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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Vietnam Solar Energy Market Growth
Vietnam has experienced a significant increase in electricity demand, more than doubling due to the country's strong economic growth, population expansion, and rapid industrialisation and urbanisation. As of 2021, Vietnam has a total of 16.5 GW of solar power capacity, along with 11.8 GW of wind power capacity. The government has ambitious plans to further enhance this by installing 12 GW of onshore and offshore wind power by 2025. The region is home to some of the most prominent solar energy facilities, including Trung Nam Solar PV Park I, Dau Tieng Solar PV Park, Loc Ninh Solar PV Park, Phu My Solar PV Power Project, and Hong Phong 1A & 1B Solar PV Park.
The country’s resolve to cut greenhouse gas emissions and growing environmental consciousness are driving the country's transition to solar energy and other renewable energy sources. With 1,109GW of total recorded solar PV capacity, solar PV capacity accounted for 13.0% of all power plant installations worldwide in 2022. By the end of 2030, this is anticipated to contribute 30%, with a total installation capacity of up to 4,002GW. Vietnam accounts for 1.68% of the world's total solar photovoltaic capacity.
Vietnam Solar Energy Market Report Snapshots
Vietnam Solar Energy Market Size
Vietnam Solar Energy Market Growth
Vietnam Solar Energy Market Share
Vietnam Solar Energy Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of 25.43 TWh.
The market is estimated to grow at a CAGR of 3.1% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around 33.47 TWh by 2032.
The market is being driven by rapid urbanisation, rising energy demand, and favourable geographical conditions of the country.
The key trends aiding the market expansion include international climate goals and grid modernisation.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different applications of solar energy include residential, commercial and industrial, and utility.
The major players in the market are SOLARBK, GCL (Group) Holdings Co., Ltd., BIMGroup, TRUNGNAM GROUP, TTC Group, and Red Solar Energy Joint Stock Company, among others.
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