Vietnam Solar PV Equipment Market Revenue, Rising Demand, Key Players, and Challenges with Growth Forecast 2023-2033: SPER Market Research
Solar Photovoltaic Equipment is made up of silicon semiconductors that are specifically designed to manage the sun’s energy via a process known as the photovoltaic effect. When exposed to sunlight, PV solar panels generate direct current (DC) charge. Solar photovoltaic equipment comes in a variety of sizes, from small rooftop or portable devices to enormous utility-scale production plants.
According to SPER Market Research, ‘Vietnam Solar PV Equipment Market Size- By Voltage Type, By Installation Mode, By Type, By Type of Technology, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Vietnam Solar PV Equipment Market is estimated to reach USD XX billion by 2033 with a CAGR of XX%.
Drivers:
Vietnam’s electricity demand is expected to increase by 10% to 12% annually over the next decade, making it one of Asia’s fastest growing countries in terms of electricity consumption. This is due to the country’s large population, strong economic growth, and deteriorating oil and gas reserves. As a result, market expansion is expected to be driven by rising electricity consumption from industrial, commercial, and residential end users. With the Government of Vietnam’s positive measures in the solar sector, an increasing number of investors and developers are boosting their investments in the solar business in various regions around the country.
Restraints:
Expensive Initial Costs:
Buying solar PV equipment can still come with a hefty upfront cost, even with costs continuing to drop. Some potential customers may be turned off by this expense, particularly in areas with few financial incentives or subsidies.
Challenges with Energy Storage and Intermittency:
The production of solar power is reliant on sunshine, which is sporadic and changes with the season and weather. This fluctuation makes it difficult to maintain a steady power supply, hence effective and affordable energy storage technologies are needed for use at night or during overcast days.
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Impact of COVID-19 on Vietnam Solar PV Equipment Market
The Vietnam Solar PV Equipment Market has been impacted by the COVID-19 pandemic in a number of ways. First, delays in the acquisition of solar PV equipment and components because of global supply chain disruptions have affected project timelines. Second, it is now more challenging to complete project development duties like site visits, inspections, and installations due to travel restrictions and social segregation laws. Third, a lack of investor confidence and economic instability have made it difficult to finance solar photovoltaic projects. Fourth, lower electricity demand during lockdowns and supply chain disruptions has affected the energy markets, which can affect the demand for solar PV installations.
Vietnam Solar PV Equipment Market Key Players:
The market for solar PV equipment in Vietnam is dominated by Southern Vietnam. Due to its high concentration of industrial activity and favourable sun irradiation levels, this region—in particular, cities like Ho Chi Minh City and the neighbouring provinces—is the nation’s leading location for solar PV installations and equipment demand. Major players in the market are Boviet Solar, Canadian Solar, First Solar, Irex, Jasolar, Jinko Solar, and Others.
For More Information, refer to below link: –
Vietnam Solar PV Equipment Industry Demand
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