Vietnam Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Vietnam solar energy market is segmented by technology [photovoltaic (PV) and concentrated solar photovoltaic (CSP)]. The report offers market size and forecasts in installed capacity (GW) for all the above segments.

Vietnam Solar Energy Market Size

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Vietnam Solar Energy Market - Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.10 %
Market Concentration Medium

Major Players

Vietnam Solar Energy Market

*Disclaimer: Major Players sorted in no particular order

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Vietnam Solar Energy Market Analysis

The Vietnam solar energy market is estimated to be at 18.4 GigaWatt (GW) by the end of this year and is projected to reach 20.4 GigaWatt (GW) after five years, registering a CAGR of over 2.1% during the forecast period.

  • Over the medium period, the increasing investments in the renewable energy sector, increasing electricity demand in major provinces and the country's efforts to shift from fossil fuel-based power generation are expected to drive the market during the forecast period.
  • On the other hand, the increasing adoption of alternative clean energy sources and high initial investment costs of solar projects are expected to hinder market growth during the study period.
  • Nevertheless, Vietnam's Power Development Plan VII intends to increase the share of renewable energy to 10% in eight years. It will also reduce the use of imported coal-fired electricity, culminating in a major opportunity for the country's solar energy market.

Vietnam Solar Energy Market Trends

Solar Photovoltaic (PV) Segment is Expected to Dominate the Market

  • The solar PV segment will likely have the largest market share during the forecast period, owing to the declining costs of solar modules and the versatility of these systems for various applications, like electricity generation and water heating.
  • According to the IRENA Renewable Energy Statistics 2023, the installed solar PV capacity in Vietnam was around 18,474 MW in 2022, up from 16,660 MW in 2021. The growth results from massive deployments of solar PV installations in Vietnam, particularly for utility projects. The Ministry of Industry and Trade (MOIT) has more plans to increase the solar PV installed capacity.
  • In May 2023, the Vietnamese government launched a USD 135 billion energy strategy, with half of the country's residential rooftops to be outfitted with photovoltaic (PV) systems through a net-metering scheme. The government hopes to be a power exporter in eight years.
  • Moreover, the country plans to commission its Phong Hoa Solar PV Park with a capacity of 50 MW located in Thua Thien-Hue province by the end of 2023. The project is being developed by STEAG Solar Energy Solutions and Thai Dat Construction.
  • Due to these developments, the solar PV segment is expected to have the largest market share in Vietnam during the forecast period.
Vietnam Solar Energy Market - Total Solar PV Installed Capacity

Increasing Electricity Demand Driving the Market Demand

  • The Vietnamese Ministry of Energy predicts that the country is expected to suffer power shortages as the development of new power plants lags behind the country's rapidly expanding energy consumption.
  • With increasing industrialisation and economic modernisation, energy demand is expected to rise by more than 8% annually over the next seven years.
  • In the first ten months of 2022, Vietnam's electricity production and demand totalled 226 billion Kilowatt-hours. During the last decade, energy demand increased gradually year after year. Moreover, Vietnam will need 96,500MW of electricity in the next two years and 129,500MW in the next seven years to meet the rising demand.
  • To meet the upcoming electricity demand, Vietnam requires around USD 10 billion annually until 2030 to keep pace with the growing demand. With such high capital requirements, the government has allowed 100 per cent foreign ownership of Vietnamese companies in the energy sector.
  • Thus, Vietnam is focusing on renewable energy sources to meet the future electricity demand, which is propelling the growth of Vietnam's solar energy market.
Vietnam Solar Energy Market - Total Electricity Demand

Vietnam Solar Energy Industry Overview

The Vietnam solar energy market is moderately fragmented. Some of the major companies operating in the market (in no particular order) include Song Giang Solar Power JSC, Vietnam Sunergy Joint Stock Company, Sharp Energy Solutions Corporation, Berkeley Energy Commercial & Industrial Solutions, and Tata Power Solar Systems Ltd. among others.

Vietnam Solar Energy Market Leaders

  1. SONG GIANG SOLARPOWER JSC

  2. Vietnam Sunergy Joint Stock Company

  3. Sharp Energy Solutions Corporation

  4. Berkeley Energy Commercial & Industrial Solutions

  5. Tata Power Solar Systems Ltd.

*Disclaimer: Major Players sorted in no particular order

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Vietnam Solar Energy Market News

  • June 2023: AD Green, a Vietnamese solar panel producer, started production at its new Thai Binh factory. The project has a capacity of 500 MW and is expected to expand to 3 GW within a year. The fully functioning facility will begin distributing its 540 W monocrystalline solar panels to domestic and international customers.
  • March 2023: SP Group bought 100 megawatt-peak (MWp) solar power farm assets in central Vietnam's Phu Yen province. Europlast Phu Yen and Thanh Long Phu Yen are 50 MWp facilities. The transactions represent SP's first investment in solar farm assets in Vietnam, and they are part of the SP Group's green goals in Vietnam, which include investing in and developing 1.5 GW of utility-scale and rooftop solar projects in the next three years.

Vietnam Solar Energy Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Renewable Energy Mix, Vietnam, 2022

    3. 4.3 Solar Energy Installed Capacity and Forecast, in GW, till 2028

    4. 4.4 Government Policies and Regulations

    5. 4.5 Recent Trends and Developments

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

        1. 4.6.1.1 Increasing Investments in the Renewable Energy Sector

        2. 4.6.1.2 Increasing Electricity Demand in Major Provinces

      2. 4.6.2 Restraints

        1. 4.6.2.1 Increasing Adoption of Alternative Clean Energy Sources

    7. 4.7 Supply Chain Analysis

    8. 4.8 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Technology

      1. 5.1.1 Solar Photovoltaic (PV)

      2. 5.1.2 Concentrated Solar Power (CSP)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 SONG GIANG SOLARPOWER JSC

      2. 6.3.2 Vietnam Sunergy Joint Stock Company

      3. 6.3.3 Sharp Energy Solutions Corporation

      4. 6.3.4 TATA POWER SOLAR SYSTEMS LTD.

      5. 6.3.5 Vivaan Solar Private Limited.

      6. 6.3.6 B.Grimm Power Public Co Ltd

      7. 6.3.7 ACWA Power Company

      8. 6.3.8 Wuxi Suntech Power Co. Ltd

      9. 6.3.9 Berkeley Energy Commercial & Industrial Solutions

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Vietnam's Power Development Plan VII Intentions to Increase the Share of Renewable Energy

**Subject to Availability
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Vietnam Solar Energy Industry Segmentation

Solar energy is heat and radiant light from the sun that can be harnessed with technologies such as solar power (which is used to generate electricity) and solar thermal energy (which is used for applications such as water heating).

The Vietnam solar energy market is segmented by technology. By technology, the market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP). For each segment, the market sizing and forecasts have been done based on installed capacity (GW).

Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
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Vietnam Solar Energy Market Research FAQs

The Vietnam Solar Energy Market is projected to register a CAGR of 2.10% during the forecast period (2024-2029)

SONG GIANG SOLARPOWER JSC, Vietnam Sunergy Joint Stock Company, Sharp Energy Solutions Corporation, Berkeley Energy Commercial & Industrial Solutions and Tata Power Solar Systems Ltd. are the major companies operating in the Vietnam Solar Energy Market.

The report covers the Vietnam Solar Energy Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Vietnam Solar Energy Industry Report

Statistics for the 2024 Vietnam Solar Energy market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Vietnam Solar Energy analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Vietnam Solar Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)