‘India set to become world’s 2nd largest solar mkt in 2026’

New Delhi: India is poised to become the World’s second-largest solar market in 2026 in terms of annual installation, the National Solar Energy Federation of India (NSEFI) said on Wednesday.

India has achieved its fastest-ever addition of 50 GW of solar capacity in just 14 months, reaching the landmark 150 GW milestone, according to an NSEFI statement.

This marks a significant acceleration compared to the 11 years it took to reach the first 50 GW, followed by nearly three years to scale up to 100 GW.

NSEFI CEO Subrahmanyam Pulipaka said that solar energy is projected to reach 280–300 GW to support India’s 500 GW non-fossil capacity target by 2030.

With the current pace, India is nearing an annual addition trajectory of 50 GW, firmly aligning with this goal.

In fact, the country is witnessing strong potential for solar capacity to exceed these projections, driven by initiatives such as PM Surya Ghar, the upcoming PM KUSUM 2.0, dedicated floating solar policies, and the growing demand linked to the National Green Hydrogen Mission over the next four years, Pulipaka noted.

Amid shifting geopolitical dynamics, NSEFI projected that India is well on track to become the world’s second-largest solar market in 2026 in terms of annual installations.

Global trends point to a potential slowdown in capacity additions across major markets, such as the United States and the European Union, which are currently competing for the second position in terms of annual installed capacity, it noted.

In contrast, India continues to accelerate its renewable energy deployment and consistently outpaces key milestones and is set to emerge as a nation with the second-largest annual installations in the coming year, Pulipaka added.

NSEFI highlights that Distributed Renewable Energy (DRE) and Commercial & Industrial (C&I) solar adoption will be the key drivers of growth over the next three years.