The Vietnam Solar PV Inverter Market reached USD 43.35 Million in 2024. It is projected to grow to USD 63.86 Million by 2033, exhibiting a CAGR of 3.95% during 2025-2033. The growth is driven by rapid adoption of hybrid and smart inverter technologies, government policy support, and Vietnam's emergence as a major solar manufacturing hub. These factors collectively enhance energy management and promote renewable integration in the country.
Study Assumption Years
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033
Vietnam Solar PV Inverter Market Key Takeaways
The Vietnam solar PV inverter market size was USD 43.35 Million in 2024.
The market is forecasted to reach USD 63.86 Million by 2033.
The compound annual growth rate (CAGR) for the period 2025-2033 is 3.95%.
Technological innovations such as smart inverters with real-time monitoring and AI-driven optimization are major growth drivers.
Government measures including streamlined permitting, net metering policies, and feed-in tariffs have accelerated rooftop solar installations.
Increasing adoption of solar PV systems in residential and commercial sectors due to rising electricity demand and energy security concerns.
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Market Growth Factors
The solar PV inverter market in Vietnam is expected to be driven by the advancements in technology such as real time monitoring, predictive maintenance, artificial intelligence (AI) based energy management optimizations that enables performance efficiency and energy yield improvements of large scale solar photovoltaic (PV) projects. Bifacial panels, hybrid PV-storage systems, and microinverters can increase harvest and provide more design options. The manufacturers are developing products specifically for tropical and humid conditions, which are expected to have long lifetimes. The industry stresses modular design for ease of installation and scaling.
Policy and investment from the government helped sustain market growth. The MOIT has streamlined permitting policies, established net metering procedures, and developed attractive feed-in tariff policies to spur rooftop solar PV projects in urban and industrial areas. Improved access to financing, including public-private partnerships, funding from international agencies and concessional lending and leasing arrangements by banks, has reduced equipment costs for households and businesses. High-capacity inverters have been used in some projects in Dak Lak and Ninh Thuan provinces to improve generation capacity and ability to participate in the grid.
The market has grown due to the increasing demand for solar PV installations to manage rising electricity demand, and energy security concerns. Taxes and feed-in tariffs have helped to stimulate the adoption of rooftop solar PV projects, and utility-scale solar PV plants, especially in the provinces of Ninh Thuan and Binh Thuan. Advanced, high-efficiency inverters that monitor outputs, include energy storage options and support grid integration for residential and utility-scale systems, are being supplied by international and domestic inverter companies, improving the performance and reducing the maintenance needs of Vietnam's growing solar industry.
Market Segmentation
Technology Insights:
Central Inverters: Includes central inverter solutions for large installations.
String Inverters: Includes multiple string inverter systems enhancing modularity and efficiency.
Microinverters: Popular for enhancing energy yield and system flexibility.
Others: Comprises other inverter technologies applicable in Vietnam.
Voltage Insights:
<1,000 V: Lower voltage inverters suited for specific applications.
1,000-1,499 V: Medium voltage range covered by efficient inverter solutions.
>1,500 V: High voltage inverters used in large-scale solar projects.
Application Insights:
Utility Scale: Large scale solar farms.
Residential Scale: Solar PV systems in residential settings.
Small Commercial Scale: Small business solar installations.
Large Commercial Scale: Large business solar setups.
Industrial Scale: Industrial level solar power generation.
Regional Insights
The major regional markets for solar PV inverters in Vietnam include Northern Vietnam, Central Vietnam, and Southern Vietnam. While the report does not specify dominant regional statistics, it presents comprehensive analyses across these key areas to cover localized market dynamics.
Recent Developments & News
In July 2025, Sungrow launched its next-generation residential energy storage system (ESS) in Phu Quoc, Vietnam, featuring advanced MG Series solar PV inverters. The product offers high efficiency, grid-connected PID recovery, and seamless backup capabilities. This development bolsters the Vietnam solar PV inverter market by enhancing household energy independence and encouraging market growth.
Key Players
Sungrow
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