Market Size of Vietnam Solar Energy Industry
| 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
*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.
