Waaree Solar PV leader  Successfully exporting to USA, Vietnam, Hong Kong, Yemen, Turkey, Italy, Bahrain, the Philippines, Canada, Uganda, and Japan.

This has not only bolstered the company’s profitability but also strengthened India’s presence in the global market, positioning it as a key player after China in the solar energy sector.

 Indian Economy Growth

Indian economy has been booming in recent year with GDP increasing at around 6% to 7% rate The reasons behind this boom are strong domestic demand, foreign investments, economic reforms, supportive policies, and digitalization amongst others. Indian economy is expected to grow further and is seen as one of the most promising Economies in the world.

Waaree Energies Technology Adaptation 

Waaree Energy upgraded manufacturing capacities and implemented new technologies, 130-140 GW of solar capacity addition between Fiscals 2024 and 2028, followed by 24-25 GW through wind. Growth in capacity additions will be driven by government support, with an aggressive tendering roadmap outlined by the government. A few external factors such as an improvement in technology (floating solar and module efficiency low-cost financing and policy push are enablers.

PV Solar Cell Projected Demand by 2030

The global solar PV manufacturing capacity is projected to approach nearly 1,000 GW by 2024 a capacity sufficient to cater to the expected annual demand of nearly approximately 650 GW by the year 2030 as projected by International Energy Agency (“IEA”). In 2022, global solar PV manufacturing capacity increased by over 70% to reach almost 450 GW

 Solar Module Manufacturing

India aims to build its presence across all stages of PV manufacturing over the next two to three years. In November 2020, the GoI introduced the PLI scheme for manufacturing high-efficiency solar PV modules with a financial outlay of ₹ 45 billion. Consulting firm expects solar PV manufacturing Capacity to reach 90 GW to 95 GW by Fiscal 2028. Solar PV module manufacturing capacity has been awarded to 11 companies, with a total outlay of ₹ 140 billion. As per the government estimates.

PV Cell Global Market

Exports experienced explosive growth, increasing by 11 times year-on-year in fiscal 2023, driven by demand from the USA. The ban on China’s region has enabled Indian module makers to fill the void by supplying approximately, Export demand will also be supported by other key renewable energy markets, such as the Middle East, the European Union, and Latin American nations.

Domestic Peers Competitors 

Competitive mapping covers the details of companies, their products and services within a given market .The top 5 players namely, Waaree Energies, Adani Solar (Mundra), Goldi Solar, Vikram Solar, and Emmvee Photovoltaic.

• VIKRAM SOLAR
• MUNDRA SOLAR PV
• PREMIER ENERGIES
• RENEWSYS INDIA
• EMMVEE PHOTOPHOLTAIC
• ALPEX SOLAR
• ADANI
• RELIANCE
• GOLDI SOLAR
• TATA POWER SOLAR SYSTEMS
• WEBSOL ENERGY SYSTEMS

Waaree Energy Listing 29 Oct.

Waaree Energy IPO Price ₹ 1503,

Listed at ₹ 2500 ,  Today high ₹ 2,624.4.

Listing Gain  66.3%

Mcap , ₹ 61,504.

WAAREE Energy Expansion plan in electrolyser

We are in the planning phase to set up a Gigawatt scale electrolyser manufacturing facility based on most suitable technology (preferably Alkaline technology) to facilitate green energy transition. Based on or experience, our electrolysers may be used in a variety of industrial sectors ranging from refineries, fertilizers, chemicals (including green ammonia producers), steel, electronics among others. Currently, we are in discussions with several foreign electrolyser manufacturers for a technology tie-up for local manufacturing and are likely to firm up the arrangement in Fiscal 2025. We believe that adoption of green hydrogen will provide a cost efficient electrolyser for the adoption of green hydrogen. We expect to roll out locally manufactured electrolysers by end of Fiscal 2025.

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Silicon Mission India Growth

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