Equipment for producing electricity from sunshine is referred to as solar PV (Photovoltaic) technology and includes all of the necessary parts. Using solar panels, also known as photovoltaic modules, solar PV systems directly convert sunlight into electricity. When exposed to sunlight, these modules, which are made up of several solar cells, use the photovoltaic effect to produce electric current. The primary hardware consists of silicon-based solar panels and modules, mounting systems for installation, inverters to convert DC to AC, support racks and mounting structures, electrical wiring and connectors, monitoring and control systems for performance tracking, optional energy storage systems for storing excess energy, and balance of system components for safe operation.
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’ state that the Vietnam Solar PV Equipment Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
The market for solar PV equipment in Vietnam is expanding significantly, with a number of important variables at play. Over time, the price of solar PV equipment has decreased, making it more accessible and profitable. Cost savings and improved performance have been made possible by technological developments like increased solar cell efficiency, more efficient production methods, and energy storage technologies. The demand for solar PV equipment in Vietnam has increased as a result of these developments. Additionally, jobs have been created and the economy has grown as a result of the expansion of the solar PV equipment sector. Solar PV system development, installation, and maintenance demand a professional person, creating job possibilities.
There are a number of obstacles that the Vietnam Solar PV Equipment Market must overcome in order to expand and thrive. The excessive reliance of Vietnam on imported solar PV equipment can result in higher costs and supply chain weaknesses. Building local manufacturing capability for solar PV equipment and parts can help drive down costs, generate employment, and improve market resilience. However, it takes funding, knowledge transfer, and encouraging government policies to build a strong local manufacturing sector.
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In addition, The COVID-19 epidemic has had a number of effects on the Vietnam Solar PV Equipment Market. First, delays in the acquisition of solar PV equipment and components have impacted project timeframes due to disturbances in the worldwide supply chain. Second, travel limitations and social segregation policies have impeded project development operations like site visits, inspections, and installations. Third, finance for solar PV projects has been hampered by economic uncertainty and decreased investor trust. Fourth, energy markets have been impacted by reduced electricity demand during lockdowns and supply chain interruptions, which may have an influence on the demand for solar PV installations. However, as Vietnam continues to prioritize renewable energy and recover from the effects of the epidemic, the market’s long-term prospects are still promising.
Geographically, since the South of Vietnam is the country’s most economically developed area, it controls the market. Due to its geographic advantage of receiving more sunlight, the South of Vietnam developed solar PV technology more quickly than the rest of the nation. Additionally, some of the market key players are Boviet Solar, Jasolar, Jinko Solar, Longi, Sun Grow, Trina Solar, Others.
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research