India Solar PV Module Market Report

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Pages : 111 Updated : May 2011


If you are keen on setting up a solar PV module making facility in India, this comprehensive report will be an indispensable guide.

This report contains comprehensive inputs and in-depth insights on:

  • Solar PV market status and trends – current and future demand and supply,  both in India and globally
  • Technologies, processes and machinery required for setting up solar module plants.
  • Inputs on capital and operational costs, returns and financial scenario analysis
  • Details of the existing solar PV module manufacturers in India
  • Details on equipment, machinery and component manufacturers
  • Government incentives and regulations
  • Financing options
  • Project development stages

EAI is India’s leading renewable energy consulting and business intelligence firm. Founded by professionals from IITs and IIMs, EAI is today considered a critical catalyst and partner for the Indian cleantech industry.

Key Take-aways from the Report

  • With the announcement of the Jawaharlal Nehru National Solar Mission in 2010, India is poised for a big take off in the installation of solar energy. The JNNSM target of 20 GW of installation by 2022 and also proactive policies from states like Gujarat are the key drivers for the growth of the solar sector in India.
  • Within the Solar PV sector, two technologies are commonly used Crystalline Silicon and Thin film technology. World over, crystalline silicon commands a very high market share and thin film is still a small player. This status will continue the same for the foreseeable future.
  • In Crystalline silicon technology, there are two types of modules monocrystalline and multicrystalline. In thin films, three technologies are very prevalent amorphous silicon(a-Si), Cadmium Telluride(CdTe) and Copper, Indium, Gallium Selinide(CIGS).
  • Globally, China dominates the cell and module production and has about 50% market share. In terms of installations, Germany leads the world with close to 50% of installations world over.
  • In India, there is about 1.4 GW of module manufacturing capacity and this is expected to increase in the future since the solar PV segment is one part of the entire value chain where the barriers to entry is relatively low.
  • The majority of the modules produced in India so far catered to the export market. However, this is expected to change as more and more solar PV power plants are installed across the country.
  • Solar PV production is a fairly straightforward process and the skill sets required from the workers is not very high. The various process equipments can be provided by a single turnkey line provider.
  • The capital investments in solar PV module production depend on the level of automation. Close to 75% of the total capital investments is contributed by the production equipment. Module testing is also an upfront cost.
  • Land requirement for a solar PV module production is relatively less. A 25 MW plant can be set up in a space of less than half an acre.
  • IHowever, working capital requirements is pretty high for running a solar PV plant. Typically material costs forms more than 70% of the total module cost. Government support is also available in the form of a 10 year tax holiday and customs and excise duty exemptions for import of equipment.
  • While there are several risks in the PV module production business, the major risk is the market risk and competition from other PV module firms. Moreover, globally the Solar PV sector is driven by favourable policies of different countries. In the absence of regulatory support, there can be a drop in demand for the modules which affects the growth of the venture.
  • A PV module production unit can be compared with a Small and Medium size enterprise(SME) and there are various financing options like debt financing and equity financing available.

The Sun Shines on Solar in India

Opportunities in the Indian Solar Module Segment

The Solar energy sector in India is witnessing unprecedented activities. With the Ministry of New and Renewable Energy (MNRE) of Government of India announcing the Jawaharlal Nehru National Solar Mission (JNNSM), the interest in the sector has gone up and new opportunities are presenting themselves for anyone wishing to enter this industry.

One such opportunity is the Solar PV module manufacturing in India. The JNNSM guidelines stipulate that all the grid connected Solar PV plants in India coming under the scheme will have to use Solar PV modules that are made in India. That translates to the solar module demand as follows.

  • Phase 1 (2010-2013): 500 MW
  • Phase 2 (2014-2017): 2000 MW
  • Phase 3(2018-2022): 7500 MW

In addition some of the state governments have their own Solar Policies. A total module demand of about 1300 MW is expected in the next two years alone(2011-2012). This is not considering the demand for off-grid applications like Solar lanterns, Solar street lighting and various other applications. However the total PV module supply from India is between 700 MW and 1000 MW. Even though the existing players are ramping up their capacities, there will enough local demand for lot of capacity addition in this segment.

Over and above the Indian market, the prospects for solar PV modules worldwide are bright as well, with the solar PV installations worldwide expected to grow at a hectic pace.

Opportunities in the Global Solar Module Segment

Solar installations worldwide are increasing at a hectic pace. In 2009 alone, annual solar PV capacity worldwide increased by a whopping 55%, rising from 14 GW by end of 2008 to over 21 GW. In 2011, preliminary estimates suggest that this number could be as high as 17.5 GW, an astonishing 130% growth over the previous year.

Based on likely predictions of growth for the next decade, the solar module demand worldwide until is forecast as follows:

Demand for Solar PV Modules by Year (GW)

2010 2011 2012 2013 2014 2017 2020
13.6 20.2 23.8 33 45.3 85 200

These significant demand projections indicate excellent potential for the solar PV module industry.

Putting up a solar PV module making plant presents an affordable business opportunity to many entrepreneurs and businesses. A solar PV module plant costs about $150,000 MW. This is much lower when compared to much higher costs for manufacturing facilities for solar cells ($1.25 million / MW) and solar wafers ($0.6 million / MW). Thus, as an entrepreneur, solar module production offers an exciting opportunity to you.

This is the right time for entrepreneurs to get in, as the market is relatively new, growing at a hectic pace, and the number of large players in the market are quite few.

These significant demand projections indicate excellent potential for the solar PV module industry.

Putting up a solar PV module making plant presents an affordable business opportunity to many entrepreneurs and businesses. A solar PV module plant costs about $150,000 MW. This is much lower when compared to much higher costs for manufacturing facilities for solar cells ($1.25 million / MW) and solar wafers ($0.6 million / MW). Thus, as an entrepreneur, solar module production offers an exciting opportunity to you.

This is the right time for entrepreneurs to get in, as the market is relatively new, growing at a hectic pace, and the number of large players in the market are quite few.


Our Clients and Customers

EAIs research has been bought by prestigious companies from India and worldwide. Customers for our research services include:

    Top Consulting Firms

  • A.T. Kearney, Germany
  • Boston Consulting Group, Germany
  • Accenture, India
  • Mott MacDonald

    Fortune 500 Companies

  • Exxon Mobil, USA
  • Lafarge, France
  • Total, France
  • Reliance Industries Limited, India
  • Emerson Electric
  • Shell, Netherlands
  • Marubeni, Japan
  • Mitsubishi, Japan

    Others

  • Saudi Aramco
  • iPLON GmbH, Germany
  • Association of Biotechnology Lead Enterprises

  • National Renewable Energy Laboratory, USA

  • US Army Indian Railways
  • Ministry of Foreign Affairs of Denmark


The EAI team would like to talk to you to understand how we can help you in your Solar PV Module efforts. If you are interested in purchasing the report or getting our help, talk to us now.
Sindhuja Ramar
Email : sindhu@eai.in
Mobile : +91-8489663663 (India)

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Pages : 111
Updated :May 2011

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List of Contents

India Solar PV Module Market Report

1. Indian Solar PV Industry Status and Current Trends
1.1 Introduction
1.2 Solar Photovoltaic’s
1.3 Current Solar Photovoltaic Market Scenario
1.3.1. Market Share
1.3.2 Global Market Overview1
1.3.3. Domestic Market Overview
1.4 Demand and Supply of Modules
1.4.1 Global Demand and Supply
1.4.2 Demand in India
1.4.3 Demand- Supply Gap
1.5 Solar Modules in India- Industry Trends
1.6 Major Module Manufacturers
1.6.1 Domestic Players
1.6.2 Global players
1.7 Drivers and Barriers for Solar PV Module Investments
1.7.1 Drivers
1.7.2 Barriers

Tables

  • Table 1.1: Solar PV Market Share
  • Table 1.2: Global Polysilicon Production 2010
  • Table 1.3: Global Wafer Production 2010
  • Table 1.4: Global Cell Production 2010
  • Table 1.5: Production capacities of various value chain segments
  • Table 1.6: Potential of the Solar PV Market
  • Table 1.7: Utilization Rates of Solar Modules
  • Table 1.8: Demand in India in 2011-2012
  • Table 1.9: Demand-Supply Gap
  • Table 1.10: Solar Cells/Photovoltaic Cells Whether or Not Assembled in Module/Panel Imports
  • Table 1.11: Solar Cells/Photovoltaic Cells Whether or Not Assembled in Module/Panel Exports
  • Table 1.12: List of Solar Module Manufacturers in India
  • Table 1.13: List of Solar Module Manufacturers at a Global Level

Figures

  • Figure 1.1: Thin-Film Percentage of Total PV Module Production (Percentage of Watts)
  • Figure 1.2: Global Market Overview
  • Figure 1.3: Global PV Market Analysis for the year 2010 & 2011
  • Figure 1.4: Global PV System Installations by Region (2009 -2014)
  • Figure 1.5: Demand CAGR (2010-2013)
  • Figure 1.6: Analysis and Projections of the Solar Module Capacity
  • Figure 1.7: Trends in Production of Solar PV Cells and Modules (MWp) in India
  • Figure 1.8: Application of Solar PV Cells (MW) in India Sector Wise

2. Basics of Modules - Technology Involved
2.1 Introduction
2.2 Modules
2.2.1 Technology Options – Crystalline Silicon vs. Thin Film
2.2.1.1 Crystalline Silicon
2.2.1.2 Thin Film
2.2.2 Crystalline Module Making
2.2.2.1 Module Structure
2.2.2.2 Assembly Process
2.3 Machines and Equipments
2.3.1 Automated Solar Cell Tester
2.3.2 Photovoltaic Glass Washer
2.3.3 Pneumatic Assistance for String Placement
2.3.4 Module Layup Station
2.3.5 Automated Solar Cell Assembly
2.3.6 Auto Busing System
2.3.7 Manual Busing Station
2.3.8 Manual EVA Layup Station
2.3.9 Manual Inspection Station
2.3.10 Automated Photovoltaic Module Laminators
2.3.11 Solar Simulators and PV Module QA Testers
2.3.12 High Voltage Test Station
2.4 Thin Film Module Making 
2.4.1 Amorphous Silicon Manufacturing Process
2.4.2 CdTe Manufacturing Process
2.4.3 CIGS Manufacturing Process
2.5 Testing and Certification of Modules
2.6 Recent Technology Developments 

  • Table 2.1: Comparison Table between Thin Film, Monocrystalline and Polycrystalline Solar Cells

Figures

  • Figure: 2.1 Solar Modules Value Chain
  • Figure 2.2: A Solar Module Assembly
  • Figure 2.3: Components of a Solar Module
  • Figure 2.4: The Solar Module Assembly Process
  • Figure 2.5: Automated Solar Cell Tester
  • Figure 2.6: Photovoltaic Glass Washer
  • Figure 2.7: Pneumatic Assistance for String Placement
  • Figure 2.8: Automated Solar Cell Assembly
  • Figure 2.9: Automated Busing System
  • Figure 2.10: Manual Busing System
  • Figure 2.11: Manual EVA Layup Station
  • Figure 2.12: Manual Inspection Station
  • Figure 2.13: Automated Photovoltaic Module Laminators
  • Figure 2.14: Solar Simulators and PV Module QA Testers
  • Figure 2.15: High Voltage Test Station
  • Figure 2.16: Automatic and Semi-Automatic Module Assembly Line
  • Figure 2.17: Thin Film Solar Technology, Residential Solar
  • Figure 2.18: Stages in the Manufacturing of a-Si Solar Cells
  • Figure 2.19 Temperature the Manufacturing of a-Si Solar Cells
  • Figure 2.20: The Basic Structure of a CdTe Thin-Film Solar Cell
  • Figure 2.21 Temperatures for the CdTe Manufacturing Process
  • Figure 2.22: The Basic Structure of a CIGS Thin-Film Solar Cell
  • Figure 2.23: Steps Involved in the CIGS Manufacturing Process

3. Investment and Returns
3.1 Introduction
3.2 Costs and Returns
3.2.1 Costs
3.2.1.1 Land Requirement
3.2.1.2 Capital Investment
3.2.1.3 Operational Costs
3.3 Government Incentives to Support Solar PV Manufacturing
3.4 Returns – Cash Flow, IRR, Payback Period

Tables

  • Table 3.1: Capital Costs Break up
  • Table 3.2: Cost of Raw Materials (as of February 2011)
  • Table 3.3: Working Capital Requirements

4. Risks and Mitigation
4.1 Introduction
4.2 Project Completion Risk
4.3 Country and Financial Risks
4.4 Operational Risks
4.5 Market Risks

Tables

  • Table 4.1: Project Completion Risks
  • Table 4.2: Country and Financial Risks
  • Table 4.3: Operational Risks
  • Table 4.4: Market Risks

5. Financing Options
5.1 Introduction
5.2 Renewable Energy Financing in India
5.2.1 Financing for Solar PV Module Production
5.2.2 Asset Finance
5.2.3 Corporate Finance
5.3 Nodal Agencies that Support Renewable Energy Financing in India
5.4 Financing Institutions in India
5.5 Examples of Investments in India for Solar
5.6 What Do Financial Institutions Look for Lending to Module Making Companies?

Tables

  • Table 5.1: Debt Financing for Renewable Energy Highlights
  • Table 5.2: Financial Institutions that Fund RE Projects in India
  • Table 5.3: Private Equity
  • Table 5.4: Venture Capital

6. Next Steps
6.1 Introduction
6.2 Preparation of Prefeasibility Study
6.3 Preparation of Detailed Project Report
6.4 Module Turnkey Providers
6.5 Selection of Raw Material Suppliers and Entering into Memorandum of Understanding (MOU) with Them
6.6 Achieving Financial Closure of the Project
6.7 Implementation of the Project
6.8 Module Testing and Certification
6.9 Contacting Government Officials

Tables

  • Table 6.1: Solar PV Module Assembly Line Turnkey Equipment Providers
  • Table 6.2: Lists and Contact Details of Government Departments (SNA) in Various States
  • Table 6.3: Central Government Relevant Department Details and Contact

Figures

  • Figure 6.1: Next Steps

ANNEXURE – I
List of Solar PV Cell Manufacturers – India
List of Solar PV Cell Manufacturers – Global
ANNEXURE-II
List of EVA/Back sheet/ Front sheet/ PET/ TPT/TPE/PVB & TCO Manufacturers – Global
ANNEXURE – III
List of Manufacturers of Connectors – Global
ANNEXURE – IV
List of Ribbon Manufacturers – Global
ANNEXURE – V
List of Manufacturers of Cables – Global
ANNEXURE – VI
List of Frame Manufacturers – Global
ANNEXURE - VII
List of Glass Manufacturers – Global
ANNEXURE - VIII
List of Junction Box Manufacturers – Global
List of Figures
List of Tables

About EAI

EAI is a part of Clixoo Soltions Pvt., Ltd (www.clixoo.com), a leader in providing sustainability solutions. Our various divisions have been critical catalysts for specific domains within cleantech – for instance, our EAI division is considered the thought leader for the Indian renewable energy sector, and our Oilgae division is considered to be the global leader for algae fuels business intelligence.

EAI was formed by a team of renewable energy professionals from prestigious institutes such as the IITs and IIMs having over 15 years experience in sales & marketing, and is based in Chennai, India. They are supported by a strong research team this combination enables us to view a situation holistically, and come out with practical solutions.

Our acquaintance with the Indian renewable energy industry, along with our deep understanding of the technology, industry dynamics and emerging trends in renewable energy sources worldwide, make EAI the most effective partner for those keen on getting an exceptional understanding of the Indian renewable energy industry, along its entire business value chain.

Contact Us

For more information, contact:

Sindhuja Ramar
Mobile:  +91-8489663663
Email: sindhu@eai.in

Address: Clixoo, A5C, Anugraha Apartments, No 41, Nungambakkam High Road,Nungambakkam. Chennai-600034, Tamilnadu, India.

The EAI Expertise

The EAI team has a dedicated focus on the Indian alternative and renewable energy industry. This focus, combined with its experienced team of professionals makes EAI an ideal partner to help your company in benefiting from the opportunities in this industry.

  • Expertise : Our team expertise in management, industry and scientific aspects of the Indian energy industry will be indispensable for the success of your venture.

  • Understanding : Our team has in-depth understanding of the global trends of the Indian alternative energy and renewable energy industry.

  • Updated : Our team is continuously updated with information on latest investments and business activities in India for all alternative energy domains.

  • Contacts : The EAI team has extensive business contacts across India in all major alternative and renewable energy segments solar, wind and biomass energy.




 

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The EAI team would like to talk to you to understand how we can help you in your Solar PV Module efforts. If you are interested in purchasing the report or getting our help, talk to us now.

Sindhuja Ramar
Email: sindhu@eai.in
Mobile: +91-8489663663 (India)

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