55 | September 2025 | www.industrialoutlook.in
G A
UEST RTICLE
If duties escalate (70–200%+),
Indian panels may be effectively
shut out of the U.S. market.
Impacts on Indian Solar Industry
1. Export Shock – Leaders like
Waaree Energies face pipeline dis-
ruption; stock market impact al-
ready visible.
2. Domestic Oversupply – Mod-
ules meant for export may flood the
Indian market, compressing mar-
gins but lowering costs for develop-
ers.
3. Market Diversification – Pivot
toward Europe, Middle East, Africa,
though trade protectionism is rising
there too.
4. U.S. Onshoring – To bypass
tariffs, Indian firms are investing in
U.S. factories (Waaree: 3.2 GW in
Texas). Expect more such moves.
5. Supply Chain Gaps – India still
imports polysilicon, wafers, solar
glass from China. The U.S. crisis
highlights the urgency of building a
fully local supply chain.
The Bigger Picture
• Domestic Mission: Cheaper mod-
ules (due to oversupply) could
accelerate India’s path toward 500
GW RE target.
• For Exporters: The U.S. setback
is a harsh lesson in market depen-
dency.
• Globally: We’ve entered an era of
“solar nationalism”, where energy
security is driving trade barriers.
The Road Ahead: Strategy for
Indian Manufacturers
To survive volatility and thrive,
Indian solar manufacturers must:
• Double down on domestic oppor-
tunities: Rooftop, BESS integra-
tion, C&I sector.
• Diversify export markets: Eu-
rope, Africa, Middle East, Southeast
Asia.
• Invest abroad: Manufacturing
footprints in U.S./EU to stay tar-
iff-proof.
• Strengthen supply chains: Do-
mestic polysilicon, wafers, solar
glass - reduce Chinese dependency.
• Collaborate with policymakers:
Ensure ALMM policies support
competitiveness without choking
project pipelines.
Final Word
India’s solar rise is not just about
clean power anymore. It is about:
• Industrial strategy
• Trade battles
• Global competitiveness
The message to Indian manufactur-
ers is clear:
Adapt fast, scale smart, and local-
ize deep or risk being swept away
in the new solar trade wars. I