Government Initiatives to Achieve 12 GW of Solar Power Production by 2030 Along With Schemes Such as Feed in Tariff Would Spur the Demand for Solar Inverters in Vietnam Over the Coming Years – 6Wresearch
Growing emphasis on renewable energy and government incentives for promotion of solar energy would propel the demand for solar inverters in Vietnam over the coming years. Additionally, lucrative government subsidies and schemes such as Feed in Tariff and Net Metering has boosted the FDI (Foreign Direct Investment) in the solar energy sector in the country, which would increase the demand for solar inverters in Vietnam during 2018-24.
According to 6Wresearch, Vietnam Solar Inverter market revenues are projected to grow at a CAGR of 1.7% during 2018-24. The government of Vietnam, under the Power Development Plan VII (revised), aims to achieve 12 GW of solar energy production by 2030. Government has introduced the Feed-in Tariff scheme for solar energy with a rate of 9.35 US cents per kWh, which has attracted investment from both local and foreign investors.
According to Priya Sharma, Research Analyst, 6Wresearch, “The solar inverter market had a negligible footprint in Vietnam in 2017 due to lack of framework and regulations for solar energy in the country. The Vietnamese government’s Decree No.11/2017/QD-TTg in 2017 was the reason for the immense growth in the Vietnam’s solar energy sector in 2018.”
“The utility vertical would act as the key demand driver and would account for majority of the revenue share in the overall solar inverter market during the forecast period on account of increasing number of upcoming solar power plants in the country during the projected period,” Priya concluded.
According to Prithu Chawla, Research Associate, Research and Consulting, 6Wresearch, “The Ministry of Industry and Trade (MoIT) has approved solar projects to be put in operation before June 2019 with a total capacity of over 3,000 megawatts (MW). Central solar inverters captured majority of the revenue share in the overall solar inverter market in Vietnam over the coming years as upcoming solar projects in the country are prominently using central inverters with rating higher than 1 MW. Additionally, growing number of such solar projects namely the Song Binh (200 MW), Tri An Solar (126 MW) and Kimin (150 MW) would also fuel the growth of central solar inverters market in Vietnam over the next six years.”
“The Southern region of Vietnam holds majority of the market revenue share as the region is being more suitable for solar energy as it is closer to the equator and receives more sunlight as compared to the Northern region. Additionally, the South-Central province, Ninh Thuan has the greatest potential for solar power generation attracting around 140 projects, followed by the neighboring province of Binh Thuan with over 100 projects,” Prithu further added.
Some of the key players in Vietnam solar inverter market include- Toshiba Mitsubishi-Electric Industrial Systems Corporation, Jiangsu Goodwe Power Supply Technology Ltd., Shenzhen Growatt New Energy Technology Co., Ltd, ABB Ltd. (Vietnam), Fronius International GMBH, Huawei Technologies Co Ltd, SMA Solar Technology AG, Sungrow Power Supply Co., Ltd., SolaX Power Co., Ltd., SolarEdge Technologies Ltd. and Siemens AG.
“Vietnam Solar Inverter Market (2018-2024)” provides in-depth analysis with 39 figures and 7 tables covered in more than 120 pages. The report estimates and forecast the overall Vietnam Solar Inverter market by revenue, volume, power rating, verticals and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.