Press release
Vietnam Solar Energy Market Size, Overview, Share, Demand, Trends, and Forecast 2031
Robust Growth Expected in Vietnam's Solar Energy Market: Projected CAGR of 7.3% by 2028
Vietnam's solar energy market is experiencing accelerated growth, primarily driven by rising government initiatives and programs such as the National Power Development Master Plan (PDP VII) for 2011-2020, with a vision for 2030.
Download Free Sample of This Strategic Report: https://reportocean.com/industry-verticals/sample-request?report_id=MR517
According to a recent study conducted by strategic consulting and market research firm Report Ocean, the Vietnam solar energy market is dynamically growing and is expected to achieve a compound annual growth rate (CAGR) of 7.3% during the forecast period (2022-2028). Solar energy is considered one of the cleanest sources of renewable energy available today. Given the abundance of solar energy and the increasing demand for electricity in the country, Vietnam is actively promoting solar energy as an alternative power generation source, contributing to the growth of the solar energy market. For example, Sharp Energy Solutions Corporation (SESJ) completed a large-scale solar power project in Ninh Thuan province in June 2020. This new plant generates 76,373 megawatt hours (MWh) annually to meet Vietnam's ongoing electricity demand.
Increasing Investment Fuels Solar Energy Projects in Vietnam
The demand for renewable energy in Vietnam is being met through investments in large-scale solar power facilities. Over the next decade, energy demand is projected to increase by more than 9% as the country recovers from the pandemic-induced economic downturn. A draft report by the Ministry of Industry and Trade (MoIT) estimates that Vietnam will require approximately US$128.3 billion in investment to develop its energy industry between 2021 and 2030. By the end of 2019, Vietnam had surpassed Malaysia and Thailand in terms of installed solar panel capacity in Southeast Asia. This achievement was made possible by the increasing investment in solar energy projects, resulting in Vietnam having 5 gigawatts (GW) of solar installations, surpassing the target of 1 GW by 2020.
Favorable Government Initiatives Drive Vietnam's Solar Energy Market
Reducing carbon footprints and addressing climate change are critical global concerns. In an effort to combat climate change and reduce the region's carbon footprint, the Vietnamese government has launched the National Power Development Plan (PDP) VII. The PDP VIII focuses on renewable energy development and attracting investors, with a long-term vision extending to 2045. The plan encourages the production of renewable energy while discouraging reliance on hydroelectricity. As of 2020, renewables accounted for 13% of Vietnam's power generation, with a goal to increase it to 30% by 2030. Although ambitious, this target demonstrates the government's commitment to renewable energy. By 2030, Vietnam aims to generate 29% of its electricity from solar, wind, and other renewable sources, thereby driving the solar energy market.
Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR517
Vietnam Solar Energy Market- Competitive Landscape
Some of the key players in the Vietnam Solar Energy market are 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, and ACWA Power, and other prominent players.
BY TECHNOLOGY (PHOTOVOLTAIC SYSTEMS, CONCENTRATED SOLAR POWER SYSTEMS); BY SOLAR MODULE (MONOCRYSTALLINE, POLYCRYSTALLINE, CADMIUM TELLURIDE, AMORPHOUS SILICON CELLS, AND OTHERS); BY END-USER INDUSTRY (ELECTRICITY GENERATION, HEATING, AND CHARGING AND LIGHTING); BY APPLICATION (INDUSTRIAL, COMMERCIAL, AND RESIDENTIAL)
Photovoltaic Systems Dominate the Market
The Vietnam solar energy market is segmented based on technology into solar photovoltaic (PV) systems and concentrated solar power systems. The solar PV systems segment holds the largest market share, generating significant revenue. Vietnam's solar PV capacity increased from 86 MW in 2018 to 4,750 MW in 2019. Consequently, Vietnam has surpassed Thailand in terms of installed solar capacity, reaching 16,500 MW by 2020. The growth in PV capacity has contributed to the expansion of the photovoltaic segment in the solar energy market.
Impact of COVID-19 on Vietnam's Solar Energy Market
The COVID-19 pandemic has had a negative impact on Vietnam's solar energy market. The ongoing energy crisis in China has also affected the energy sector in Vietnam.
Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
Request full Report- https://reportocean.com/industry-verticals/sample-request?report_id=MR517
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website:https://www.reportocean.com
Vietnam's solar energy market is experiencing accelerated growth, primarily driven by rising government initiatives and programs such as the National Power Development Master Plan (PDP VII) for 2011-2020, with a vision for 2030.
Download Free Sample of This Strategic Report: https://reportocean.com/industry-verticals/sample-request?report_id=MR517
According to a recent study conducted by strategic consulting and market research firm Report Ocean, the Vietnam solar energy market is dynamically growing and is expected to achieve a compound annual growth rate (CAGR) of 7.3% during the forecast period (2022-2028). Solar energy is considered one of the cleanest sources of renewable energy available today. Given the abundance of solar energy and the increasing demand for electricity in the country, Vietnam is actively promoting solar energy as an alternative power generation source, contributing to the growth of the solar energy market. For example, Sharp Energy Solutions Corporation (SESJ) completed a large-scale solar power project in Ninh Thuan province in June 2020. This new plant generates 76,373 megawatt hours (MWh) annually to meet Vietnam's ongoing electricity demand.
Increasing Investment Fuels Solar Energy Projects in Vietnam
The demand for renewable energy in Vietnam is being met through investments in large-scale solar power facilities. Over the next decade, energy demand is projected to increase by more than 9% as the country recovers from the pandemic-induced economic downturn. A draft report by the Ministry of Industry and Trade (MoIT) estimates that Vietnam will require approximately US$128.3 billion in investment to develop its energy industry between 2021 and 2030. By the end of 2019, Vietnam had surpassed Malaysia and Thailand in terms of installed solar panel capacity in Southeast Asia. This achievement was made possible by the increasing investment in solar energy projects, resulting in Vietnam having 5 gigawatts (GW) of solar installations, surpassing the target of 1 GW by 2020.
Favorable Government Initiatives Drive Vietnam's Solar Energy Market
Reducing carbon footprints and addressing climate change are critical global concerns. In an effort to combat climate change and reduce the region's carbon footprint, the Vietnamese government has launched the National Power Development Plan (PDP) VII. The PDP VIII focuses on renewable energy development and attracting investors, with a long-term vision extending to 2045. The plan encourages the production of renewable energy while discouraging reliance on hydroelectricity. As of 2020, renewables accounted for 13% of Vietnam's power generation, with a goal to increase it to 30% by 2030. Although ambitious, this target demonstrates the government's commitment to renewable energy. By 2030, Vietnam aims to generate 29% of its electricity from solar, wind, and other renewable sources, thereby driving the solar energy market.
Request To Download Sample of This Strategic Report:- https://reportocean.com/industry-verticals/sample-request?report_id=MR517
Vietnam Solar Energy Market- Competitive Landscape
Some of the key players in the Vietnam Solar Energy market are 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, and ACWA Power, and other prominent players.
BY TECHNOLOGY (PHOTOVOLTAIC SYSTEMS, CONCENTRATED SOLAR POWER SYSTEMS); BY SOLAR MODULE (MONOCRYSTALLINE, POLYCRYSTALLINE, CADMIUM TELLURIDE, AMORPHOUS SILICON CELLS, AND OTHERS); BY END-USER INDUSTRY (ELECTRICITY GENERATION, HEATING, AND CHARGING AND LIGHTING); BY APPLICATION (INDUSTRIAL, COMMERCIAL, AND RESIDENTIAL)
Photovoltaic Systems Dominate the Market
The Vietnam solar energy market is segmented based on technology into solar photovoltaic (PV) systems and concentrated solar power systems. The solar PV systems segment holds the largest market share, generating significant revenue. Vietnam's solar PV capacity increased from 86 MW in 2018 to 4,750 MW in 2019. Consequently, Vietnam has surpassed Thailand in terms of installed solar capacity, reaching 16,500 MW by 2020. The growth in PV capacity has contributed to the expansion of the photovoltaic segment in the solar energy market.
Impact of COVID-19 on Vietnam's Solar Energy Market
The COVID-19 pandemic has had a negative impact on Vietnam's solar energy market. The ongoing energy crisis in China has also affected the energy sector in Vietnam.
Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary
Request full Report- https://reportocean.com/industry-verticals/sample-request?report_id=MR517
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website:https://www.reportocean.com
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