Vietnam Solar PV Equipment Market Outlook to 2027

Vietnam Solar PV Equipment Market Outlook to 2027

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.

Market Overview:

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.

Competitive Landscape

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.

Future Outlook

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.

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