Vietnam solar photovoltaics
equipment market was valued USD9209.75 million in 2020 and is forecast to grow
at CAGR of 12.09% in the next five years. Growth in the market is anticipated
on account of increasing electricity demand from industrial, commercial as well
as residential end user segments. With favorable 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. For instance, in 2017, the
government introduced FiT of USD9.35 cents/kWh, which generated interest in
solar projects, majorly in the southern regions of Vietnam. In 2019, the
government revised the FiT to USD6.67-10.87 cents/kWh, depending
on solar power technology and region of deployment. As a result, the cumulative
solar capacity of the country reached 5.5 GW in 2019 from 237 MW in 2018. The
Vietnamese government is now considering
moving from FiT to a competitive bidding scheme for solar projects which would
increase the installed capacity and create thousands of new jobs in Vietnam.
Solar photovoltaics equipment market in Vietnam can be
classified based on DC voltage, installation mode, end user, module type, type
of equipment and region. In 2020, Vietnam solar photovoltaic equipment market was
dominated by the polycrystalline type of module due to its cheap price.
However, the monocrystalline type of module is forecast to grow at the highest
CAGR, owing to its high efficiency in solar systems for energy generation.
Massive boom in rooftop solar installations is the key
factor to create a more stable power supply. Electricity Regulatory Authority
of Vietnam has taken steps for large as well as small rooftop installations. In
April 2019, Vietnam’s Prime Minister issued a decision that set a new feed-in-tariff
of USD83.80 per Megawatt Hour (MWh) for rooftop solar. Ground-mounted solar
projects can receive USD70.90 per MWh. Throughout 2020, rooftop solar
installations in Vietnam grew massively by more than 2000%, rising from a 2019
base of 378MW Peak to 9.58GW Peak, spread across almost 102,000 systems. State
utility Vietnam Electricity Group (EVN) reported that rooftop solar
installations totalled 2.9GW in November 2020 and 4.7GW on December 25, 2020.
According to the World Bank, there is a tremendous increase
in electricity consumption in Vietnam. With a CAGR of 11% from 2016 to 2020,
this consumption is expected to triple till 2030. As per the statistics
published by ‘enerdata’, the total electricity consumption in Vietnam stood
around 2,100 Kilo Watt Hour (kWh) in 2019 and this has increased on an average
of 9% per year since 2010. With this rising consumption, the average
electricity price is increasing, and hence renewable energy is acting as a boon
for the country’s electricity requirements. Currently, there is a lot of scope
for renewable energy to grow and the share of renewable energy in total energy
production stands at around 25.62% in 2019. Moreover, with government’s active
participation to help the market grow, the solar PV equipment market is
expected to continue growing significantly driven by the increasing consumption
and prices of electricity in Vietnam.
of the major players operating in the Vietnam Solar Photovoltaic Equipment
market are Boviet Solar Technology Co. Ltd, Megasun Production Co. Limited,
SolarBK, 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.
considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- To analyze the historical growth in the market
size of Vietnam Solar Photovoltaics Equipment Market from 2016 to 2020.
- To estimate and forecast the market size of
Vietnam Solar Photovoltaics Equipment Market from 2021 to 2026 and growth
rate until 2026.
- To segment and forecast Vietnam Solar
Photovoltaic Equipment Market into different regions – Ninh Thuan, Dak
Lac, Binh Thuan and Tay Ninh, and other major states.
- To evaluate non-hydro renewable share in
primary energy mix.
- To identify major drivers & challenges for
Vietnam Solar Photovoltaics Equipment Market.
- To identify major trends of Solar
Photovoltaics Equipment Market in Vietnam.
- To profile major companies operating in
Vietnam Solar Photovoltaics Equipment Market.
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To analyze and forecast
Vietnam solar photovoltaic equipment market, both top-down and bottom-up
approaches have been used. Multiple employees from several solar power
companies have been interviewed through telephonic conversations to extract and
verify the information. A brief study of the major players operating in the Vietnam
solar photovoltaic equipment market was conducted, which included the analysis
of information such as ongoing projects, followed by the details of expected
year of commissioning and estimated investments along with the expansion plans
of various projects in the country. Moreover, detailed, and in-depth scrutiny
of information was done to understand each policy or external or internal
factor which could increase or decrease the demand for solar power in Vietnam.
secondary sources such as company websites, Annual Reports, White Papers,
Investor Presentation, BP Stats, News Articles, Associations, International
Renewable Energy, Ministry of Ecology and Environment were also studied by
Key Target Audience:
- Solar Photovoltaic Equipment manufacturers,
distributors, and other stakeholders
- Major end users
- Associations, organizations, forums, and
alliances related to solar industry.
- Government bodies such as regulating
authorities and policy makers.
- Market research and consulting firms
The study is useful in providing
answers to several critical questions that are important for the industry
stakeholders such as manufacturers, suppliers and partners, end users, etc.,
besides allowing them in strategizing investments and capitalizing on market
In this report, Vietnam Solar
Photovoltaic Equipment market has been segmented into the following categories
in addition to the industry trends which have also been detailed below:
- Vietnam Solar Photovoltaic Equipment market, By Installation Mode:
- Vietnam Solar Photovoltaic Equipment market, By Module Type:
- Thin Film
- Vietnam Solar Photovoltaic Equipment market, By End User:
- Vietnam Solar Photovoltaic Equipment market, By DC Voltage Type:
- Vietnam Solar Photovoltaic Equipment market, By Type:
- Solar Tracking System
- Module Mounting Systems
- Circuit Configurations
- Solar Charge Controllers
- Vietnam Solar Photovoltaic Equipment market, By Region:
- Ninh Thuan
- Dak Lac
- Binh Thuan
- Tay Ninh
Company Profiles: Detailed analysis of the major
companies present in the Vietnam Solar Photovoltaic Equipment market.
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Detailed analysis and
profiling of additional market players (up to five).