Vietnam Solar Photovoltaic Equipment Market is expected
to increase during the forecast period owing to different factors, including
rising global warming, increased awareness of renewables, and robust industrialization.
Additionally, it is predicted that the use of solar power equipment in
non-residential, residential, and utility applications would increase in future,
which positively affects the market’s growth.
Solar Photovoltaic
Equipment is composed of silicon semi-conductors which are specially intended
to control the sun's energy in a process known as the photovoltaic effect. When
exposed to sun, the PV solar panels produce energy in the form of a direct
current (DC) charge. Solar Photovoltaic Equipment’s can vary greatly in size
from small rooftop or portable systems to massive utility-scale generation
plants.
Growing Demand for Electricity:
Vietnam's annual electricity
demand is anticipated to raise by 10% to 12% per year over the next decade,
making it one of the fastest growing countries in Asia in terms of electricity
consumption due to the aspects such as large population, robust economic
growth, and rapidly deteriorating reserves in existing oil and gas fields.
Therefore, growth in the market is anticipated on account of increasing
electricity demand from industrial, commercial, and residential end-user
segments. With favourable 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.
Moreover, to boost the
development of solar energy, authorities in Vietnam have introduced policies
such as the flexible FITs system, focusing on solar projects with solar-cell
efficiency greater than 16 percent or solar-module efficiency greater than 15
percent, which has led to the Increasing Demand for Solar Photovoltaic
Equipment in Vietnam.
Offers Environment-Friendly
Energy Alternate:
Solar power systems harness
the sun’s clean and pure energy. Deploying solar panels in the home can help in
reducing greenhouse gas emissions, as well as it can also eliminate the
reliance of the society on fossil fuels. Electricity is traditionally generated
using fossil fuels like coal and natural gases. When these fossil fuels are
used to generate power, toxic gases are released, which are the leading source
of air pollution as well as global climate change. Fossil fuels are harmful to
the environment with a limited resource. As a result, the price is continually
changing and can rise dramatically in the upcoming years. Moreover, renewable
energy is good for people’s health. The operation of coal and natural gases
power plants pollute the air and water, endangering human health.
Massive Boom in Rooftop Solar
Installations:
In Vietnam, rooftop solar
panels have been installed in more than 45,000 homes and businesses. Prices for
these panels have been falling quickly lately. Additionally, according to
Vietnam Electricity (EVN), the country's rooftop solar installations increased
significantly by 2,435% in 2020, from a base of 378MWp in 2019 to 9.583GWp, a
rise encompassing almost 102,000 systems. In addition to this, Vietnam’s
tremendous rooftop solar market was driven by a second iteration, FIT2 (feed-in
tariff) policy paying USD 0.0838 per kWh over a period of 20 years for systems.
Therefore, due to such massive rooftop solar installations, the demand for
solar photovoltaic equipment rises across the country.
Additionally, the demand for
solar panels for residential rooftop applications has increased. Solar cells
require basic materials like polysilicon and silver, both of which has experienced
a sharp decline in price. Both noise and pollution are eliminated by solar
panels. The key factors driving the demand for rooftop solar panels are the
declining costs of the industrial inputs used to make solar panels and rising
prices for natural gas and electricity. The demand for solar panels has been
stimulated by rising power costs and the availability of panels at lower
prices.
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Market Segments
Vietnam Solar Photovoltaic
Equipment Market is segmented into DC voltage type, installation mode, end user,
module type. Based on DC voltage type, the market is segmented into 400V, 600V,
1000V & 1500V. Based on installation mode, the market is segmented into ground
mounted and rooftop. Based on end user, the market is segmented into
industrial, commercial and residential. Based on module type, the market is
segmented into monocrystalline, polycrystalline and thin film. Based on type,
the market is segmented into circuit configuration, module mounting systems,
solar charge controllers and others.
Market Players
The major players of Vietnam Solar Photovoltaic
Equipment Market players include 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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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 – 2022
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
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Report coverage
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Revenue forecast,
company share, growth factors, and trends
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Segments covered
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By DC Voltage Type
By Installation Mode
By End User
By Module Type
By Type
By Region
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Regional Scope
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Northern
Vietnam, Central Vietnam, Southern Vietnam
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|
Key companies profiled
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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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|
Customization scope
|
10% free report
customization with purchase. Addition or alteration to country, regional &
segment scope.
|
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Pricing and purchase options
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Avail customized purchase options to meet your exact research needs.
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Delivery Format
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PDF and Excel
through Email (We can also provide the editable version of the report in PPT/Word
format on special request)
|
Report Scope:
In this report, Vietnam Solar Photovoltaic Equipment Market has been segmented into
following categories, in addition to the industry trends which have also been detailed
below:
- Vietnam Solar Photovoltaic Equipment Market, By DC
Voltage Type:
- Vietnam Solar Photovoltaic Equipment Market, By
Installation Mode:
- Vietnam Solar Photovoltaic Equipment Market, By End User:
- Residential
- Commercial
- Industrial
- Vietnam Solar Photovoltaic Equipment Market, By Module
Type:
- Monocrystalline
- Polycrystalline
- Thin
Film
- Vietnam Solar Photovoltaic Equipment market, By Type:
- Circuit
Configuration
- Module
Mounting Systems
- Solar
Charge Controllers
- Others
- Vietnam
Solar Photovoltaic Equipment Market, By Region:
o Northern Vietnam
o Central Vietnam
o Southern Vietnam
Competitive Landscape
Company
Profiles: Detailed analysis of
the major companies present in Vietnam Solar Photovoltaic
Equipment Market.
Available Customizations:
Vietnam
Solar Photovoltaic Equipment Market with the given market data, Tech Sci Research
offers customizations according to a company’s specific needs. The following customization
options are available for the report:
Company Information
·
Detailed
analysis and profiling of additional market players (up to five).
Vietnam Solar Photovoltaic Equipment Market is an upcoming report to be
released soon. If you wish an early delivery of this report or want to confirm the
date of release, please contact us at [email protected]