Key Highlights
Solar energy is now one of the most promising renewable energy sources due to the global shift toward sustainable energy solutions. India stands out among the countries that have embraced this change as a developing center for the production and export of solar panels. The global demand for clean energy, government initiatives and technological advancements are all contributing to the notable growth of India's solar panel export market.
In this blog, we will explore the trends for solar panel export from India, its current solar panel exporters list, key export destinations, and the future outlook for this vital sector.
India’s commitment to expanding its solar energy capacity is reflected in its ambitious goals. The country aims to achieve 500 GW of renewable energy capacity by 2030, with a major chunk coming from solar energy. This ambitious vision is underpinned by various policies that incentivize solar manufacturing and use, including the National Solar Mission (NSM), which seeks to promote solar power as a primary energy source.
The Indian government’s push to develop solar energy infrastructure and provide subsidies for solar projects has led to a surge in domestic production of solar panels. As a result, India has established itself as a significant player in the global solar panel market, not just in terms of consumption but also in exports.
| Solar Panel Export From India | Solar Panel Export Data |
| Total Shipments | 6,999 |
| solar panel exporters in India | 337 |
| Solar Panel Buyers | 594 |
| Year-over-Year Growth | 47% |
| February 2024 Shipments | 1,316 |
| Feb 2024 YoY Growth | 82% |
| Feb 2024 MoM Growth | 75% |
Based on insights from solar panel exporters, India shipped 6,999 solar panels between March 2023 and February 2024 (TTM). There was a 47% increase in exports from the previous 12 months, with 337 Indian exporters sending goods to 594 buyers.
During this time, 1,316 solar panel export shipments from India were made in February 2024 alone. This represents 82% year over year from February 2023 and a sequential growth of 75% from January 2024.
According to the Union Minister of Power and New & Renewable Energy, India has achieved solar module self-sufficiency and exported $1.03 billion worth of solar panels in 2022–2023.
According to solar panel export data, India exported $1,969.13 million worth of solar modules in fiscal year 2023-2024, or 91% of the total.
The USA was India's top destination for module shipments, accounting for $1,939.92 million (98.5% of India's total module exports).
Also, India's Ministry of Commerce and Industry reported that its exports to South Africa totaled $4.73 million. However, if you are looking for updated statistics on solar panel export from India, solar panel HS code, or solar panel export data, visit our platform today.
Also Read: Electric Vehicles Export from India
Here is the list of solar panel exporting countries or solar panel exports by country:
| Top Rank | Solar Panel Exporting Countries | Solar Panel Export Data |
| (In Values) | ||
| 1 | China | $50.8 billion |
| 2 | Vietnam | $6 billion |
| 3 | Malaysia | $5.9 billion |
| 4 | Germany | $3.4 billion |
| 5 | Japan | $3.39 billion |
| 6 | Hong Kong | $3.3 billion |
| 7 | Singapore | $3 billion |
| 8 | South Korea | $2.8 billion |
| 9 | Thailand | $2.7 billion |
| 10 | United States | $2.5 billion |
So, these are the top solar panel exporters or top solar panel exporting countries. China is considered the largest solar panel exporter in the world, with an export value of $50.8 billion in 2023.
However, if you need the updated statistics on solar panel export from or India solar panel exporters in India, connect with Eximpedia.app and explore the global market insights hassle-free.
Below is the list of Solar Panel HS Codes:
| Solar Panel HS Codes | Descriptions | Total Shipments |
| 9405 | Lamps and lighting fixtures, such as searchlights, spotlights, and their components, that are not otherwise mentioned or included | NA |
| 94054090 | Other | 25 |
| 8541 | Semiconductor devices such as diodes, transistors, and others; photosensitive semiconductor devices, such as photovoltaic | NA |
| 85414011 | Solar cells whether or not assembled in modules or panels | 465 |
| 8507 | Regardless of whether they are rectangular (including square) or not, electric accumulators, including separators, | NA |
| 85072000 | Other lead-acid accumulators | 18 |
So, these are the top solar panel HS codes. However, if you need the product-specific HS codes, connect with Eximpedia and explore the other insights related to solar panel export from India anytime.
In the second quarter (Q2) of 2024, India imported solar cells and modules valued at over $774.9 million (~?64.6 billion), a 16.4% decrease from the previous year (YoY), according to data from the Department of Commerce.
Additionally, 55% of the quarter's imports were solar modules, and 45% were solar cells.
According to solar panel import data, India imported $4,353.51 million worth of solar modules in fiscal 2023–24, up 361% from $943.52 million in fiscal 2022–23.
| Country | Solar Modules | Market Share | Solar Cells | Market Share |
| (Million USD) | (%) | (Million USD) | (%) | |
| China | 2,850.74 | 66.4 | 1,035.98 | 47.5 |
| Vietnam | 935.05 | 21.9 | - | - |
| Malaysia | 237.99 | 5.5 | 311.81 | 14.3 |
| Thailand | - | - | 248.75 | 11.4 |
| Total | 4,323.78 | 100 | 2,206.54 | 100 |
Here is the list of solar panel exporters in India:
The leading exporters of solar panels from India are mentioned above. As per the sources, Servokon Systems Limited and Ecosys Solar Solution are the major solar panel exporters in India. However, if you need the updated insights on solar panel export data or HS codes, visit our dashboard today.
Find the most current and trustworthy solar panel active buyers and suppliers by visiting the Eximpedia platform, which provides real-time access to solar panel exporters. by country. We provide the most accurate and genuine statistics on solar panel export from India, solar panel HS codes, and Indian trade data.
Eximpedia provides reliable, current, and accurate information on international trade, including import and export statistics, for over 130 countries. Among other products, we offer US import data and a current list of US importers.
So, India's solar panel export market is poised for significant growth due to a convergence of factors. India is now a major player in the solar energy industry worldwide thanks to the government's vigorous support for renewable energy, technological developments, and advantageous policies.
Also, the need for sustainable and clean energy sources, such as solar power, is growing as the globe struggles with issues of climate change and energy security. However, if you still have any queries regarding solar panel export from India, connect with Eximpedia's dedicated professionals and schedule a free live demo.
Q1. How much solar panels does India import?
Based on solar panel export data, India exported $1,969.13 million worth of solar modules in fiscal year 2023-2024, or 91% of the total.
Q2. Who are the biggest importers of solar panels?
As per solar panel exporter data, the biggest importers of solar panels are China, Vietnam, Malaysia, Germany and Japan.
Q3. Who is the largest exporter of solar panels?
Based on solar panel export data, China is one of the largest exporter of solar panels, with an export value of $50.8 billion.
Q4. Which country exports the most solar panels?
China is the world's biggest exporter of solar panels, accounting for over 80% of the global market.
Q5. Can we export solar panels from India?
Yes, it is possible to export solar panels from India; however, you must review the most recent insights, importers and exporters list, HS Codes, and other information.
See all that you can accomplish with Eximpedia
