India: Market for Solar Cells and Light-Emitting Diodes 2025

Market Size for Solar Cells and Light-Emitting Diodes in India

The Indian market for solar cells and light-emitting diodes rose markedly to $X in 2022, increasing by 6.3% against the previous year. Over the period under review, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.9% against 2019 indices. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Production of Solar Cells and Light-Emitting Diodes in India

In value terms, solar cells and light-emitting diodes production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt decline. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports from India

Solar cells and light-emitting diodes exports from India fell to X units in 2022, shrinking by -9.5% compared with 2021. In general, exports showed a pronounced shrinkage. The growth pace was the most rapid in 2018 with an increase of 115%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, solar cells and light-emitting diodes exports declined markedly to $X in 2022. Over the period under review, exports recorded a drastic downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 79% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for solar cells and light-emitting diodes exports from India, accounting for a 74% share of total exports. Moreover, solar cells and light-emitting diodes exports to the United States exceeded the volume sent to the second major destination, Vietnam (X units), more than tenfold. The third position in this ranking was taken by South Africa (X units), with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +25.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+80.4% per year) and South Africa (+69.2% per year).

In value terms, the United States ($X) remains the key foreign market for solar cells and light-emitting diodes exports from India, comprising 74% of total exports. The second position in the ranking was held by Vietnam ($X), with a 4% share of total exports. It was followed by South Africa, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +22.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+75.6% per year) and South Africa (+64.7% per year).

Export Prices by Country

In 2022, the average export price for solar cells and light-emitting diodes amounted to $X per unit, falling by -60.2% against the previous year. Over the period under review, the export price recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2013 when the average export price increased by 132%. Over the period under review, the average export prices attained the maximum at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Vietnam ($X per unit) and South Africa ($X per unit), while the average price for exports to Italy ($X per unit) and Turkey ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (-2.6%), while the prices for the other major destinations experienced a decline.

Imports of Solar Cells and Light-Emitting Diodes

Imports into India

Solar cells and light-emitting diodes imports into India reduced to X units in 2022, waning by -7.8% on 2021. Overall, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 2,010%. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, solar cells and light-emitting diodes imports surged to $X in 2022. In general, imports, however, continue to indicate significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest solar cells and light-emitting diodes supplier to India, with a 85% share of total imports. Moreover, solar cells and light-emitting diodes imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), more than tenfold. Singapore (X units) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +32.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+50.8% per year) and Singapore (+17.7% per year).

In value terms, China ($X) constituted the largest supplier of solar cells and light-emitting diodes to India, comprising 85% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 5.8% share of total imports. It was followed by Singapore, with a 1.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +42.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+62.5% per year) and Singapore (+26.8% per year).

Import Prices by Country

The average import price for solar cells and light-emitting diodes stood at $X per unit in 2022, rising by 264% against the previous year. In general, the import price recorded resilient growth. The most prominent rate of growth was recorded in 2014 an increase of 655% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($X per unit) and Hong Kong SAR ($X per unit), while the price for Singapore ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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