VIETNAM SOLAR INVERTER MARKET

The Vietnam Solar Inverter Market is forecast to experience a steady growth rate driven by increasing electricity demand, a rising focus on renewable energy, and supportive government incentives on solar energy.

Major Vietnam Solar Inverter Market Drivers and Emerging Trends

As Vietnam’s economy expands quickly, the growing demand for electricity is creating substantial strain on the current power grid. This issue becomes particularly severe during the summer which causes major disruptions to residents’ daily life due to the significant gap between electricity supply and demand. Renewable energy offers an effective solution to address electricity shortages.

With renewable energy gains more attention and government support for solar energy intensifies, the Vietnam solar inverter market size will expand in the coming years. The World Population Review indicated that Vietnam’s solar power capacity stood at 18,474 MW in 2022 as global pressure for environmental conservation grows and clean energy is emerging as the future trend.

As an emerging Southeast Asian market, Vietnam is projected to experience strong expansion in the renewable energy with its plentiful solar resources which offer a strong base for solar industry development. With a global agreement forming on reducing carbon emissions and countries actively adopting transition measures to renewable energy, Vietnam is taking the lead in Southeast Asia for both photovoltaic production and installation capacity.

The other factor supporting the promising growth of the Vietnam solar inverter market forecast is the government initiatives and subsidies. The government is actively encouraging renewable energy by establishing a reliable and supportive framework through comprehensive regulations to meet its commitments. Generous government subsidies and programs like Feed in Tariffs and Net Metering have enhanced foreign investment in Vietnam’s solar energy market which leads to a higher requirement for solar inverters.

 The government has unveiled a USD 135 billion worth energy plan which aims to equip half of the nation’s residential rooftops with photovoltaic systems through a net-metering scheme with a goal to become a power exporter within eight years. To promote renewable energy investments, the government has implemented various supportive policies. It has allocated numerous projects to major solar companies to develop infrastructure and boost energy production throughout the country in the upcoming years.

Vietnam solar inverter market is anticipated to expand significantly due to strong investor interest in the solar sector. The Southern region, which is located closest to the equator, holds the greatest solar energy potential with most new projects focused there.

Based on the type, central inverters are likely to dominate the market segment as a result of heightened demand from substantial utility and industrial uses. As industrialization accelerates and infrastructure for renewable energy develops, the need for central inverters is also expected to increase. Central inverters deliver significant power to the grid with outputs exceeding 100 kWp. They convert DC power from solar panels into AC for grid connection. These devices can be mounted on the ground and are designed for indoor or outdoor environments.

Based on the application, the utility-scale segment leads the market share. The utility sector growth can be attributed to factors such as the rising need for renewable energy, the lower costs of solar technology and equipment, along with the government subsidies availability. The segment growth is driven by leading companies that provide customers with advanced utility-scale solutions via pre-integrated power plants which aim to improve efficiency and reduce expenses.

Top Market Players

Several major players within the market include ABB Ltd. Vietnam, Huawei Technologies, Shenzhen, among others.

Segments covered in the Report:

The Vietnam Solar Inverter Market has been segmented on the basis of inverter type and application. Based on the inverter type, the market is segmented into central inverters, string inverters, micro inverters. Based on the connection type, the market is segmented into On-Grid Connection and Off-Grid Connection. Based on the application, the market is segmented into residential, commercial and industrial, utility-scale.

Report Coverage	Details
Market Revenues (2023)	USD Million
Market Base Year	2023
Market Forecast Period	2024-2031
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Inverter Type, By Connection Type, By Application
Regional Coverage	Vietnam
Companies Profiled	ABB Ltd. Vietnam, Huawei Technologies, Shenzhen among others; a total of 3 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Vietnam Solar Inverter Market by Inverter Type

• • Central Inverters
  • String Inverters
  • Micro Inverters

Vietnam Solar Inverter Market by Connection Type

• • On-Grid Connection
  • Off-Grid Connection

Vietnam Solar Inverter Market by Application

• • Residential
  • Commercial and Industrial
  • Utility-scale

Vietnam Solar Inverter Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ABB Ltd. Vietnam
  • Huawei Technologies
  • Shenzhen