India's Solar PV Manufacturing Pivot

India’s solar PV manufacturing sector is transitioning from rapid capacity expansion to a more competitive phase focused on integration, technology upgrades, and supply chain resilience. While module manufacturing capacity has surged beyond 120 GW, domestic demand remains significantly lower at 40–45 GW, raising risks of oversupply and margin pressure. At the same time, limited cell capacity and tightening domestic content regulations could favor vertically integrated manufacturers. Export prospects have become uncertain due to rising global trade barriers, particularly in the US market. Over the long term, companies with integrated operations, advanced technologies (TOPCon/HJT), and diversified export markets are likely to emerge as industry leaders.