According to data released by JMK Research&Analytics, India installed about 14.7GW of PV systems in fiscal year 2024. This includes 11.7GW of utility-scale PV systems and 3GW of rooftop PV systems. The three states with the most new PV system installed capacity in India are Gujarat (4.8GW), Rajasthan (3.4GW) and Madhya Pradesh (0.8GW).

As of March 31, 2024, the cumulative installed capacity of utility-scale PV systems in India is about 68.2GW, with another 65.6GW in the pipeline (auctions have been completed). The cumulative installed PV system capacity in Rajasthan was 19.9GW, followed by Gujarat (10.6GW) and Karnataka (9.2GW).

JMK Research&Analytics expects India to add about 16.9GW of utility-scale PV systems and 4GW of rooftop or on-site PV systems by March 31, 2025.

In fiscal year 2024, local PV module manufacturers Waaree, Adani and Vikram Solar exported about 50 to 70 percent of the country's total PV module production. In addition, Sunpower, Fimer and Sineng led the way in terms of inverter shipments.