Vietnam Solar Photovoltaic Equipment Market to Surpass $ 3.7 Billion by 2025
Continuously growing electricity demand,
favorable Feed-in-Tariffs (FiT) and rising government concerns towards greenhouse
emissions to drive Vietnam solar photovoltaics equipment through 2025
According to TechSci
Research report, “Vietnam
Solar Photovoltaics Equipment Market By DC Voltage Type, By Installation
Mode, By End User, By Module Type, By Type, Competition, Forecast &
Opportunities, 2025”, the solar photovoltaic equipment
market in Vietnam is projected to reach $ 3.7 billion by 2025. Growth in solar
photovoltaic equipment market in Vietnam can be
attributed to increasing
electricity demand from industrial, commercial as well as residential end user
segments, rising investments in solar energy and favorable regulatory scenario. Electricity
demand in Vietnam has grown by around 30% since 2000 and is expected to continue
growing through 2030. During
2020-2025, the country’s solar photovoltaic equipment market is anticipated to
witness robust growth on account of increasing investments on solar projects
and government focus on reducing carbon emissions in the country.
Browse 21 market data
Figures and Tables spread through 70 Pages and an
in-depth TOC on "Vietnam Solar Photovoltaic Equipment
Market"
https://www.techsciresearch.com/report/vietnam-solar-photovoltaics-equipment-market/4723.html
In 2019,
Vietnam solar photovoltaic equipment market is dominated by polycrystalline
type of module due to its cheap price. However, monocrystalline type of module
is forecast to grow at a high CAGR through 2025 on account of higher efficiency
in solar systems for energy generation. Over the last few years, the government
has taken various initiatives
in the solar power sector such as upgradation of power development plan,
introduced net metering scheme for solar rooftop projects, and revised FiT for
solar projects. The government is now considering moving from FIT to a
competitive bidding scheme for solar projects that would increase the installed
capacity and create thousands of new jobs in Vietnam. It is expected that 400MW
of floating PV will be tendered in 2020 and 2021, to further boost solar market
in the country. In 2017, the government introduced FiT
of $ 9.35 cents/kWh, which generated interest in solar projects, majorly in the
southern regions of Vietnam. In 2019, the government revised the FiT, varying from $
6.67-10.87 cents/kWh, dependent on solar power technology and region of
deployment. As a result, cumulative solar capacity of the country reached 5.5
GW in 2019 from 237 MW in 2018.
The government offers some
preferential policies and other financial incentives such as preferential tax
and duty levies for growth in rooftop solar sector. The fund from local commercial
banks to finance the rooftop investment portfolio has built the required growth
momentum for the country’s solar rooftop market. Ninh Thuan province in south-central
Vietnam is the largest market for solar power generation in the country. The
province has a high solar irradiance and good proximity to energy demand
centres, making it an ideal market for solar energy projects. Various regions
in the country offer good potential for solar power but limited land
availability continues to act as a hindrance for solar power market in Vietnam.
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“With rising
number of initiatives taken by Government of Vietnam in solar power sector, an
increasing number of solar companies are investing in solar power projects across
different geographical locations of the
country. Anticipated growth in solar power projects across Vietnam is expected
to boost demand for solar photovoltaics equipment in the coming years.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Vietnam Solar Photovoltaics Equipment
Market By DC Voltage Type, By Installation Mode, By End User, By Module Type,
By Type, Competition, Forecast & Opportunities, 2025” has
evaluated the future growth potential of solar photovoltaic equipment market across
Vietnam and provides statistics and information on market structure, industry
behavior and trends. The report includes market projections and demand
forecasting. The report is intended to provide cutting-edge market intelligence
and help decision makers to take sound investment evaluation. Besides, the
report also identifies and analyzes drivers, challenges and opportunities in Vietnam
solar photovoltaic equipment market.
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