Vietnam Solar Photovoltaics Equipment Market 2026

1. Published: October 2020 Published: December 2020 Published: March 2021 2015 – 2025 2015 – 2025 2016 – 2026 GLOBAL ORNAMENTAL FISH MARKET VIETNAM SOLAR PHOTOVOLTAICS FORECAST & OPPORTUNITIES EQUIPMENT MARKET - FORECAST & OPPORTUNITIES www.techsciresearch.com www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING MARKET INTELLIGENCE . CONSULTING

2. Ta b l e o f C o n t e n t s S. No. Contents 1. Product Overview 2. Research Methodology 3. Executive Summary 4. Vietnam Solar Photovoltaics Market Overview 5. Vietnam Solar Photovoltaics Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value & Volume 5.2. Market Share & Forecast 5.2.1. By DC Voltage Type (400 V, 600 V, 1000 V & 1500 V) 5.2.2. By Installation mode (Rooftop and Ground Mounted) 5.2.3. By End User (Residential, Commercial and Industrial) 5.2.4. By Module Type (Monocrystalline, Polycrystalline and Thin Film) 5.2.5. By Region 5.3 Product Market Map 6. Vietnam Solar Photovoltaics Equipment Market Outlook 6.1. Market Size & Forecast 6.1.1. By Value & Volume 6.2. Market Share & Forecast By Type (Circuit Configuration, Module Mounting Systems, Solar Charge Controllers, Solar Tracking System & Others) 6.2.1. 6.2.2. By Region 6.2.3. By Company 6.3 Product Market Map 2 2 © TechSci Research

3. Ta b l e o f C o n t e n t s S. No. Contents 7. Market Supply Chain Analysis 7.1. Industry Map 7.2. Role of Each Player 8. Market Dynamics 8.1. Drivers 8.2. Challenges 9. Market Trends & Developments 10. Market-Accidents Related to Solar Power 11. Vietnam Economic Profile 12. Competitive Landscape 12.1. Company Profiles Boviet Solar Technology Co. Ltd 12.1.1. Megasun Production Co. Limited 12.1.2. SolarBK 12.1.3. Solar Power Vietnam Co., Jsc 12.1.4. Allesun Energy 12.1.5. Growatt New Energy Technology Co., Ltd. (Alena Energy Technology Co., Ltd.) 12.1.6. Pöyry Energy Ltd. 12.1.7. GCL System Integration Technology Co., Ltd. (Golden Concord Group (GCL)) 12.1.8. Trina Solar Co., Ltd. 12.1.9. Vietnam Green Energy Technology Co., Ltd. 12.1.10. 13. Strategic Recommendations 14. About us & Disclaimer 3 3 © TechSci Research

4. L i s t o f F i g u r e s & Ta b l e s Figure No. Title Figure 1: Vietnam Solar Photovoltaics Market Size, By Value, 2016-2026F (USD Million) Figure 2: Vietnam Solar Photovoltaics Market Size, By Volume, 2016-2026F (MW) Figure 3: Vietnam Energy Production and Installed Capacity Share, By Source, 2019 Figure 4: Vietnam Solar Photovoltaics Market Share, By DC Voltage Type, By Volume, 2016-2026F Figure 5: Vietnam Electricity Generation (Terawatt-Hours), 2015-2019 Figure 6: Vietnam Per Capita Electricity Consumption (Kilowatt-Hours), 2015-2019 Figure 7: Vietnam Solar Photovoltaics Market Share, By Installation Mode, By Volume, 2016-2026F Figure 8: Vietnam Ground Mounted Solar Photovoltaics Installations (Megawatt), 2016-2020 Figure 9: Vietnam Rooftop Solar Photovoltaics Installations (Megawatt), 2016-2020 Figure 10: Vietnam Solar Photovoltaics Market Share, By End User, By Volume, 2016-2026F Solar Feed-in Tariffs 2.0 Announced By Vietnam Government For Ground Mounted, Rooftop & Floating Solar Projects Commissioned Till December 31, 2020 (USD/kWh) Vietnam Energy Use per Person (Kilowatt-Hours), 2015-2019 Figure 11: Figure 12: Figure 13: Vietnam Solar Photovoltaics Market Share, By Module Type, By Volume, 2016-2026F Figure 14: Vietnam Solar Photovoltaics Market Share, By Region, By Volume, 2020 & 2025F Figure 15: Vietnam Solar Photovoltaics Market Share, By Region, By Volume, 2016-2026F Figure 16: Product Market Map, By DC Voltage, Market Size (MW) & Growth Rate (%) Figure 17: Product Market Map, By Installation Mode, Market Size (MW) & Growth Rate (%) Figure 18: Product Market Map, By End User, Market Size (MW) & Growth Rate (%) Figure 19: Product Market Map, By Module Type, Market Size (MW) & Growth Rate (%) Figure 20: Product Market Map, By Region, Market Size (MW) & Growth Rate (%) Figure 21: Vietnam Solar Photovoltaics Equipment Market Size, By Value, 2016-2026F (USD Million) 4 4 © TechSci Research

5. L i s t o f F i g u r e s & Ta b l e s Figure No. Title Vietnam Primary Energy Consumption (Terawatt-Hours), 2015-2019 Figure 22: Vietnam Share of Electricity Production from Renewables, 2015-2019 Figure 23: Vietnam Solar Photovoltaics Equipment Market Share, By Type, By Value, 2016-2026F Figure 24: Vietnam Solar Photovoltaics Equipment Market Share, By Region, By Value, 2020 & 2026F Figure 25: Vietnam Solar Photovoltaics Equipment Market Share, By Region, By Value, 2016-2026F Figure 26: Vietnam Solar Photovoltaics Equipment Market Share, By Company, By Value, 2020 Figure 27: Product Market Map, By Type, Market Size (USD Million) & Growth Rate (%) Figure 28: Product Market Map, By Region, Market Size (MW) & Growth Rate (%) Figure 29: Table No. Title Vietnam Solar Photovoltaics Equipment Market, By Volume, For 1 MW & 10 MW Installations, As of 2020 Table 1: 5 5 © TechSci Research

6. Product Overview

7. Product Overview Scope of Interest: Solar Photovoltaics Equipment Photovoltaics is best known as a method for generating electric power by using solar cells to convert energy from the sun into a flow of electrons by the photovoltaic effect. Solar cells produce direct current electricity from sunlight, which can be used to power equipment or to recharge a battery. Typical photovoltaics equipment includes solar circuit configuration, module mounting systems, solar charge controllers, solar tracking systems and others. A collection of such photovoltaic modules is called a PV Panel, and a system of panels is an Array. Arrays of a photovoltaic system supply solar electricity to electrical equipment. Market Segmentation VIETNAM SOLAR PHOTOVOLTAICS EQUIPMENT MARKET VIETNAM SOLAR PHOTOVOLTAICS EQUIPMENT MARKET DC VOLTAGE TYPE END USER Year Range 400 V • Residential • 600 V • Commercial • 1000 V • Industrial • Review Period 1500 V • 2016 – 2019 INSTALLATION MODE Base Year Rooftop • REGION 2020 Ground Mounted • Ninh Thuan • Estimated Year MODULE TYPE Dac Lac • 2021 Binh Thuan • Monocrystalline • Tay Ninh • Forecast Period Polycrystalline • Others • Thin Film • 2022 – 2026 7 7 © TechSci Research

8. Research Methodology

9. Research Methodology Data Collection Data Formulating Questionnaire Developing List of Respondents Data Analysis Market Profiling Validation In-depth secondary research was conducted to determine top players in Vietnam Solar Photovoltaics Equipment Market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Vietnam Solar Photovoltaics Equipment Market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Primary Research Desk Research Company Analysis ✓ ✓ Recent Developments Market Changing Aspects/Dynamics Government Policies Conclusion ✓ ✓ Market Participants Key Strengths ✓ Identifying Key Opinion Leaders Questionnaire Design ✓ In-depth Interviews Data Filter & Analysis Research & Intelligence Actionable Insights Business Solution Data Collection ✓ ✓ ✓ Primary Research Secondary Research Paid Sources ✓ ✓ ✓ ✓ ✓ ✓ LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations ✓ Regulatory Body Factiva Hoovers ✓ ✓ ✓ 9 9 © TechSci Research

10. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the Vietnam Solar Photovoltaics Equipment Market. The team has analyzed the outlook of various segments of this market while considering the major influencing factors and speculated a robust growth during the forecast period. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the Vietnam Solar Photovoltaics Equipment Market. Methodology Followed for Calculation of Market Size: Market Size by Value: Market size, in terms of value, for the year 2020 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry experts. The team interviewed more than 15 companies, 50 industry experts and other value chain stakeholders in the Vietnam Solar Photovoltaics Equipment Market to obtain the overall market size during 2016-2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data for 2016-2020. 10 10 © TechSci Research

11. Research Methodology Respondents were asked about the current and future market growth rates, as well as market shares by DC voltage type, by installation mode, by end user, by module type, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and provider-wise revenue shares generated across various segments were considered to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the component. Methodology Followed for Calculation of Market Shares: Market shares by type, by function, by DC voltage type, by installation mode, by end user, by module type, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares of the leading solar photovoltaics equipment players. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about leading companies operating in the Vietnam Solar Photovoltaics Equipment Market. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the survey results in SPSS/Tableau Software. 11 11 © TechSci Research

12. Research Methodology Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast the Vietnam Solar Photovoltaics Equipment Market, TechSci Research used various forecast techniques such as: Moving Average o Time Series Analysis o Regression Analysis o Econometric and Judgmental Analysis o TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market demand scenario. Boviet Solar Technology Co., Ltd., Megasun Production Co. Limited, SOLARBK, Solar Power Vietnam Co., Jsc, Allesun Energy, Growatt New Energy Technology Co., Ltd. (Alena Energy Partial List of Companies Interviewed Technology Co., Ltd.), Pöyry Energy Ltd., GCL System Integration Technology Co., Ltd. (Golden Concord Group (GCL)), Trina Solar Co., Ltd., Vietnam Green Energy Technology Co., Ltd., etc. Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company Partial List of Secondary Sources Websites, TechSci Research Proprietary Database & Knowledge Repository, etc. Note: Sum of some shares may not be 100% due to round off till two decimal places. 12 12 © TechSci Research

13. Industry Brief According to TechSci Research report, “Vietnam Solar Photovoltaics Equipment Market By DC Voltage Type (400V, 600V, 1000V & 1500V), By Installation Mode (Ground Mounted Vs Rooftop), By End User (Industrial, Commercial & Residential), By Module Type (Monocrystalline, Polycrystalline & Thin Film), By Type (Circuit Configuration, Module Mounting Systems, Solar Charge Controllers, etc.), Competition, Forecast & Opportunities, 2016-2026”. Vietnam solar photovoltaics equipment market is forecast to grow at a CAGR of 12.09%, in value terms, to reach USD3514.65 million by 2026. Growth in the market is anticipated on account of increasing electricity demand from industrial, commercial as well as residential end user segments. With favorable initiatives taken in the solar sector by the Government of Vietnam, an increasing number of investors and developers are also increasing their investments in solar industry in different regions across the country. Vietnam relies heavily on foreign direct investment (FDI) to grow its economy and is one of the most open economies in the world. Moreover, in Vietnam, large solar PV projects have received loans from international financing institutions – a trend likely to continue as there seems to be a growing appetite to finance such projects and lenders are starting to get familiar with assessing and mitigating underlying risks. The government offers some preferential policies and other financial incentives such as preferential tax and duty levies for growth in the solar sector. Positive FiT incentives have proven to be the most effective policy for renewable energy growth. The engagement of local commercial banks to finance the rooftop investment portfolio has built momentum for rooftop solar leasing. The residents require further incentives like the national rooftop solar programme, supported by German state-owned development bank KfW. The sponsorship mechanism must be implemented as soon as possible to maintain the eagerness of individual installers. In 2019, Vietnam solar photovoltaic equipment market was dominated by the polycrystalline type of module due to its cheap price. However, the monocrystalline type of module is forecast to grow at a high CAGR through 2026 on account of higher efficiency in solar systems for energy generation. Over the last few years, the government has taken various initiatives in the solar power sector such as the upgradation of power development plan, introduced net metering scheme for solar rooftop projects, and revised FiT for solar projects. The government is now considering moving from FiT to a competitive bidding scheme for solar projects that would increase the installed capacity and create thousands of new jobs in Vietnam. It is expected that 400MW of floating PV will be tendered in 2020 and 2021, to further boost solar market in the country. In 2017, the government introduced FiT of USD9.35 cents/kWh, which generated interest in solar projects, majorly in the southern regions of Vietnam. In 2019, the government revised the FiT, varying from USD6.67-10.87 cents/kWh, dependent on solar power technology and region of deployment. As a result, the cumulative solar capacity of the country reached 5.5 GW in 2019 from 237 MW in 2018. “As of 2019, Vietnam overtook Malaysia and Thailand to reach the largest installed capacity of solar panels in Southeast Asia. The country installed 5 gigawatts of photovoltaic projects exceeding its target of 1 gigawatt by 2020. It has also moved to a new approach of competitive bidding of the solar projects which is expected to increase the installed capacity and create thousands of new jobs in Vietnam. Although the feed-in-tariffs (FIT) has been useful in past years, it has also given rise to new issues such as curtailment and underuse of solar generation capacity. The new approach would address the curtailment issue and improve risk allocation between public and private investors. With rising number of initiatives taken by the Government of Vietnam in the solar power sector, an increasing number of solar companies are investing in solar power projects across different geographical locations of the country. Anticipated growth in the solar power projects across Vietnam is expected to boost the demand for solar photovoltaics equipment in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. 13 13 © TechSci Research

14. Sample Data - Snapshot Vietnam Solar Photovoltaics Market Size, By Value, 2016-2026F (USD Million) CAGR (2021E-2026F) By Value: xx% CAGR (2016-2020) By Value: xx% 2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F Vietnam Solar Photovoltaics Market Share, By DC Voltage Type, By Volume, 2016-2026F 2016 40.00% 30.00% 20.00% 10.00% 2017 40.00% 30.00% 20.00% 10.00% Vietnam Solar Photovoltaics Equipment Market Share, By Region, By Value, 2016-2026F 2018 40.00% 30.00% 20.00% 10.00% 2019 40.00% 30.00% 20.00% 10.00% 2020 40.00% 30.00% 20.00% 10.00% 2021E 40.00% 30.00% 20.00% 10.00% 2022F 40.00% 30.00% 20.00% 10.00% 2023F 40.00% 30.00% 20.00% 10.00% 2024F 40.00% 30.00% 20.00% 10.00% 2025F 40.00% 30.00% 20.00% 10.00% 2026F 40.00% 30.00% 20.00% 10.00% 1000 V 1500 V 600 V 400 V 2016 50.00% 20.00% 15.00% 10.00% 5.00% 2017 50.00% 20.00% 15.00% 10.00% 5.00% 2018 50.00% 20.00% 15.00% 10.00% 5.00% 2019 50.00% 20.00% 15.00% 10.00% 5.00% 2020 50.00% 20.00% 15.00% 10.00% 5.00% 2021E 50.00% 20.00% 15.00% 10.00% 5.00% 2022F 50.00% 20.00% 15.00% 10.00% 5.00% 2023F 50.00% 20.00% 15.00% 10.00% 5.00% 2024F 50.00% 20.00% 15.00% 10.00% 5.00% 2025F 50.00% 20.00% 15.00% 10.00% 5.00% 2026F 50.00% 20.00% 15.00% 10.00% 5.00% Ninh Thuan Dak Lac Binh Thuan Tay Ninh Others 14 14 © TechSci Research

15. Report Ordering Report Name: VIETNAM SOLAR PHOTOVOLTAICS EQUIPMENT MARKET FORECAST & OPPORTUNITIES 2016 – 2026 Report Price License Type Price Electronic Access - Single User License $3450 Electronic Access - Multi-User License $4450 Custom Research License $8450 To View Sample OR Purchase Report 15 15 © TechSci Research

16. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports Global Electric Transmission & Distribution Equipment Market By Equipment Type (Wire & Cable, Switchgear, Transformer, Meter, Insulator & Capacitor), By • Voltage (Low Voltage, Medium Voltage, High Voltage), By End-User (Energy and Utilities, Industrial, Commercial and Residential), By Region, Competition, Forecast & Opportunities, 2025 India Network Feedback Devices Market By Offering (Network Tap v/s Data Monitoring Switch), By Technology (Ethernet, Fiber Optic, InfiniBand), By • Organization Size (SMEs v/s Large Enterprises), By End Users (Enterprises, Telecommunications Industry, Government Organizations, Cloud Service Providers, Others), By Region, Forecast & Opportunities, 2026 TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.