India's solar module component market may more than double to $7.8 billion by FY28

Mumbai: India's market for solar module components could more than double to $7.8 billion (₹74,100 crore) by March 2028 from about $3.6 billion (₹34,200 crore) in September 2026, driven by rising domestic manufacturing capacity and demand, according to a study by the Council on Energy, Environment and Water.

However, timely commissioning of planned manufacturing facilities and assured demand from solar module makers will be critical for the industry to realise its potential, the study said.

The study said India has the industrial base to manufacture most of the components used in solar modules, excluding solar cells. These include solar glass, aluminium frames, copper ribbons, encapsulant sheets, backsheets and junction boxes, collectively known as the bill of materials (BOM).