Vietnam Solar Photovoltaic Equipment Market Competition Forecast & Opportunities, 2028

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

The 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 2435% in 2020, from a base of 378MWp in 2019 to 9.583GWp, a rise encompassing almost 102000 systems. In addition to this, Vietnam’s tremendous rooftop solar market was driven by a second iteration, FIT2 (feed-in tariff) policy paying USD 0.0,838 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.

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, 1,000V & 1,500V. 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.

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:

• 400V
• 600V
• 1,000V
• 1,500V

Vietnam Solar Photovoltaic Equipment Market, by Installation Mode:

• Ground Mounted
• Rooftop

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:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam Solar Photovoltaic Equipment Market.

Available Customizations

The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.