Vietnam Solar Photovoltaic Equipment Market to Grow at a high CAGR until 2028
Increasing demand for
electricity and booming installation of rooftop solar panels are expected to propel
the growth of Vietnam Solar Photovoltaic Equipment Market during the forecast
period of 2024-2028.
According to TechSci Research report, “Vietnam Solar Photovoltaic Equipment Market - By
Region, Competition Forecast & Opportunities, 2018-2028, the Vietnam Solar Photovoltaic
Equipment Market is anticipated to register a robust growth during
the forecast period, 2024-2028” due to the factors including growing investments in
renewable energy owing to its advantages and numerous applications. Other
factors, including an increase in demand for electricity, a rise in stringent
environment protection regulations, force the power generation industry to
shift to cleaner and environment-friendly energy resources and decrease in
price of conventional PV modules have resulted in increasing demand for solar
photovoltaic equipment across the country.
Moreover, the Vietnamese
Ministry of Energy predicts that the country is expected to suffer power
shortages as the development of new power plants lags the country's rapidly
expanding energy consumption. With the increasing industrialization and
economic modernization, energy demand is expected to rise by more than 8% each
year between 2022 and 2030.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on "Vietnam Solar Photovoltaic Equipment Market.”
In addition, the
Vietnam's electricity demand increased to 216 billion kilowatt-hours in 2020
from 144 billion kilowatt-hours in 2015. In addition, to fulfil the growing
demand, Vietnam will require 96,500MW of electricity by 2025 and 129,500MW by
2030. Vietnam would need approximately USD 10 billion per year until 2030 to
keep up with the rising demand for electricity. The government has permitted
100% foreign ownership of Vietnamese businesses in the capital-intensive energy
industry. To meet its projected electricity needs, Vietnam is concentrating on
renewable energy sources, which is fueling the market for solar photovoltaic
equipment in Vietnam.
Recent Development in
Vietnam Solar Photovoltaic Equipment Market:
In October 2021, SkyX Solar, a company with 30 MWp
of operational solar projects, declared its intention to invest more than USD
100 million over the following years to build 200MW distributed solar energy
projects for Vietnamese commercial and industrial customers.
Vietnam Solar Photovoltaic Equipment Market is segmented into DC voltage type,
installation mode, end user, module type, type and region.
On the basis of module type, monocrystalline
is expected to dominate the Vietnam Solar Photovoltaic Equipment Market because
monocrystalline module type offers several advantages over polycrystalline
including solar monocrystalline silicon modules have greater productivity and
efficiency in the generation of electricity than polycrystalline,
monocrystalline panels usually have higher reliability and durability, for the
installation of solar power plants in conditions of space shortage like on the
roof and highly efficient single-crystal panels are best suited, as their
installation allows to save the space occupied by the solar station.
On the basis of installation
mode, rooftop is expected to dominate the market for Solar Photovoltaic
Equipment in Vietnam because solar energy in general and rooftop solar power
have grown significantly in Vietnam. There were 104,000 rooftop solar power
installations with a combined capacity of 9,580 MWp, or 7,600 MWac, in 63
cities and provinces across the nation as of the end of 2020. As a result, the
market for solar photovoltaic equipment in Vietnam is growing along with the
growth in rooftop demand.
Major
market players operating in the Vietnam
Solar Photovoltaic Equipment Market are:
- 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.
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“Vietnam solar Photovoltaic equipment is expected to grow due to the wide
variety of green energy opportunities like investing in solar energy. Moreover,
growth in the market is anticipated on account of increasing electricity demand
from industrial, commercial, and residential end user segments. With beneficial
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.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based India
management consulting firm.
“Vietnam Solar Photovoltaic
Equipment Market By DC Voltage Type (400V, 600V, 1000V & 1500V), By
Installation Mode (Ground Mounted and Rooftop), By End User (Industrial, Commercial
and Residential), By Module Type (Monocrystalline, Polycrystalline and Thin
Film), By Type (Circuit Configuration, Module Mounting Systems, Solar Charge
Controllers and Others), Competition, Forecast & Opportunities, 2018-2028”, has evaluated the future growth
potential of Vietnam Solar Photovoltaic Equipment Market and provides
statistics & information on market size, 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 Vietnam Solar Photovoltaic Equipment Market.
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