Vietnam Solar Panel Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 7.87% (2025-2033)
The Vietnam solar panel market is rapidly expanding, driven by strong government support, rising energy demand, and the country’s commitment to sustainable development. According to the latest report by IMARC Group, The Vietnam solar panel market size reached 1.2 Gigawatt in 2024. Looking forward, IMARC Group expects the market to reach 2.4 Gigawatt by 2033, exhibiting a growth rate (CAGR) of 7.87% during 2025-2033.
Vietnam Solar Panel Industry Trends and Drivers:
Vietnam's solar panel market is booming due to the government commitment towards renewable energy, lots of sunlight and its lack of suitable fossil fuels. The combined desire to reduce reliance on fossil fuels has opened the door to a lot of investment in solar energy in Vietnam. As a result, the residential and commercial sectors are taking up solar panels in droves to reduce electricity costs and meet their sustainability targets. The government sees the upside of solar energy and made a commitment as well to support the sector by offering a financial incentive, easing some regulations, and promoting local manufacturers and jobs as productivity increases. Obviously, the upside to environmental awareness plays a great role now, with many businesses and households purchasing clean energy solutions.
New trends are dramatically being set in motion in Vietnam's solar panel market with improved solar technologies. High-efficiency panels, such as monocrystalline solar panels are being developed, which allow for more power per square foot and are allowing installation in small areas, paradonxing, older installation types. Paired with storage units, we can now eliminate concerns for reliable power in locations without continuous sun. There is collaborative work happening between local firms and global technology partners who have experience, expertise and technical capabilities. Production costs are falling. Projects for rural electrification are expanding. Solar energy is perfect for remote areas without power. Solar is become increasingly more front and center with Vietnam's focus on sustainable development and energy independence. The trajectory of the solar panel market is not just expanding, it is rapidly changing and will continue to transform Vietnam's energy landscape.
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Vietnam Solar Panel Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Crystal Silicon
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
- Others
End Use Insights:
- Commercial
- Residential
- Industrial
Regional Insights:
- Northern Vietnam
- Central Vietnam
- Southern Vietnam
Competitive Landscape:
- CRC Solar Cell Joint Stock Company
- Green Wing Solar Technology Co. Ltd.
- JinkoSolar Holdings Company
- SolarBK Group
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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