Vietnam Solar Energy Market 1724938492814
Vietnam Solar Energy Market 1724938492814
Market Intelligence/Advisory
www.mordorintelligence.com
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The base units considered for The base year is identified based on Market-size estimations for the The distribution of primary
market estimation are Romania annual reports and the availability of forecast years are in real terms. interviews conducted is based on
Dollars (USD) Billion, TeraWatt secondary research information. This the regional share of the market and
Hours (TWh), and Giga-Watt (GW). study considers 2023 as the base the presence of key players in each
year. The review period is from 2019 of the demographics of the market
to 2024. The CAGR considered is for studied.
the forecast period of 2024-2029.
Note: Company revenues are mentioned as per the fiscal year in the HQ of the company, and currency conversion is as per the account closure date of the company.
MARKET DEFINITION
Solar energy is the radiant light and heat from the sun harnessed using technologies like solar panels and solar thermal systems. It provides a
DEFINITION renewable, sustainable power source for electricity generation, heating, and various industrial processes, reducing reliance on fossil fuels and
decreasing greenhouse gas emissions.
The study tracks the key market parameters, underlying growth influencers, installed base, installed capacity, and major vendors operating in
the industry, which supports the market estimations and growth rates over the forecast period. The study also tracks the installed capacity
SCOPE OF THE accrued from the various solar energy production projects that are being implemented in Vietnam. In addition, the study provides market
REPORT trends and key vendor profiles.
The market size does not include the installed capacity generated from GW.
Introduction &
This section will provide the market scope, inclusions, and exclusions, along with a detailed research methodology.
Research Methodology
This section will provide a summary of the market study focusing on the installed capacity, largest markets, opportunities, growth, and market
Executive Summary
players.
Market Overview & The dynamics section studies the market demand and how it is impacted by various factors like end-user/customer preferences, technology
Dynamics adoption, regulations, and competition between vendors to stay unique and ahead of other competitor firms. The section further provides key
drivers and challenges faced by vendors in the market.
This section provides detailed analysis and projections by various market segments. The section will focus on capacity growth and trends within
Market Segmentation
the technology sections.
This section covers the activities of the major players in the market, along with their current strategies and recent developments (sales, R&D,
Key Vendor Profiles
mergers and acquisitions, strategies, etc.). This section will also detail each of the player's market presence, and their product offerings.
Future Outlook of the The section analyses the anticipated trends and opportunities in the market studied, which are likely to have a major impact on the market in
Market future.
6 COMPETITIVE LANDSCAPE
2 EXECUTIVE SUMMARY
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted & SWOT Analysis for Leading Players
3 RESEARCH METHODOLOGY
6.3 Company Profiles* (Overview, Business Segments, Financials**, Key
Projects/Products and Services, and Recent Developments)
4 MARKET OVERVIEW
6.3.1 SONG GIANG SOLARPOWER JSC
4.1 Introduction
6.3.2 Vietnam Sunergy Joint Stock Company
4.2 Installed Capacity and Forecast in GW, till 2029
6.3.3 Sharp Energy Solutions Corporation
4.3 Recent Trends and Developments/Government Incentives
6.3.4 TATA POWER SOLAR SYSTEMS LTD
4.4 Government Policies and Regulations
6.3.5 Vivaan Solar Private Limited
4.5 Market Dynamics
6.3.6 B.Grimm Power Public Co. Ltd
4.5.1 Drivers
6.3.7 ACWA Power Company
4.5.2 Restraints
6.3.8 Wuxi Suntech Power Co. Ltd
4.6 Supply Chain Analysis
6.3.9 Berkeley Energy Commercial & Industrial Solutions
4.7 PESTLE Analysis
6.3.10 JinkoSolar Holding Co. Ltd
4.8 Investment Analysis
6.3.11 First Solar Inc.
4.9 Renewable Energy Mix, 2023
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The XX segment held the largest market share of the The XX segment is expected to grow the fastest in
Vietnamese solar energy market in 2023. the Vietnamese solar energy market during the
XX% XX%
forecast period.
CAGR CAGR
(2019-2023) (2024-2029)
2.2.1 INTRODUCTION
ELECTRICITY GENERATION, BY FUEL, IN TWH, SOLAR POWER: A PIVOTAL FORCE IN VIETNAM'S ENERGY FUTURE
VIETNAM, 2023 • Vietnam is strategically leveraging its substantial solar energy potential to achieve its renewable energy generation
objectives. Solar power plays a crucial role in diversifying the nation's energy portfolio, reducing dependence on
conventional fuels, and fulfilling its sustainability commitments.
• For instance, according to Ember, the highest electricity generation by fuel is seen in Solar, with 25.46 TWh, compared to
Wind, with 10.02 TWh in 2023.
25.46 VIETNAM PAVES THE PATH FOR SOLAR ENERGY IN RESIDENTIAL AND COMMERCIAL SPHERES
• The Vietnamese government is implementing strategic initiatives to enhance solar energy adoption in residential and
commercial sectors, focusing on rooftop installations. These rooftop solar panels are designed to produce excess energy,
reducing electricity expenses to half of what they would be on the national grid. The comprehensive strategy aims for a
widespread deployment of these solar panels across homes and offices nationwide.
• For instance, in July 2024, in a significant development, the Vietnamese government announced its plan to purchase
surplus electricity from both residential and commercial rooftop solar systems. The proposed tariff is set at VND671 (USD
0.024) per kWh for this excess energy, with the government targeting an offtake volume cap of 10%. If approved, the
purchase price will be less than 50% of the rate at which the national grid operator, Electricity Vietnam (EVN), acquires
energy from solar PV plants. EVN has already outlined its strategy to procure this surplus energy from residential and
commercial rooftops.
10.02
VIETNAM'S ROOFTOP SOLAR PROJECTS: A FOCUS FOR ACQUIRING FIRMS
• In Vietnam, companies are increasingly acquiring rooftop solar projects, aiming to generate and supply green energy to
the Vietnam Electricity (EVN) board. By securing long-term Power Purchase Agreements (PPAs) for both residential and
commercial installations, these firms bolster the nation's transition to sustainable energy.
• For instance, in July 2024, Levanta Renewables revealed its intent to acquire a 28.7 MWp rooftop solar project situated in
Dong Nai province, Vietnam. This project, spanning approximately 200,000 square meters, is associated with the local
logistics entity, Tien Nga JSC. Notably, this initiative aligns with Vietnam’s ambitions to diversify its energy sources by
2030 and attain carbon neutrality by 2050. The solar installation is projected to produce over 34 GWh of electricity each
Solar Wind year, channeling green energy to Vietnam Electricity through long-term power purchase agreements. The deal is slated
for completion in the first quarter of 2025. Additionally, Vietnam’s Ministry of Industry and Trade is mulling over a
proposal allowing Vietnam Electricity
DETAILED to buy surplus
ANALYSIS WILLrooftop solar energy
BE PROVIDED INfrom
THEresidences and businesses at VND671 per
FULL REPORT
Source: Ember kWh, a rate that's below the prevailing commercial prices.
2.2.1 INTRODUCTION
2019 (a) 2020 (a) 2021 (a) 2022 (a) 2023 (a) 2024 (e) 2025 (f) 2026 (f) 2027 (f) 2028 (f) 2029 (f)
DRIVERS RESTRAINTS
HIGH
IMPACT
XX
UPDATED CHART WILL BE PROVIDED IN THE FULL REPORT
XX
LOW
IMPACT
SHORT TERM LONG TERM
Source: Mordor Intelligence
OFFSHORE
WIND ENERGY
Alkylation Transalkylation
Propylene
Reactor Reactor
APPLICATIONS
OFFSHO
Benzene RE WIND PIPB • Phenol
Benzene Recovery ENERGY Recovery • Acetone
Recovery • Paints and Enamels
DETAILED ANALYSIS WILL BE PROVIDED IN THE FULL REPORT • High-octane Aviation Fuels
• Other Applications
Residue
SOLAR ENERGY can be produced The commercial production of SOLAR Three types of acidic catalysts can SOLAR ENERGY is extensively used in
from the distillation of coal tar and ENERGY is majorly observed through produce SOLAR ENERGY - aluminum the production of phenol and acetone.
petroleum fractions or by alkylation of the alkylation process. chloride, solid phosphoric acid (SPA), It is also used in the industries
benzene with propylene using an and zeolite catalysts. At present, engaged in producing paints, enamels,
acidic catalyst. zeolite catalysts are the most preferred high-octane aviation fuels, etc.
catalyst for producing OFFSHORE
WIND ENERGY.
PESTLE ANALYSIS
POLITICAL
Political
Stability
Investment
Attractiveness
Corruption Level
DETAILED ANALYSIS WILL BE PROVIDED IN THE FULL REPORT
Sr. No. Project Name Operator/Contractor Location Capacity Type Status Commissioning Year Project Cost
Ulsan Floating
offshore wind
3 Offshore Wind BadaEnergy South Korea 500 MW Commissioned 2023 USD 1,998 Billion
turbine
Project
4 XX XX XX XX XX XX XX XX
2.4.1 TECHNOLOGY
SOLAR ENERGY MARKET, INSTALLED CAPACITY AND FORECAST IN GW, SOLAR ENERGY MARKET, CAPACITY SHARE (%), BY TECHNOLOGY,
BY TECHNOLOGY, VIETNAM, 2019-2029 VIETNAM, 2019-2029
CAGR (2024-2029): XX%
CAGR %
TECHNOLOGY 2019 2020 2021 2022 2023 2024 (est.) 2029 (f)
(2024-2029)
Total XX XX XX XX XX XX XX XX%
STRENGTHS WEAKNESSES
SWOT
OPPORTUNITIES ANALYSIS THREATS
• The most important countries in Europe that have caught Byd’s attention are
Germany, France, Italy, United Kingdom. The main reason behind it is the
• The most important countries in Europe that have caught Byd’s attention are
advancing footsteps of solar power in these countries.
Germany, France, Italy, United Kingdom. The main reason behind it is the
• In 2015, the company shipped 850mw of solar modules and 140mwh of advancing footsteps of solar power in these countries.
energy storage systems in the European region.
• In 2015, the company shipped 850mw of solar modules and 140mwh of
energy storage systems in the European region.
3.32
2.92
2.62
FIRST SOLAR INC., REVENUE BREAKDOWN (%), BY GEOGRAPHY, 2023 FIRST SOLAR INC., REVENUE BREAKDOWN (%), BY BUSINESS SEGMENT,
2023
0.2% 0.0% 1.7% 0.7%
France
Chile
Others 99.3%
96.1%
Series 7 TR1
Technical Specifications
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Decipher Client Requirements/ Market to be Extensive desk research to identify most Triangulate and analyze data to finalize on
studied relevant secondary information available actionable business insights
Tailor made research approach for Contact Mordor’s empaneled experts and Finalize report contents and establish a
customized reports identify industry experts across the market deliverable format
Data collection and aggregation • Industry and Government Websites for blogs, magazines, and
Other publications.
Further validated from expert interviews • Conference proceedings and association publications.
• Investor presentations, technical brochures, annual reports, press releases,
transcripts of crucial personnel interviews, and other strategic publications by several
competitors in the market.
Insight and hypothesis development
• Product information, including technical specifications, approvals, patents etc.
To reach out industry experts for • Public Sources Reports (Ember, Vietnam Clean Energy Association – VCEA, Vietnam
interviews Energy Association, etc.)
• Paid sources (Questel Orbit, Dow Jones, Hoovers, Statista, industry-specific
subscriptions).
Key contact list
• At Mordor, we continuously strive to pool industry experts across the value chain to
Expert profile determination gather first-hand insights on the market studied. In addition, knowledgeable industry
veterans or retired experts, consultants, and freelancers are a call away to collaborate
Based on industry, role, experience, and with Mordor on any assignment requiring real-time industry insights.
location • Also, we conduct market surveys to gather qualitative insights and opinions of a
group of individuals related to the industry.
• Primary research is used to validate the data points obtained from secondary
Expert identification research and fill the data gaps after secondary research.
Using Mordor’s empaneled industry
experts and new experts
SPREAD OF Interviews spread across regions based on regional BLIND/ OPEN Blind interviews without revealing the sponsor of
INTERVIEWS share in the overall market INTERVIEWS this study
TOP-DOWN BOTTOM-UP
APPROACH APPROACH
SECONDARY RESEARCH EXPERT INTERVIEWS
Macro view of a larger Revenue analysis of
market filtered down to Expert interviews leading players or
the target market consumption centers
DATA VALIDATION
TRIANGULATION POINT
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Sumitomo EUROPEAN
EnerSys BUREAU VERITAS
Electric Industries COMMISSION
SCHNEIDER
General Motors TOTAL ENERGIES GAZPROM
ELECTRIC
Zhuhai CosMX
Panasonic EXXON MOBIL PETRONAS GROUP
Battery Co. Ltd
ROCKWELL
CASTROL (BP) SIEMENS SHELL PLC
AUTOMATION
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