India with 200 GW of modules for 60 GW of demand

Renewable Energy India Expo 2026, in Greater Noida, drew more than 54,000 visitors and 1,000 exhibitors, according to pv magazine. Analysts estimate more than 200 GW of annual module capacity in India against demand of 50 to 60 GW a year through 2030, and expect consolidation from 2027, mainly among module-only makers.

The regulatory calendar speeds up that selection. In March 2026, the Ministry of New and Renewable Energy extended the ALMM list to ingots and wafers, with List-III effective from 1 June 2028. From then, covered projects, including net metering and open access, use listed wafers, and the initial list requires at least three independent makers totaling 15 GW.

For factory owners, a line's economic life now depends on access to qualified cells and wafers. Non-integrated module lines may lose value before they depreciate, and the near-total bet on TOPCon shortens the horizon for PERC lines.

For buyers, India is moving toward its own chain down to the wafer by 2028, and traceable origin gains weight in contracts.