Solar PV Equipment Market in Vietnam is expected to climb further from USD ~5.30 Bn in 2022P to USD ~9.61 Bn in 2027E owing to the government’s commitment to energy security and technological improvements & reduced costs: Ken Research
Vietnam Solar PV Equipment Market is in the growing stage, being driven by Government Initiatives and availability of modern technologies Vietnam Solar PV Equipment Market has various players. JA Solar, Trina Solar, ET Solar are the major Solar PV Module Manufacturers in Vietnam.
- There is a great potential for green transition in Vietnam, which by 2050 can become a net zero-carbon economy.
- The upcoming technology being used in solar panels nowadays is a little different from traditional ones by coating the panels with a thin layer of a crystal material called perovskite.
- VietNam as a country is blessed with generous amount of sunshine with roughly 2000-2500 hours of annual sunlight, which makes it an ideal region.
Current Market Positioning: In the latest revision of PDP VIII edition, it mentions that Solar Photovoltaic Energy is a priority sector for the country. The growth is expected to accelerated particularly in the household sector due to the push for RTS system by the government, while the C&I sector will continue to see stable growth in the years to come.
Net Zero-Carbon Economy: There is a great potential for green transition in Vietnam, which by 2050 can become a net zero-carbon economy. Within the Net Zero Emissions Targets 2050 for Renewable Energy, the Government of Vietnam aims to comprise 75% of energy source from Solar. Meeting such targets as a country only reflects the huge potential and capacity the country has and is aiming to develop in future. To reach net zero emissions by 2050 at least cost, renewable electricity should be the main substitute for fossil fuels, either directly or indirectly.
Rising Installed Capacity: Vietnam’s Solar PV Installed Capacity is likely to contribute 21% of the total installed power capacity of the country by 2027E. Market is attracting significant investments in recent years and is expected to have a total Installed Capacity of Solar PV Equipment of 28200 MW by 2027E. Vietnam Total Installed Power Capacity is expected to increase at a CAGR of 10% in order to cater to the needs from industrial expansion and technological advancements.
The Dominance of the Northern Region: With the advantage of cheaper land, no space constraints, and other costs, northern region is likely to grow in the future, reaching a 18% market share by 2027E. While south is still likely to remain the developed hub of Vietnam with the highest market share for Solar PV Installed Capacity. However, since land is limited, the southern region has started to saturate and crowded now, reducing its share from 70% to 62% by 2027E. The central highlands region is likely to increase its capacity by 3% to a total 20% by 2027E.
Analysts at Ken Research in their latest publication- “Vietnam Solar PV Equipment Market Outlook to 2027 – Driven by the regulations and incentives updated by the Government of Vietnam and concerns for climate change” by Ken Research provides a comprehensive analysis of the potential of the Vietnam Solar PV Equipment Market. Public demand for environmental protection and the Government’s intention to develop solar power generation as a new economic sector are expected to contribute to the market growth over the forecast period. Vietnam Solar PV Equipment Market is expected to grow at a robust CAGR over the forecasted period 2023E-2027E.
Key Segments Covered:-
Segmentation by the Type of Technology
Monocrystalline
Polycrystalline
Thin film
Segmentation by Region
South
Central highlands
North
Segmentation by Type of End User
Commercial
Industrial
Residential
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Segmentation by Type of Mounting
Ground Mounted
Rooftop solar
Segmentation By Type of Connectivity
On Grid
Off Grid
Key Target Audience
Solar PV Module Manufacturers
Solar PV Inverter Companies
EPC/Developers
Power Plant Owners/Utilities
Operation & Maintenance (O&M) Companies
Investor Community
Financing Companies
Government Bodies & Industry Organizations
Other Stakeholders
Time Period Captured in the Report:-
Historical Period: 2017-2022P
Base Year: 2022P
Forecast Period: 2023E–2027E
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Companies Covered:-
Supply Side Entities
Trina solar
Jasolar
Irex
Boviet solar
Canadian solar
Jinko solar
Longi
Firstsolar
Key Topics Covered in the Report:-
Executive summary
Country overview
Market Overview of Solar PV Equipment Market Vietnam
ASEAN Market Overview
Renewable Energy Market Overview
Ecosystem of Major Players in the Market
Value Chain
Market Size of Solar PV Equipment Market in Vietnam
Market Segmentation of Solar PV Equipment Market in Vietnam, 2022
Segmentation on the Type of Technology, End User, Region, Mounting, Connectivity
Industry Analysis
Trends & Developments in Vietnam Solar PV Equipment Market
Growth Drivers of Vietnam Solar PV Equipment Market
Government Regulations & Incentives in Vietnam Solar PV Equipment Market
Upcoming Projects & Investments in Vietnam Solar PV Equipment Market
Challenges & Issues Faced in Vietnam Solar PV Equipment Market
Demand Analysis
TAM, SAM, SOM of Vietnam Solar PV Equipment Market
Demand Analysis of Vietnam Solar PV Equipment Market
Competitive Landscape
Competition Overview of Solar PV Equipment market in Vietnam
Market Positioning Analysis
BCG Matrix Analysis of Vietnam Solar PV Equipment Market
Cross Comparison of Top Players
Future Outlook and Projections, 2023E-2027E
Future Market Size of Solar PV Equipment Market in Vietnam on the basis of Revenue and Total Installed Capacity, 2023E-2027E
Future Market Segmentation on the Type of Technology, 2022P-2027E
Future Market Segmentation on the Type of End User, 2022P-2027E
Future Market Segmentation on the Type of Region, 2022P-2027E
Future Market Segmentation on the Type of Mounting, 2022P-2027E
Future Market Segmentation on the Type of Connectivity, 2022P-2027E
Case Study: LONGi Solar
Analyst Recommendations
Industry Speaks
Research Methodology
For more insights on the market intelligence, refer to below link:-
Vietnam Solar PV Equipment Market
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