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Vietnam Solar Photovoltaic Equipment Market to Grow at a high CAGR until 2028

Increasing demand for electricity and booming installation of rooftop solar panels are expected to propel the growth of Vietnam Solar Photovoltaic Equipment Market during the forecast period of 2024-2028.

According to TechSci Research report, Vietnam Solar Photovoltaic Equipment Market
- By Region, Competition Forecast & Opportunities, 2018-2028, the Vietnam Solar Photovoltaic Equipment Market is anticipated to register a robust growth during the forecast period, 2024-2028” due to the factors including growing investments in renewable energy owing to its advantages and numerous applications. Other factors, including an increase in demand for electricity, a rise in stringent environment protection regulations, force the power generation industry to shift to cleaner and environment-friendly energy resources and decrease in price of conventional PV modules have resulted in increasing demand for solar photovoltaic equipment across the country.

Moreover, the Vietnamese Ministry of Energy predicts that the country is expected to suffer power shortages as the development of new power plants lags the country's rapidly expanding energy consumption. With the increasing industrialization and economic modernization, energy demand is expected to rise by more than 8% each year between 2022 and 2030.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Vietnam Solar Photovoltaic Equipment Market.”

In addition, the Vietnam's electricity demand increased to 216 billion kilowatt-hours in 2020 from 144 billion kilowatt-hours in 2015. In addition, to fulfil the growing demand, Vietnam will require 96,500MW of electricity by 2025 and 129,500MW by 2030. Vietnam would need approximately USD 10 billion per year until 2030 to keep up with the rising demand for electricity. The government has permitted 100% foreign ownership of Vietnamese businesses in the capital-intensive energy industry. To meet its projected electricity needs, Vietnam is concentrating on renewable energy sources, which is fueling the market for solar photovoltaic equipment in Vietnam.

Recent Development in Vietnam Solar Photovoltaic Equipment Market:

In October 2021, SkyX Solar, a company with 30 MWp of operational solar projects, declared its intention to invest more than USD 100 million over the following years to build 200MW distributed solar energy projects for Vietnamese commercial and industrial customers.

Vietnam Solar Photovoltaic Equipment Market is segmented into DC voltage type, installation mode, end user, module type, type and region.

On the basis of module type, monocrystalline is expected to dominate the Vietnam Solar Photovoltaic Equipment Market because monocrystalline module type offers several advantages over polycrystalline including solar monocrystalline silicon modules have greater productivity and efficiency in the generation of electricity than polycrystalline, monocrystalline panels usually have higher reliability and durability, for the installation of solar power plants in conditions of space shortage like on the roof and highly efficient single-crystal panels are best suited, as their installation allows to save the space occupied by the solar station.

On the basis of installation mode, rooftop is expected to dominate the market for Solar Photovoltaic Equipment in Vietnam because solar energy in general and rooftop solar power have grown significantly in Vietnam. There were 104,000 rooftop solar power installations with a combined capacity of 9,580 MWp, or 7,600 MWac, in 63 cities and provinces across the nation as of the end of 2020. As a result, the market for solar photovoltaic equipment in Vietnam is growing along with the growth in rooftop demand.

Major market players operating in the
Vietnam Solar Photovoltaic Equipment Market are:

  • Boviet Solar Technology Co. Ltd
  • Megasun Production Co. Limited
  • Bach Khoa Investment & Development of Solar Energy Corporation
  • Solar Power Vietnam Co., Jsc
  • Allesun Energy
  • Growatt New Energy Technology Co., Ltd. (Alena Energy Technology Co., Ltd.)
  • Pöyry Energy Ltd.
  • GCL System Integration Technology Co., Ltd. (Golden Concord Group (GCL))
  • Trina Solar Co., Ltd.
  • Vietnam Green Energy Technology Co., Ltd.

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“Vietnam solar Photovoltaic equipment is expected to grow due to the wide variety of green energy opportunities like investing in solar energy. Moreover, growth in the market is anticipated on account of increasing electricity demand from industrial, commercial, and residential end user segments. With beneficial initiatives taken in the solar sector by the government of Vietnam, an increasing number of investors and developers are also increasing their investments in solar industry in different regions across the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.

Vietnam Solar Photovoltaic Equipment Market By DC Voltage Type (400V, 600V, 1000V & 1500V), By Installation Mode (Ground Mounted and Rooftop), By End User (Industrial, Commercial and Residential), By Module Type (Monocrystalline, Polycrystalline and Thin Film), By Type (Circuit Configuration, Module Mounting Systems, Solar Charge Controllers and Others), Competition, Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of Vietnam Solar Photovoltaic Equipment Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam Solar Photovoltaic Equipment Market.

Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]