India Ranks as World's Second-Largest Solar Growth Market in 2023

Solar Surge

India added 12.3 GW of solar capacity in 2023, making it the world's second-fastest-growing solar market after China. The U.S. trailed closely with 11.7 GW of new installations, according to analysis by Vajiram & Ravi.

Policy Push

The growth comes as India races to meet its 500 GW renewable energy target by 2030. Solar accounted for 56% of all power capacity added in India last year. Government auctions and state-level incentives have driven utility-scale projects, while rooftop solar adoption lags behind targets.

Regional Leaders

Three states dominated 2023 installations:

• Rajasthan (3.8 GW added)
• Gujarat (2.4 GW)
• Karnataka (1.3 GW)

India's total installed solar capacity now stands at 72 GW. The country needs to maintain 30 GW annual additions to hit its 2030 goal.