Solar photovoltaics equipment market in Vietnam is forecast to cross $ 3.7 billion by 2025. 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. For instance, 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. Vietnamese 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.

Solar photovoltaics equipment market in Vietnam can be classified based on DC voltage, installation mode, end user, module type, type of equipment and region. In 2019, Vietnam solar photovoltaic equipment installation market was dominated by polycrystalline type of module due to its cheap price. However, monocrystalline type of module is forecast to grow at the highest CAGR, owing to its high efficiency in solar systems for energy generation.

Years considered for this report:
Historical Years: 2014-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021-2025

Objective of the Study:

  • To evaluate and forecast Vietnam Solar Photovoltaics Equipment size.
  • To evaluate and forecast Solar Photovoltaic historical additions in Vietnam across different end user industries.
  • To evaluate Solar Photovoltaic additions, by volume, by installation mode (Ground Mounted and Rooftop)
  • To segment and forecast Vietnam Solar Photovoltaic Equipment Market into different regions – Ninh Thuan, Dak Lac, Binh Thuan and Tay Ninh, and other major states.
  • To evaluate non-hydro renewable share in primary energy mix.
  • To identify major drivers & challenges for Vietnam Solar Photovoltaics Equipment Market.
  • To identify major trends of Solar Photovoltaics Equipment Market in Vietnam.
  • To profile major companies operating in Vietnam Solar Photovoltaics Equipment Market.

To analyze and forecast Vietnam solar photovoltaic equipment market, both top down and bottom up approaches have been used. Multiple employees from several solar power companies have been interviewed through telephonic conversations to extract and verify the information. A brief study of the major players operating in Vietnam solar photovoltaic equipment market was conducted, which included the analysis of information such as ongoing projects, followed by the details of expected year of commissioning and estimated investments along with the expansion plans of various projects in the country. Moreover, detailed and in-depth scrutiny of information was done to understand each policy or external or internal factor which could increase or decrease the demand for solar power in Vietnam.
Various secondary sources such as company websites, Annual Reports, White Papers, Investor Presentation, BP Stats, News Articles, Associations, International Renewable Energy, Ministry of Ecology and Environment were also studied by the report. Some of the major players operating in Vietnam Solar Photovoltaic Equipment market are Boviet Solar Technology Co. Ltd, Megasun Production Co. Ltd, Solar BK , Red Sun Energy, Solar Power Vietnam, etc.

Key Target Audience:

  • Solar Photovoltaic Equipment manufacturers, distributors and other stakeholders
  • Major end users
  • Associations, organizations, forums and alliances related to solar industry
  • Government bodies such as regulating authorities and policy makers
  • Market research and consulting firms

The study is essential in delivering useful information to industry stakeholders such as companies operating in solar power, equipment suppliers and customers. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, Vietnam Solar Photovoltaic Equipment market has been segmented into the following categories in addition to the industry trends which have also been detailed below:

  • Market, by Installation Mode:

o Ground Mounted
o Rooftop

  • Market, by Module Type:

o Monocrystalline
o Polycrystalline
o Thin Film

  • Market, by End Use:

o Residential
o Commercial
o Industrial

  • Market, by DC Voltage Type:

o 400V
o 600V
o 1000V
o 1500V

  • Market, by Type:

o Inverters
o Solar Tracking System
o Module Mounting Systems
o Circuit Configurations
o Solar Charge Controllers
o Others

  • Market, by Region:

o Ninh Thuan
o Dak Lac
o Binh Thuan
o Tay Ninh
o Others
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Vietnam solar photovoltaic equipment market.
Voice of Customer: Pricing, brand name, after sale service, product life and cost are the major factors affecting purchase decision related to solar photovoltaic equipment for residential, commercial and industrial users in the Vietnam solar photovoltaics equipment market