Press release
Vietnam Solar Energy Market Size, Outlook, Share, Prominent Players, Growth, and Forecast 2032
The Vietnam solar energy market is witnessing robust growth and is projected to grow at a CAGR of 7.3% during the forecast period (2022-2028). This growth is primarily driven by the rising government initiatives and programs, such as the National Power Development Master Plan (PDP VII) for 2011-2020 with a vision for 2030.
According to a recent study conducted by strategic consulting and market research firm Report Ocean, the Vietnam solar energy market is dynamically growing. Vietnam recognizes solar energy as a clean and renewable source of power generation. With an abundance of solar energy and increasing electricity demand in the country, Vietnam promotes solar energy as an alternative source of power, contributing to the market's growth. Notably, Sharp Energy Solutions Corporation (SESJ) constructed a large solar power project in Ninh Thuan province, generating 76,373 megawatt hours (MWh) each year to meet the country's ongoing electricity demand.
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Investment in solar energy projects is on the rise in Vietnam, driving the growth of the market. The country's energy demand is expected to increase by over 9% in the next decade as it recovers from the pandemic-induced economic slowdown. The Ministry of Industry and Trade (MoIT) estimates that Vietnam will require around US$128.3 billion in investment between 2021 and 2030 to support the growth of its energy industry. Vietnam has surpassed its neighboring countries in terms of installed solar panel capacity in Southeast Asia, with 5 gigawatts (GW) of solar installations by the end of 2019, exceeding the target of 1 GW by 2020.
The Vietnam government's favorable initiatives are powering the growth of the solar energy market. In its National Power Development Plan (PDP) VII, Vietnam emphasizes renewable energy development and aims to produce 30% of its power from renewable sources by 2030. The government encourages the production of renewable energy while discouraging hydroelectricity. By 2030, Vietnam plans to generate 29% of its electricity from solar, wind, and other renewable sources.
The photovoltaic (PV) systems segment holds the largest share in the Vietnam solar energy market. Vietnam has seen a significant increase in solar PV capacity, surpassing Thailand in installed solar capacity. The growth of PV capacity has contributed to the expansion of the photovoltaic segment in the solar energy market.
Key players in the Vietnam solar energy market include Sharp Energy Solutions Corporation, Tata Power Solar Systems Ltd., Giang Son, Berkeley Energy Commercial & Industrial Solutions, Trina Solar, Yingli Solar, BCG Energy, Wuxi Suntech Power Co. Ltd., Vivaan Solar, GE Renewable, Siemens Energy, German ASEAN Power, B.Grimm Power Public Co. Ltd., Schletter Group, JA Solar, Sunseap International, Nippon Sheet Glass, Ecoprogetti, Tata Power, Shapoorji Pallonji Infrastructure Capital, Gulf Energy Development, InfraCo Asia Development, ACWA Power, and other prominent players. The market is highly competitive, with increasing government initiatives and collaborations with foreign companies to develop and install new projects, driving stiff competition in the market.
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Market Overview
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast
By Technology
Photovoltaic Systems
Concentrated Solar Power Systems
By Solar Module
Monocrystalline
Polycrystalline
Cadmium Telluride
Amorphous Silicon Cells
Others
By Application
Residential
Commercial
Industrial
By End-User Industry
Electricity Generation
Heating
Charging and Lighting
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