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Photovoltaic Market Size, Share, Outlook and Forecast to 2030

Pune, India - (NewMediaWire) - March 3, 2023 -  "Photovoltaic" Size, Scope, and Forecast 2023-2030 report has been added to the Market Research Archive of Absolute Reports. Industry experts and researchers have offered an authoritative and concise analysis of the Global Photovoltaic with respect to various aspects such as growth factors, challenges, restraints, developments, trends, and opportunities for growth. This report will surely be a handy tool for market players to come up with effective strategies with the aim of strengthening their positions in the market.

What is the Photovoltaic growth?

As of the end of 2020, Vietnam has accumulated more than 16GW of photovoltaic installed capacity, ranking third in the world’s newly installed capacity in 2020, second only to China and the United States. Among them, the new rooftop photovoltaic installations in 2020 exceeded 9GW, involving about 100,000 households, and the onshore and offshore photovoltaic installations exceeded 1GW. Vietnam became the world's third largest photovoltaic market in 2020.

It is estimated that by 2025, Vietnam's national electricity demand will reach 90,000 megawatts. It is estimated that from 2022 to 2030, Vietnam’s GDP will grow at an annual rate of 6.5%-7.5%, the annual growth rate of electricity demand will reach 7%, and the demand will reach 130,000 megawatts by 2030. According to Researchers' analysis, Vietnam is a very attractive market for foreign investors. Vietnam is one of the Southeast Asian countries with the richest solar energy, with 2000-2500 hours of sunshine per year and 5kWh per square meter per day. In the ASEAN, according to the projects being developed and reserved by photovoltaic developers, Vietnam is the market with the most completed projects and reserved projects. Scatec Solar and EVN (Electricity of Vietnam) each have a project plan of more than 500MW. Trungnam Group and Xuan Thien Group each completed photovoltaic power plants of more than 1GW.

In February 2021, Vietnam announced Vietnam’s eighth power plan draft (PDP VIII), which raised the renewable energy development target by nearly 70% to 45 GW by 2030, including 20 GW for photovoltaics.

Vietnam's photovoltaic industry also has photovoltaic curtailment risks. Vietnam is a long and narrow land with uneven distribution of sunlight resources. Under the condition of a unified FIT electricity price across the country, photovoltaic projects are concentrated in southern Vietnam. In addition, the power grid in Vietnam is weak, and the photovoltaic projects are at risk of power curtailment.

According to Researchers' analysis, although Vietnam has become one of the fastest-growing markets for electricity in renewable energy in Asia, the lagging development of its power system and the surge in installed renewable energy power capacity pose a huge challenge to the stability of the power grid in Vietnam. In Vietnam, photovoltaic power generation has accounted for a quarter of the total power generation of the power system. This explosive growth has affected the stability of Vietnam's power distribution system.

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According to Researchers' analysis, in 2020, Vietnam imported 14.6GW of photovoltaic modules. In November, the monthly import volume reached to the peak of 3.9GW. Currently, Vietnam’s photovoltaic module market is mainly occupied by foreign-funded enterprises. Among them, Chinese companies Jinko, JA Solar, LONGI, Trina, and a Canadian company, Canadian Solar Inc. rank among the top 5 in the total imported photovoltaic modules in Vietnam. In 2020, in Vietnam’s PV module shipments, monocrystalline PV modules accounted for 89%, 72-cell solar panel accounted for 63%, and the mainstream power of module was 440-450W. The demand for photovoltaic modules in Vietnam is also transforming to monocrystalline and large silicon wafers. From January to July 2021, the total amount of components imported by Vietnam from China was less than 1,000 MW, which is less than a quarter of the volume in November 2020. This is due to the large number of rooftop photovoltaic installations in Vietnam in 2020, which was stimulated by the national subsidy policy. In April 2021, Vietnam reduced the amount of subsidies, causing the import volume of photovoltaic modules in Vietnam to plummet. Compared with the continued decline in module shipments, China's exports of solar cells and silicon wafers to Vietnam in July 2021 rebounded, reaching USD19 million and USD80 million respectively, an increase of 53% and 182% compared with June. On the whole, Vietnam's short-term demand for imported photovoltaic modules has decreased, but the demand for solar cells and silicon wafers is stable.

Local companies in Vietnam’s photovoltaic industry are also expanding rapidly. SolarBK is the leading manufacturer of solar panels in Vietnam. For example, at the end of 2017, IREX, a member of SolarBK, completed the first phase of a solar panel and solar cell factory with a capacity of 500MW in the southern Ba Ria-Vung Tau Province. IREX's factory was established in 2012 and has a modern production line that can produce photovoltaic cells of 300MW per year. IREX said that 40% of locally manufactured photovoltaic modules have been exported to the European and North American markets since 2018.

According to Researchers' forecast, as one of the hottest photovoltaic markets in Southeast Asia, Vietnam has the natural advantage of developing photovoltaic energy, and with the economic development, the demand for electricity in Vietnam is growing at a high pace. Therefore, the market will attract a lot of investment during 2022-2030.

Browse Detailed TOC, Tables and Figures with Charts which is spread across 60 Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.

Client Focus

1. Does this report consider the impact of COVID-19 and the Russia-Ukraine war on the Photovoltaic?

Yes. As the COVID-19 and the Russia-Ukraine war are profoundly affecting the global supply chain relationship and raw material price system, we have definitely taken them into consideration throughout the research, in Chapters, we elaborate at full length on the impact of the pandemic and the war on the Photovoltaic Industry.

Final Report will add the analysis of the impact of Russia-Ukraine War and COVID-19 on this Photovoltaic Industry.


This report provides a pin-point analysis of changing dynamics and emerging trends in the Global Photovoltaic. Additionally, it provides a futuristic perspective on various factors that are likely to fuel the growth of the Global Photovoltaic in the coming years. Further, the authors of the report have shed light on the factors that may hinder the growth of the Global Photovoltaic.

Photovoltaic - Competitive and Segmentation Analysis:

2. How do you determine the list of the key players included in the report?

With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.

Top Key Players of the Global Photovoltaic

1 JA Solar
2 Jinko Solar
4 Trina Solar
5 Canadian Solar
6 risen
7 AE Solar
8 Q Cells

Short Description About Photovoltaic:

The Global Photovoltaic is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2030. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

This report studies the Photovoltaic, covering market size for segment by type, by application, by sales channel (Direct Channel, Distribution Channel), and by region (North America, Europe, Asia-Pacific, South America and Middle East & Africa).

This report provides detailed historical analysis of global market for Photovoltaic from 2015-2020, and provides extensive market forecasts from 2023-2030 by region/country and subsectors. It covers the sales/revenue/value, gross margin, historical growth and future perspectives in the Photovoltaic.

Moreover, the impact of COVID-19 is also concerned. Since outbreak in December 2019, the COVID-19 virus has spread to all around the world and caused huge losses of lives and economy, and the global manufacturing, tourism and financial markets have been hit hard, while the online market/industry increase. Fortunately, with the development of vaccine and other effort by global governments and organizations, the negative impact of COVID-19 is expected to subside and the global economy is expected to recover.

This research covers COVID-19 impacts on the upstream, midstream and downstream industries. Moreover, this research provides an in-depth market evaluation by highlighting information on various aspects covering market dynamics like drivers, barriers, opportunities, threats, and industry news & trends. In the end, this report also provides in-depth analysis and professional advices on how to face the post COIVD-19 period.

The research methodology used to estimate and forecast this market begins by capturing the revenues of the key players and their shares in the market. Various secondary sources such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, have been used to identify and collect information useful for this extensive commercial study of the market. Calculations based on this led to the overall market size. After arriving at the overall market size, the total market has been split into several segments and sub-segments, which have then been verified through primary research by conducting extensive interviews with industry experts such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments.

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3. What are your main data sources?

Both Primary and Secondary data sources are being used while compiling the report.

Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users.Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2023-2030) of the following regions are covered in Chapter 4 and Chapter 7:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
  • Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
  • South America (Brazil, Argentina, Columbia etc.)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa

Please find a more complete list of data sources in Chapters

1.To study and analyze the global Photovoltaic consumption (value) by key regions/countries, product type and application

2.To understand the structure of Photovoltaic by identifying its various sub segments.

3.Focuses on the key global Photovoltaic manufacturers, to define, describe and analyze the value, market share, market competition landscape, Porter's five forces analysis, SWOT analysis and development plans in next few years.

4.To analyze the Photovoltaic with respect to individual growth trends, future prospects, and their contribution to the total market.

5.To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

6.To project the consumption of Photovoltaic submarkets, with respect to key regions (along with their respective key countries).

7.To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

8.To strategically profile the key players and comprehensively analyze their growth strategies.

Customization of the Report

4. Can I modify the scope of the report and customize it to suit my requirements?

Yes. Customized requirements of multi-dimensional, deep-level and high-quality can help our customers precisely grasp market opportunities, effortlessly confront market challenges, properly formulate market strategies and act promptly, thus to win them sufficient time and space for market competition.

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Detailed TOC of Photovoltaic Market Insights and Forecast to 2030

1 Overview of the Photovoltaic Industry

1.1 Definition and Classification

1.1.1 Definition

1.1.2 Classification

1.2 Overview of the Global Photovoltaic Industry

1.3 Main Characteristics of Vietnam's Photovoltaic Industry


2 The Development Environment of Vietnam's Photovoltaic Industry, 2016-2020

2.1 Economic Environment

2.1.1 Global Economy

2.1.2 Vietnam’s Economy

2.2 Policy Environment

2.2.1 Policy Overview

2.2.2 Policy Trends


3 Status of Vietnam's Photovoltaic Industry, 2016-2020

3.1 Supply

3.1.1 International Production

3.1.2 Vietnam’s Production

3.2 Requirements

3.2.1 International Market

3.2.2 Vietnam’s Market


4 Vietnam’s PV Industry Chain, 2016-2020

4.1 Composition of the Photovoltaic Industry Chain

4.1.1 Overview

4.1.2 Polysilicon

4.1.3 Components and Cells

4.1.4 Inverter

4.1.5 Photovoltaic Power Plants and Distributed Photovoltaics

4.2 Cost Analysis of the Photovoltaic Industry Chain

4.2.1 Raw Material cost

4.2.2 Power Generation Cost


5 Analysis of Vietnam's PV Import and Export, 2016-2020

5.1 Export

5.1.1 Overview of Photovoltaic Exports

5.1.2 Vietnam's Main Export Destinations for Photovoltaics

5.2 Import

5.2.1 Import Overview

5.2.2 Main Sources of Imports


6 Major Photovoltaic Manufacturers in Vietnam, 2017-2020

6.1 JA Solar

6.2 Jinko Solar


6.4 Trina Solar

6.5 Canadian Solar

6.6 risen

6.7 AE Solar

6.8 Q Cells


7 Vietnam's Photovoltaic Industry Outlook, 2021-2030

7.1 Influencing Factors of the Development of Vietnam's Photovoltaic Industry, 2021-2030

7.1.1 Driving Forces and Market Opportunities of Vietnam's Photovoltaic industry, 2021-2030

7.1.2 Threats and Challenges Facing China's and Vietnam’s Industry

7.2 Forecast on Vietnam's Photovoltaic Industry Supply, 2021-2030

7.2.1 Forecast on Vietnam's Photovoltaic Production Capacity, 2021-2030

7.2.2 Forecast on Vietnam's Photovoltaic Production, 2021-2030

7.3 Forecast on Photovoltaic Demand, 2021-2030

7.3.1 Forecast on Global Photovoltaic Market

7.3.2 Forecast on Vietnam’s PV market Demand

7.4 Investment and Development Proposals for Vietnam's Photovoltaic Industry, 2021-2030


Selected Charts

Chart Vietnam’s Installed Photovoltaic Capacity, 2016-2021

Chart Vietnam's Newly Installed Photovoltaic Capacity, 2016-2021

Chart Vietnam's PV Module Imports, 2016-2021

Chart JA Solar’s Operation Status

Chart Jinko Solar's Operating Status

Chart LONGI’s Operation Status

Chart Trina Solar's Operating Status

Chart Forecast on Vietnam's PV Module Imports, 2022-2030

Chart Forecast on Vietnam's Newly Installed Photovoltaic Capacity, 2022-2030

Chart Forecast on Vietnam’s PV Market, 2022-2030

Chart Forecast on Vietnam’s PV Market Scale, 2022-2030

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