The Vietnam solar PV inverter market was valued at USD 43.35 Million in 2024 and is forecast to grow to USD 63.86 Million by 2033, registering a CAGR of 3.95% during the 2025-2033 period. The market growth is driven by rapid adoption of hybrid and smart inverter technologies that support battery storage and optimize energy management, alongside government policy support fostering rooftop solar regulations and energy storage integration. Additionally, Vietnam’s role as a key solar manufacturing hub 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

• The Vietnam solar PV inverter market size reached USD 43.35 Million in 2024 and is expected to reach USD 63.86 Million by 2033.

• The market is projected to grow at a CAGR of 3.95% from 2025 to 2033.

• The growth is primarily driven by hybrid and smart inverter technologies, supportive government policies, and Vietnam’s position as a solar manufacturing hub.

• Technological innovations like AI-driven energy optimization and enhanced durability for tropical environments are accelerating adoption.

• Government incentives including net metering, feed-in tariffs, and streamlined permitting facilitate market expansion.

• Increasing installations of rooftop and utility-scale solar projects boost inverter demand.

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Market Growth Factors

Technological innovations are primary catalysts in the Vietnam solar PV inverter market. New-generation inverters offer smart features including real-time monitoring, predictive maintenance, and AI-powered energy optimization that enhance efficiency and reduce downtime. Technological progress includes bifacial panels, hybrid PV-storage systems, and microinverters, providing higher energy yields and design flexibility. Inverters tailored for Vietnam’s tropical, high-humidity environments improve durability and reliability. Modular inverter designs simplify installation and scalability, boosting demand across residential, commercial, and industrial sectors, thus contributing to the overall market expansion.

Supportive government policies and financial incentives significantly propel the market. The Ministry of Industry and Trade (MOIT) has streamlined permitting processes, implemented net metering, and introduced favorable feed-in tariffs, accelerating rooftop solar adoption in urban and industrial sectors. Public-private partnerships and international funding increase access to capital for advanced solar PV projects. Financial institutions offer preferential lending and leasing programs, lowering costs for residential and commercial users. High-capacity inverters deployed in key provinces maximize power generation and grid integration, reinforcing the market’s growth and infrastructure resilience.

The market growth is strongly driven by rising solar PV system adoption nationwide. Growing electricity demand and energy security concerns motivate residential and commercial sectors to seek renewable solutions. Government incentives such as tax exemptions and feed-in tariffs expedite PV deployment. Expansion of rooftop solar in urban centers and utility-scale solar farms in provinces like Ninh Thuan and Binh Thuan create strong demand for efficient inverters. Advanced inverter features, international manufacturer entries, and smart grid integration capabilities further enhance system performance and reliability, fueling the solar PV inverter market growth.

Market Segmentation

Technology Insights:

• Central Inverters: Covered with detailed breakup and analysis.

• String Inverters: Detailed market breakup and analysis provided.

• Microinverters: Included in technology-based market analysis.

• Others: Included as part of technology segmentation.

Voltage Insights:

• <1,000 V: Market segment detailed in the report.

• 1,000-1,499 V: Included in voltage segmentation analysis.

• >1,500 V: Covered as part of voltage segmentation.

Application Insights:

• Utility Scale: Detailed analysis provided.

• Residential Scale: Included with detailed breakup.

• Small Commercial Scale: Covered in application-based segmentation.

• Large Commercial Scale: Provided with detailed analysis.

• Industrial Scale: Included in application segmentation.

Regional Insights

The market report provides comprehensive analysis across Northern Vietnam, Central Vietnam, and Southern Vietnam regions. These regions represent the major regional markets contributing to the overall Vietnam solar PV inverter market expansion from 2025 to 2033. Specific statistics such as market share or CAGR by region are not explicitly provided, but all three regions are covered for detailed assessment.

Recent Developments & News

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

Key Players

• Sungrow

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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