India remains the leader in the renewable energy sector, adding 20,146GW of solar PV and wind capacity in the first nine months of this year (the first nine months of 2024), with the installed capacity increase led by solar PV.

According to JMKResearch, solar photovoltaics accounted for the largest share of new capacity additions, reaching 17,444MW, while wind power added 2,627MW. They increased by 105.8% and 14.8%, respectively.

According to the report, the total solar PV capacity added in the first nine months of 2024 set a record year. Solar PV also accounts for about 45% of the total renewable energy, making it the largest contributor of renewable energy sources.

In terms of solar power generation, India added about 13.2GW of utility-scale solar capacity in the nine months, up 160.9% from the same period last year. The increase is attributed to the government's plan to tender 50GW of renewable power generation annually over the next five years.

During the period, Rajasthan led other states with 4.96GW of installed capacity, followed by Gujarat (3.13GW) and Tamil Nadu (1.57GW).

In terms of rooftop solar PV, India added about 3.2GW, an increase of 7.3% compared to the first nine months of 2023.

The off-grid/distributed PV segment also reported an improvement, adding 1,035MW in the first nine months of 2024, about 2.5 times the amount installed in the same period last year.

In the wind sector, about 2.6GW of new capacity was installed in the first nine months of 2024, up 14.8% from 2.3GW last year. The states of Gujarat (985MW), Karnataka (968MW) and Tamil Nadu (613MW) accounted for around 97% of the new wind capacity added during this period.

JMK Research expects India's installed solar PV capacity to exceed 20GW by 2024, a record high, while wind power is expected to exceed 3GW.