5 Can a Single Indian Company Break China's Global Solar Monopoly?

Global energy transition depends on solar power, yet Chinese modules are produced sixty-five percent cheaper than those made in the United States. India imported all of its solar wafers in 2021, creating a severe strategic risk for its national clean energy goals.

To counter this vulnerability, Waaree Energies developed a strategy focused on manufacturing scale, distribution reach, flexible module technology, and vertical integration. While competitors suffered revenue contractions in FY23, Waaree achieved a thirty-one point six percent return on capital employed by securing US export demand and expanding domestic franchise coverage.

• Solar manufacturing spans four distinct stages: converting silica to polysilicon, forming ingots, slicing wafers, and assembling cells into modules.
• Waaree's US export orders surged from 0.41 gigawatts in 2021 to 18.06 gigawatts in 2023 under the global China Plus One push.
• Building a franchise network of 388 locations allowed the company to deliver full engineering and installation services directly to smaller regional markets.
• Developing flexible solar module technology enabled installations on low load-bearing roofs and curved structures where rigid panels cannot be mounted.
• Transitioning toward in-house ingot and wafer production shields domestic firms against predatory foreign price dumping strategies.

Because Chinese manufacturers receive heavy state support and control equipment production, foreign competitors face predatory dumping, where prices are temporarily slashed below production costs to bankrupt local suppliers.

What steps should industrial policymakers take to protect local infrastructure builders during the early stages of supply chain development?