Japan-based Nomura has projected that global solar demand will create strong export opportunities for Indian module manufacturers in the coming years. The brokerage estimated that by 2027, the United States will require about 85 GW of new solar modules, while the European Union will need around 114 GW, both far exceeding local supply. This shortfall is expected to benefit Indian suppliers despite continued competition from Chinese and Southeast Asian firms. Analysts noted that anti-China policies in the US limit competitive pressure, while tariffs on alternative suppliers allow Indian manufacturers to maintain pricing power. Although reciprocal tariffs may increase export costs, Nomura said Indian firms are likely to pass on part of these expenses due to the limited number of global suppliers and persistent demand growth.