Geographical Presence, Government’s Commitment to Energy Security and Technological Improvements will Boost Vietnam Solar PV Equipment Market: Ken Research

ByVijay Kumar

1. Solar PV Equipment Market in Vietnam expanded at a CAGR of ~192.62% in 2022P and is set to climb further to CAGR 12.64% in 2027E.

Market Size of Vietnam Solar PV Equipment Market by Revenue 2017-2027E

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., ultimately, driving the market and helping it to generate more revenue.

2. There is a great potential for green transition in Vietnam, which by 2050 can become a net zero-carbon economy

The primary sources of RE-based power production are solar and wind

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.

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3.  Solar PV Equipment Market is expanded at a CAGR of 8.68% in between 2022P and 2027E on the basis of Total Installed capacity

Solar PV Equipment Market Size

Vietnam has developed the largest Solar PV Installed Capacity in Southeast Asia surpassing Thailand & Indonesia with a 20200 MW in 2023E, and expected to have a 28200 MW capacity by 2027E. The geographical presence puts Vietnam at an advantage in shifting its power sector towards RE like Solar. United States has added Vietnam to the country list for tariff redemption for importing solar PV panels, increasing the export market for Solar PV Equipment manufacturers of Vietnam.

For more insights on the market intelligence, refer to below link:-

Vietnam Solar PV Equipment Market

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