Vietnam Solar Photovoltaics Equipment Market 2026
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Transcript of Vietnam Solar Photovoltaics Equipment Market 2026
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Published: October 2020
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
2015 – 2025
Published: December 2020
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
GLOBAL ORNAMENTAL FISH MARKET
FORECAST & OPPORTUNITIES
2015 – 2025
Published: March 2021
MARKET INTELLIGENCE . CONSULTING
www.techsciresearch.com
VIETNAM SOLAR PHOTOVOLTAICS
EQUIPMENT MARKET - FORECAST &
OPPORTUNITIES
2016 – 2026
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2© TechSci Research
T a b l e o f C o n t e n t s
S. No. Contents
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Vietnam Solar Photovoltaics Market Overview
5. Vietnam Solar Photovoltaics Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value & Volume
5.2. Market Share & Forecast
5.2.1. By DC Voltage Type (400 V, 600 V, 1000 V & 1500 V)
5.2.2. By Installation mode (Rooftop and Ground Mounted)
5.2.3. By End User (Residential, Commercial and Industrial)
5.2.4. By Module Type (Monocrystalline, Polycrystalline and Thin Film)
5.2.5. By Region
5.3 Product Market Map
6. Vietnam Solar Photovoltaics Equipment Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1.By Type (Circuit Configuration, Module Mounting Systems, Solar Charge Controllers, Solar Tracking System & Others)
6.2.2. By Region
6.2.3. By Company
6.3 Product Market Map
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T a b l e o f C o n t e n t s
S. No. Contents
7. Market Supply Chain Analysis
7.1. Industry Map
7.2. Role of Each Player
8. Market Dynamics
8.1. Drivers
8.2. Challenges
9. Market Trends & Developments
10. Market-Accidents Related to Solar Power
11. Vietnam Economic Profile
12. Competitive Landscape
12.1. Company Profiles
12.1.1. Boviet Solar Technology Co. Ltd
12.1.2. Megasun Production Co. Limited
12.1.3. SolarBK
12.1.4. Solar Power Vietnam Co., Jsc
12.1.5. Allesun Energy
12.1.6. Growatt New Energy Technology Co., Ltd. (Alena Energy Technology Co., Ltd.)
12.1.7. Pöyry Energy Ltd.
12.1.8. GCL System Integration Technology Co., Ltd. (Golden Concord Group (GCL))
12.1.9. Trina Solar Co., Ltd.
12.1.10. Vietnam Green Energy Technology Co., Ltd.
13. Strategic Recommendations
14. About us & Disclaimer
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L i s t o f F i g u r e s & T a b l e s
Figure No. Title
Figure 1: Vietnam Solar Photovoltaics Market Size, By Value, 2016-2026F (USD Million)
Figure 2: Vietnam Solar Photovoltaics Market Size, By Volume, 2016-2026F (MW)
Figure 3: Vietnam Energy Production and Installed Capacity Share, By Source, 2019
Figure 4: Vietnam Solar Photovoltaics Market Share, By DC Voltage Type, By Volume, 2016-2026F
Figure 5: Vietnam Electricity Generation (Terawatt-Hours), 2015-2019
Figure 6: Vietnam Per Capita Electricity Consumption (Kilowatt-Hours), 2015-2019
Figure 7: Vietnam Solar Photovoltaics Market Share, By Installation Mode, By Volume, 2016-2026F
Figure 8: Vietnam Ground Mounted Solar Photovoltaics Installations (Megawatt), 2016-2020
Figure 9: Vietnam Rooftop Solar Photovoltaics Installations (Megawatt), 2016-2020
Figure 10: Vietnam Solar Photovoltaics Market Share, By End User, By Volume, 2016-2026F
Figure 11:Solar Feed-in Tariffs 2.0 Announced By Vietnam Government For Ground Mounted, Rooftop & Floating Solar Projects Commissioned Till December 31, 2020 (USD/kWh)
Figure 12: Vietnam Energy Use per Person (Kilowatt-Hours), 2015-2019
Figure 13: Vietnam Solar Photovoltaics Market Share, By Module Type, By Volume, 2016-2026F
Figure 14: Vietnam Solar Photovoltaics Market Share, By Region, By Volume, 2020 & 2025F
Figure 15: Vietnam Solar Photovoltaics Market Share, By Region, By Volume, 2016-2026F
Figure 16: Product Market Map, By DC Voltage, Market Size (MW) & Growth Rate (%)
Figure 17: Product Market Map, By Installation Mode, Market Size (MW) & Growth Rate (%)
Figure 18: Product Market Map, By End User, Market Size (MW) & Growth Rate (%)
Figure 19: Product Market Map, By Module Type, Market Size (MW) & Growth Rate (%)
Figure 20: Product Market Map, By Region, Market Size (MW) & Growth Rate (%)
Figure 21: Vietnam Solar Photovoltaics Equipment Market Size, By Value, 2016-2026F (USD Million)
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L i s t o f F i g u r e s & T a b l e s
Figure No. Title
Figure 22: Vietnam Primary Energy Consumption (Terawatt-Hours), 2015-2019
Figure 23: Vietnam Share of Electricity Production from Renewables, 2015-2019
Figure 24: Vietnam Solar Photovoltaics Equipment Market Share, By Type, By Value, 2016-2026F
Figure 25: Vietnam Solar Photovoltaics Equipment Market Share, By Region, By Value, 2020 & 2026F
Figure 26: Vietnam Solar Photovoltaics Equipment Market Share, By Region, By Value, 2016-2026F
Figure 27: Vietnam Solar Photovoltaics Equipment Market Share, By Company, By Value, 2020
Figure 28: Product Market Map, By Type, Market Size (USD Million) & Growth Rate (%)
Figure 29: Product Market Map, By Region, Market Size (MW) & Growth Rate (%)
Table No. Title
Table 1: Vietnam Solar Photovoltaics Equipment Market, By Volume, For 1 MW & 10 MW Installations, As of 2020
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Product Overview
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Product OverviewScope of Interest: Solar Photovoltaics Equipment
Review Period
2016 – 2019
Base Year
2020
Estimated Year
2021
Forecast Period
2022 – 2026
Year Range
VIETNAM SOLAR PHOTOVOLTAICS EQUIPMENT
MARKET
DC VOLTAGE TYPE
• 400 V
• 600 V
• 1000 V
• 1500 V
INSTALLATION MODE
• Rooftop
• Ground Mounted
REGION
• Ninh Thuan
• Dac Lac
• Binh Thuan
• Tay Ninh
• Others
Photovoltaics is best known as a method for generating electric power by using solar cells to convert energy from thesun into a flow of electrons by the photovoltaic effect. Solar cells produce direct current electricity from sunlight,which can be used to power equipment or to recharge a battery. Typical photovoltaics equipment includes solarcircuit configuration, module mounting systems, solar charge controllers, solar tracking systems and others. Acollection of such photovoltaic modules is called a PV Panel, and a system of panels is an Array. Arrays of aphotovoltaic system supply solar electricity to electrical equipment.
Market Segmentation
END USER
• Residential
• Commercial
• Industrial
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MODULE TYPE
• Monocrystalline
• Polycrystalline
• Thin Film
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Research Methodology
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Research Methodology
✓ Identifying Key Opinion
Leaders
✓ Questionnaire Design
✓ In-depth Interviews
Data Collection
Developing List of Respondents
Formulating Questionnaire
Market Profiling
Data Validation
Data Analysis
In-depth secondary research was conducted to
determine top players in Vietnam Solar
Photovoltaics Equipment Market, overall market
size and segmental market size.
In order to conduct industry experts’
interviews, TechSci formulated a detailed
discussion guide.
List of industry players and industry
specialists was developed.
TechSci conducted interviews with
industry experts and industry players for data collection and
verification.
Data obtained as a result of primary and secondary research was
validated through rigorous
triangulation.
The data was scrutinized using MS-Excel, statistical
tools and internal proprietary database to obtain qualitative and
quantitative insights about Vietnam Solar Photovoltaics
Equipment Market.
Data Collection
Data Filter& Analysis
Research &Intelligence
ActionableInsights
BusinessSolution
Primary Research Desk Research Company Analysis
✓ Recent Developments
✓ Market Changing
Aspects/Dynamics
✓ Government Policies
✓ Conclusion
✓ Market Participants
✓ Key Strengths
✓ LinkedIn✓ TechSci Internal
Database
✓ Factiva✓ Hoovers
Paid Sources
✓ Company Websites✓ Company Annual
Reports✓ White Paper Study✓ Financial Reports✓ Investor Presentations✓ Regulatory Body
Secondary ResearchPrimary Research
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Research Methodology
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Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of the Vietnam Solar Photovoltaics Equipment
Market. The team has analyzed the outlook of various segments of this market while considering the major influencing factors and
speculated a robust growth during the forecast period. The study includes market forecasting, which would enable our clients to
take better decisions while planning their strategy to achieve sustainability in the Vietnam Solar Photovoltaics Equipment Market.
Methodology Followed for Calculation of Market Size:
Market Size by Value: Market size, in terms of value, for the year 2020 was calculated based on information collected through
exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts.
The team interviewed more than 15 companies, 50 industry experts and other value chain stakeholders in the Vietnam Solar
Photovoltaics Equipment Market to obtain the overall market size during 2016-2020, which was validated by the Delphi
technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for
2016-2020.
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Research Methodology
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Respondents were asked about the current and future market growth rates, as well as market shares by DC voltage type, by
installation mode, by end user, by module type, by region and by company. Removing the outlier responses, the geometric
mean of growth estimates and provider-wise revenue shares generated across various segments were considered to arrive at
the final revenue shares. Revenue shares generated across various segments were further triangulated from other
stakeholders depending upon the component.
Methodology Followed for Calculation of Market Shares:
Market shares by type, by function, by DC voltage type, by installation mode, by end user, by module type, by region and by
company were calculated based on the responses received through primary surveys with industry experts, in which the
respondents were asked about the market shares of the leading solar photovoltaics equipment players. The final shares were
calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.
Moreover, respondents were asked about leading companies operating in the Vietnam Solar Photovoltaics Equipment Market.
Methodology Followed for Forecasting:
TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the
survey results in SPSS/Tableau Software.
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Research Methodology
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Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast
the Vietnam Solar Photovoltaics Equipment Market, TechSci Research used various forecast techniques such as:
o Moving Average
o Time Series Analysis
o Regression Analysis
o Econometric and Judgmental Analysis
TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions.
TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market
demand scenario.
Note: Sum of some shares may not be 100% due to round off till two decimal places.
Partial List of Companies Interviewed
Boviet Solar Technology Co., Ltd., Megasun Production Co. Limited, SOLARBK, 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., etc.
Partial List of Secondary Sources
Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company
Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.
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Industry Brief
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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 of12.09%, in value terms, to reach USD3514.65 million by 2026. Growth in the market is anticipated on account of increasing electricitydemand from industrial, commercial as well as residential end user segments. With favorable initiatives taken in the solar sector by theGovernment of Vietnam, an increasing number of investors and developers are also increasing their investments in solar industry indifferent regions across the country. Vietnam relies heavily on foreign direct investment (FDI) to grow its economy and is one of the mostopen 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 withassessing and mitigating underlying risks.
The government offers some preferential policies and other financial incentives such as preferential tax and duty levies for growth in thesolar sector. Positive FiT incentives have proven to be the most effective policy for renewable energy growth. The engagement of localcommercial banks to finance the rooftop investment portfolio has built momentum for rooftop solar leasing. The residents require furtherincentives like the national rooftop solar programme, supported by German state-owned development bank KfW. The sponsorshipmechanism must be implemented as soon as possible to maintain the eagerness of individual installers.
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 solarsystems for energy generation. Over the last few years, the government has taken various initiatives in the solar power sector such as theupgradation of power development plan, introduced net metering scheme for solar rooftop projects, and revised FiT for solar projects. Thegovernment is now considering moving from FiT to a competitive bidding scheme for solar projects that would increase the installedcapacity and create thousands of new jobs in Vietnam. It is expected that 400MW of floating PV will be tendered in 2020 and 2021, tofurther boost solar market in the country. In 2017, the government introduced FiT of USD9.35 cents/kWh, which generated interest insolar projects, majorly in the southern regions of Vietnam. In 2019, the government revised the FiT, varying from USD6.67-10.87cents/kWh, dependent on solar power technology and region of deployment. As a result, the cumulative solar capacity of the countryreached 5.5 GW in 2019 from 237 MW in 2018.
“As of 2019, Vietnam overtook Malaysia and Thailand to reach the largest installed capacity of solar panels in Southeast Asia. The countryinstalled 5 gigawatts of photovoltaic projects exceeding its target of 1 gigawatt by 2020. It has also moved to a new approach ofcompetitive 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 ofsolar generation capacity. The new approach would address the curtailment issue and improve risk allocation between public and privateinvestors. With rising number of initiatives taken by the Government of Vietnam in the solar power sector, an increasing number of solarcompanies are investing in solar power projects across different geographical locations of the country. Anticipated growth in the solarpower projects across Vietnam is expected to boost the demand for solar photovoltaics equipment in the coming years.” said Mr. KaranChechi, Research Director with TechSci Research, a research based global management consulting firm.
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Sample Data - Snapshot
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2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F
CAGR (2016-2020)By Value: xx%
CAGR (2021E-2026F)By Value: xx%
Vietnam Solar Photovoltaics Market Size, By Value, 2016-2026F (USD Million)
Vietnam Solar Photovoltaics Market Share, By DC Voltage Type, By Volume, 2016-2026F
2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F
1000 V 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%
1500 V 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
600 V 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
400 V 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Vietnam Solar Photovoltaics Equipment Market Share, By Region, By Value, 2016-2026F
2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F
Ninh Thuan 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%
Dak Lac 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%
Binh Thuan 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Tay Ninh 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Others 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
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15© TechSci Research
Report Ordering
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Report Name: VIETNAM SOLAR PHOTOVOLTAICS EQUIPMENT MARKET
FORECAST & OPPORTUNITIES
2016 – 2026
https://www.techsciresearch.com/report/vietnam-solar-photovoltaics-equipment-market/4723.html
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About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in
number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The
proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’
model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich
evaluation of the opportunities available in the market.
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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely,accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considersreliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors oromissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of thisreport. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative marketsize and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.
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