Vietnam Solar PV Equipment Market Outlook to 2027
Driven by the regulations and incentives updated by the Government of Vietnam and concerns for climate change
About the Report
About the Report
The report provides a comprehensive analysis of the potential of the Solar PV Equipment Industry in Vietnam. The report covers an overview and genesis of the industry, market size on the basis of Revenue and Installed Capacity.
Its market segmentation includesType of Technology, End users, Region, Mounting, Connectivity; growth enablers and drivers, challenges and bottlenecks, trends driving digital adoption; regulatory framework; industry analysis, competitive landscape including competition scenario, and market shares of major players on the basis of installed capacity. The report concludes with future market projections of each segmentation and analyst recommendations.
According to Ken Research estimates, the Vietnam Solar PV Equipment Market – which grew at a CAGR of 192.62 % in the period of 2017-2022P – is expected to grow at a CAGR of 12.64% in the forecasted period of 2023E-2027E, owing to the technological improvements and reduced costs verticals.
- By 2021, 99.90% of the urban areas had access to electricity and 99.40% of the rural areas had access to electricity, making the country’s overall electricity penetration high and developed.
- Vietnam’s Electrical Grid, EVN, which was initially designed for conventional resources is also being developed for facilitating energy through renewable resources like solar.
Key Trends by Market Segment:
By Type of Technology: Monocrystalline panels hold the majority of the Vietnam solar PV equipment market. Between Monocrystalline & Polycrystalline panels, the first has a higher efficiency & energy generation compared to the latter.
By Type of Region: As of 2022, South of Vietnam dominates the market because it is economically the most developed region in the country. The South of Vietnam developed faster than the rest of the country in terms of Solar PV due to its geographical advantage of receiving more sunlight.
The Solar PV Equipment Market is moderately fragmented with enough suppliers in the market. However, most of the market is captured by foreign players, with China accounting for majority of the market share. Competitive Parameters are Installed Capacity, Module Efficiency, Sales Offices and Warranty Period where Trina Solar & JA Solar are the biggest developers in the country owning ~43% of the share together on the basis of Total Installed Solar PV Capacity as of 2022.
The Vietnam Solar PV Equipment Market witnessed significant growth during the period 2017-2022P, owing to Power Development Plan VIII and Government's intention to develop solar power generation as a new economic sector.
The government has set to meet net-zero carbon emissions by 2050 in the country and expecting 43% of total power generation to be sourced by Solar Energy.
Scope Of The Report
Scope of the Report
By the Type of Technology
By Type of End User
By Type of Mounting
By Type of Connectivity
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Solar PV Module Manufacturers
- Solar PV Inverter Companies
- Power Plant Owners/Utilities
- Operation & Maintenance (O&M) Companies
- Investor Community
- Financing Companies
- Government Bodies & Industry Organizations
- Other Stakeholders
Time Period Captured in the Report
- Historical Period: 2017-2022P
- Base Year: 2022P
- Forecast Period: 2023E-2027E
Major Players Mentioned in the Report
Supply Side Entities
- Trina solar
- Boviet solar
- Canadian solar
- Jinko solar
- First solar
- Sun grow
Table of Contents
Table of Contents
1. Executive Summary
1.1. Executive Summary: Vietnam Solar PV Equipment Market
2. Country Overview of Vietnam
2.1. Socio-Demographic Outlook of Vietnam
2.2. Economic Landscape and Expatriate Population of Vietnam
3. Market Overview of Solar PV Equipment Market Vietnam
4. Market Size of Solar PV Equipment Market in Vietnam
5. Solar PV Equipment Market in Vietnam Market Overview
5.1. Ecosystem of Major Entities in Solar PV Equipment Market in Vietnam
5.2. Introduction to Solar PV Equipment Market in Vietnam
6. Market Segmentation
6.1. Segmentation on the Type of Technology (monocrystalline, polycrystalline, thin films) 2022
6.2. Segmentation on the Type of End User (commercial, industrial, residential) 2022
6.3. Segmentation on the Type of Region (south, central highlands, south) 2022
6.4. Segmentation on the Type of Mounting (ground mounted, rooftop solar) 2022
6.5. Segmentation on the Type of Connectivity (on-grid, off-grid) 2022P
7. Industry Analysis
7.1. Trends & Developments in Vietnam Solar PV Equipment Market
7.2. Growth Drivers of Vietnam Solar PV Equipment Market
7.3. Government Regulations & Incentives in Vietnam Solar PV Equipment Market
7.4. Upcoming Projects & Investments in Vietnam Solar PV Equipment Market
7.5. Challenges & Issues Faced in Vietnam Solar PV Equipment Market
8. Demand Analysis
8.1. TAM, SAM, SOM of Vietnam Solar PV Equipment Market
8.2. Demand Analysis of Vietnam Solar PV Equipment Market
9. Competitive Landscape
9.1. Competition Overview of Solar PV Equipment market in Vietnam
9.2. BCG Matrix Analysis of Vietnam Solar PV Equipment Market
9.3. Cross Comparison of Top Players
9.4. Strength & Weakness of Top Players
10. Future Outlook and Projections, 2023E-2027E
11. Case Study
12. COVID Impact
13. Analyst Recommendations
14. Research Methodology
Step 1: Exhaustive research has been done to identify the list of major players which have a presence in Vietnam’s Solar PV Equipment Market.
Step 2: Analysts have conducted desk-based research as well as primary research to understand the value chain, business model, industry trends and collate statistics on industry level information such as purpose of taking payment, company stage, type of booking mode and other areas to create initial level hypothesis. Company level info has also been explored by referring to press release, annual report, financial statement and other documents to understand basic information around the major players.
Step 3 (Market Sizing Approach): Market Size and CAGR ascertained via primary throughout the study period, interviews with C level executives, Directors and VP, Business Development head to understand value chain, insights and trends of Solar PV Equipment plateform Vietnamand growth drivers and challenges faced by players.For any queries related to research methodology, click here to schedule a call with our analysts
Frequently Asked Questions
Frequently Asked Questions
What is the Study Period of this Market Report?
TheVietnam Solar PV Equipment Marketis covered from 2017–2027E in this report, including a forecast for 2023E-2027E.
What are the Key Factors Driving the Vietnam Solar PV Equipment Market?
Geographical location and Government Initiatives are likely to fuel the growth in TheVietnam Solar PV Equipment Market.
Who are the Market Players in the Vietnam Solar PV Equipment Market?
Trina Solar, JA Solar, Jinko Solar are the Market Players in The Vietnam Solar PV Equipment Market.
What are some Government Regulations for the Vietnam Solar PV Equipment Market?
Power Development Plan VIII, Vietnam Electricity Law of 2004, Law on Energy Efficiency and Conservation in 2010 and Renewable Energy Development Strategy in 2015 are some Government Regulations for the Vietnam Solar PV Equipment Market.
Which region is economically the most developed region in the country?
South of Vietnam is highly dominated by Solar PV Capacity with a 70% market share.
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