Vietnam Pv Inverter Market Size & Outlook, 2023-2030
Vietnam pv inverter market, 2018-2030 (US$M)
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Vietnam pv inverter market highlights
- The Vietnam pv inverter market generated a revenue of USD 55.9 million in 2023 and is expected to reach USD 379.2 million by 2030.
- The Vietnam market is expected to grow at a CAGR of 31.5% from 2024 to 2030.
- In terms of segment, string pv inverter was the largest revenue generating product in 2023.
- Central PV inverter is the most lucrative product segment registering the fastest growth during the forecast period.
Pv inverter market data book summary
| Market revenue in 2023 | USD 55.9 million |
| Market revenue in 2030 | USD 379.2 million |
| Growth rate | 31.5% (CAGR from 2023 to 2030) |
| Largest segment | String pv inverter |
| Fastest growing segment | Central PV inverter |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | String PV inverter, Central PV inverter, Micro PV inverter, Other |
| Key market players worldwide | Delta Electronics Inc DR, Eaton Corp PLC, Emerson Electric Co, Hitachi Ltd, OMRON Corp, Siemens Energy AG ADR, SunPower Corp, SMA Solar Technology AG, Power Electronics, Fimer |
Other key industry trends
- In terms of revenue, Vietnam accounted for 0.4% of the global pv inverter market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China pv inverter market is projected to lead the regional market in terms of revenue in 2030.
- Thailand is the fastest growing regional market in Asia Pacific and is projected to reach USD 63.9 million by 2030.
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PV Inverter Market Scope
PV Inverter Market Companies
| Name | Profile | # Employees | HQ | Website |
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Vietnam pv inverter market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pv inverter market will help companies and investors design strategic landscapes.
String pv inverter was the largest segment with a revenue share of 65.83% in 2023. Horizon Databook has segmented the Vietnam pv inverter market based on string pv inverter, central pv inverter, micro pv inverter, other covering the revenue growth of each sub-segment from 2018 to 2030.
PV Inverter market in Vietnam is expected to grow significantly owing to the robust development in solar power generation capacity. According to the IRENA Renewable Energy Statistics 2021, the installed solar PV capacity of the nation stood at 4,898 MW in 2019, which grew to 16,504 MW in 2020.
The aforementioned growth in solar PV capacity is the result of massive solar PV installation in utility projects. In September 2023, Total energies completed construction of 1 MW rooftop solar PV system at two production sites of PREMO Vietnam Co. Ltd located in Quang Nam Province, Vietnam.
Vietnam is expected to gain higher position in the solar PV and PV inverter market in terms of solar solutions, innovation, and development of renewable energy. Therefore, rapid growth in the country’s solar PV installation capacity is expected to fuel the demand for PV inverters over forecast period.
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Our clientele includes a mix of pv inverter market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Vietnam pv inverter market , including forecasts for subscribers. This country databook contains high-level insights into Vietnam pv inverter market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Vietnam pv inverters market size, by product, 2018-2030 (US$M)
Vietnam PV Inverter Market Outlook Share, 2023 & 2030 (US$M)
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