Vietnam Solar Photovoltaics Equipment Market to Grow at a CAGR of 12.09% By 2026
Continuously growing
electricity demand, favorable Feed-in-Tariffs (FiT) and rising government
concerns towards greenhouse emissions to drive Vietnam solar photovoltaics
equipment through 2026.
According to TechSci Research report, “Vietnam
Solar Photovoltaics Equipment Market By DC Voltage Type (400V, 600V, 1000V
& 1500V), By Installation Mode (Ground Mounted Vs Rooftop), By End User
(Industrial, Commercial & Residential), By Module Type (Monocrystalline,
Polycrystalline & Thin Film), By Type (Circuit Configuration, Module Mounting
Systems, Solar Charge Controllers, etc.), Competition, Forecast &
Opportunities, 2016-2026”.
Vietnam solar photovoltaics equipment market
is forecast to grow
at a CAGR of 12.09%, in value terms, to reach USD3514.65 million by 2026. 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.
Vietnam relies heavily on foreign direct
investment (FDI) to grow its economy and is one of the most open economies in
the world. Moreover, in Vietnam, large solar PV projects have received loans
from international financing institutions – a trend likely to continue as there
seems to be a growing appetite to finance such projects and lenders are
starting to get familiar with assessing and mitigating underlying risks.
The government offers some preferential
policies and other financial incentives such as preferential tax and duty
levies for growth in the solar sector. Positive FiT incentives have proven to
be the most effective policy for renewable energy growth. The engagement of
local commercial banks to finance the rooftop investment portfolio has built
momentum for rooftop solar leasing. The residents require further incentives
like the national rooftop solar programme, supported by German state-owned
development bank KfW. The sponsorship mechanism must be implemented as soon as
possible to maintain the eagerness of individual installers.
Browse 29 Figures and 1 Tables spread through 76 Pages and an in-depth TOC on "Vietnam Solar
Photovoltaics Equipment Market”.
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In
2019, 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 a high CAGR through 2026 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 the 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 USD9.35 cents/kWh, which generated interest in solar projects, majorly
in the southern regions of Vietnam. In 2019, the government revised the FiT,
varying from USD6.67-10.87 cents/kWh, dependent 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.
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“As of 2019, Vietnam overtook Malaysia
and Thailand to reach the largest installed capacity of solar panels in
Southeast Asia. The country installed 5 gigawatts of photovoltaic projects
exceeding its target of 1 gigawatt by 2020. It has also moved to a new approach
of competitive bidding of the solar projects which is expected to increase the
installed capacity and create thousands of new jobs in Vietnam. Although the
feed-in-tariffs (FIT) has been useful in past years, it has also given rise to
new issues such as curtailment and underuse of solar generation capacity. The
new approach would address the curtailment issue and improve risk allocation
between public and private investors. With rising number of initiatives taken
by the Government of Vietnam in the 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 the solar power
projects across Vietnam is expected to boost the 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 (400V, 600V, 1000V & 1500V), By Installation Mode (Ground
Mounted Vs Rooftop), By End User (Industrial, Commercial & Residential), By
Module Type (Monocrystalline, Polycrystalline & Thin Film), By Type
(Circuit Configuration, Module Mounting Systems, Solar Charge Controllers,
etc.), Competition, Forecast & Opportunities, 2016-2026”, has
evaluated the future growth potential of the Vietnam solar photovoltaics
equipment market and provided statistics and information on market size, shares,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Vietnam solar
photovoltaics equipment market.
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