India's solar module overcapacity pushes factory utilization to 35-40%

India has gone from relying on imports for more than 90% of its solar modules to becoming the world's second-largest solar module manufacturing hub, with 233 GW of production capacity as of June 2026. However, manufacturing capacity has expanded faster than market demand, leaving factories operating at just 35% to 40% utilization, below the 50% to 65% generally considered necessary for sustainable operations. A new report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research, "Assessing overcapacity risk in India's solar PV manufacturing market," finds that manufacturing ...

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