Indian Ministry of Power,New energyand Renewable Energy Minister R.K. Singh recently revealed the component import trends in India over the past five years. The data shows a significant decline in Chinas market share, while Vietnam and Malaysia are gradually becoming important suppliers.solarDecline in Chinas Imports of Solar Modules to India

The import value of solar modules from Vietnam and Malaysia has increased significantly enough to make up for the decrease from China. Vietnams import value increased from $39.6 million to $455.8 million, while Malaysias import value increased from $1.24 million to $43.08 million. These figures indicate that many Chinese enterprises have transferred their production capacity outside China to avoid restrictions in major markets such as the United States and sold their products to India at lower prices.

The total import value of solar modules in 2022 - 2023 dropped significantly from $3.363 billion in 2021 - 22 to $943 million, a decline of more than 71%. This reflects the full impact of the 40% and 25% basic tariff rates imposed on imported components and batteries from China. However, the sharp drop in the price of Chinese components has helped the market recover.

As the deadline for ALMM (Approved Laboratory Manufacturer Model) approaches, orders are expected to surge. Domestic Indian manufacturers are waiting for the end of the ALMM exemption period, hoping to see a strong recovery in the domestic market. There are signs that ALMM will resume restrictions on the use of solar modules in domestic projects, but the government may adopt a cautious attitude towards this issue after March 2024.

A basic goal of the government is to ensure that the domestic production capacity can provide India with more than 20GW of high - efficiency components required annually, and this milestone is expected to be achieved in 2024 - 25. It is expected that energy storage and RTC (Renewable Energy) projects will play a key role in the next few years, and important projects may continue to enjoy certain exemptions.

The Indian solar module import market is undergoing significant changes. Chinas market share is declining, while Vietnam and Malaysia are filling this gap. These changes not only reflect the adjustment of the global supply chain but also indicate the potential growth and future development direction of the Indian domestic solar market.

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