Market Overview

The Vietnam Solar PV Inverter Market reached a value of USD 43.35 Million in 2024 and is projected to grow to USD 63.86 Million by 2033, expanding at a CAGR of 3.95% during the forecast period 2025-2033. Growth is driven by the adoption of hybrid and smart inverter technologies supporting battery storage and energy management, along with government policies promoting rooftop solar and energy storage integration. Vietnam's emergence as a solar manufacturing hub with international companies establishing production facilities further propels market expansion.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Vietnam Solar PV Inverter Market Key Takeaways

• Current Market Size (2024): USD 43.35 Million
• CAGR (2025-2033): 3.95%
• Forecast Period: 2025-2033
• Technological innovations such as smart, hybrid, and microinverter technologies boost market demand by enhancing efficiency, durability, and grid stabilization.
• Government regulations, including net metering and feed-in tariffs, facilitate rooftop solar uptake and ease market entry.
• Increased adoption of solar PV systems across residential, commercial, and utility-scale segments is fueling market growth.
• High-capacity inverters in provinces like Dak Lak and Ninh Thuan maximize power output and grid integration.
• Expansion of rooftop solar and utility-scale projects attracts local and international inverter manufacturers.

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Market Growth Factors

Vietnam's solar PV inverter market is dominated by hybrid and smart inverter systems due to their growing adoption. These inverters support battery storage and have energy management features that include real-time monitoring, predictive maintenance, and AI-assisted energy management. They construct modules, which simplifies installing and scaling, improving the appeal of hybrid and smart inverters. Industry players are also looking to develop durable products for use with withstanding tropical weather and high humidity environments like Vietnam's.

Government incentives are accelerated permitting. Government incentives are net metering. Government incentives are feed-in tariffs from the Ministry of Industry and Trade (MOIT). Public-private partnerships and international development finance increase capital and programs for incentivizing projects to be financially viable with preferential lending and leasing. These frameworks have advanced the installation of rooftop solar and infrastructure resilience in urban and industrial settings.

Demand for electricity, energy security and different subsidies such as tax exemption for installing PV systems and the feed-in tariff for residential, commercial and utility-scale PV systems are driving the Vietnamese solar market. Furthermore, different large-scale projects in Ninh Thuan and Binh Thuan provinces have created a demand for reliable PV inverter products, and foreign manufacturers are investing in more advanced products which will drive growth. Smart grid integration is essential for effective load balancing in regions with high solar penetration.

Market Segmentation

The Vietnam Solar PV Inverter Market is segmented as follows:

Technology Insights:

• Central Inverters
• String Inverters
• Microinverters
• Others

These categories represent types of inverters used, differentiated by design and application suitability across utility and commercial segments.

Voltage Insights:

• <1,000 V
• 1,000-1,499 V
• >1,500 V

These segments classify inverters based on their operating voltage ranges, catering to varied installation sizes and grid connection requirements.

Application Insights:

• Utility Scale
• Residential Scale
• Small Commercial Scale
• Large Commercial Scale
• Industrial Scale

These reflect distinct deployment scales in the market, from large utility projects to small residential setups, covering all end-user sectors.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The market is analyzed regionally to capture geographical trends and adoption patterns across Vietnam.

Regional Insights

Southern Vietnam is the dominant region in the Vietnam Solar PV Inverter Market. This region hosts major solar farms and benefits from favorable government policies and infrastructure to support solar capacity growth. Specific statistics such as regional market shares or CAGR are not provided in the source.

Recent Developments & News

In July 2025, Sungrow launched its next-generation residential energy storage system (ESS) in Phu Quoc, Vietnam. The ESS features advanced MG Series solar PV inverters with high efficiency, grid-connected PID recovery, and seamless backup power. This innovation supports household energy independence and stimulates the solar PV inverter market development in Vietnam.

Competitive Landscape

The market research report has provided a comprehensive analysis including market structure, key player positioning, top-winning strategies, competitive dashboards, and company evaluation quadrants. Detailed profiles of major companies are also included.

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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