Tracker</a>.

Sungrow, Huawei, and Sineng Electric: Top Solar Inverter Suppliers to India in CY 2020

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