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.

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.

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