Vietnam Solar PV Inverter Market to Hit USD 63.86 Million by 2033 with a Robust CAGR of 3.95%

The Vietnam Solar PV Inverter Market was valued at USD 43.35 Million in 2024 and is forecasted to reach USD 63.86 Million by 2033, growing at a CAGR of 3.95% during 2025-2033. The market growth is powered by adoption of smart and hybrid inverter technologies supporting energy management and battery storage, government push via rooftop solar regulations, and Vietnam's rise as a solar manufacturing hub.

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 and is projected to reach USD 63.86 Million by 2033, growing at a CAGR of 3.95% during 2025-2033.
• Technological innovations such as smart features with real-time monitoring, predictive maintenance, and AI-driven energy optimization are key market drivers.
• Government regulations including streamlined permitting, net metering, and feed-in tariffs have accelerated rooftop solar installation.
• Increasing adoption of solar PV systems in residential, commercial, and utility scales is fueling market demand.
• Vietnam is becoming a significant solar manufacturing hub with international companies setting up production facilities.

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Market Growth Factors

The Vietnam solar PV inverter market is propelled by rapid technological advancements, including smart inverters offering real-time monitoring, predictive maintenance, and AI-driven energy efficiency. These features improve performance, reduce downtime, and increase energy yields, particularly in large solar installations. The rise of bifacial panels, hybrid PV-storage systems, and microinverters further enhance system design flexibility and output. Adaptations for tropical and humid conditions with durable products also boost market growth.

Government support is a critical driver through policy initiatives such as streamlined permitting, net metering, and favorable feed-in tariffs. These measures have sped rooftop solar deployment in urban and industrial areas, reduced market entry barriers, and encouraged investment. Public-private partnerships and international funding facilitate capital availability. Preferential lending and leasing programs lower equipment costs for users, pushing adoption.

The rising electricity demand and energy security concerns have escalated adoption of solar PV systems across Vietnam residential and commercial sectors. Incentives like tax exemptions and feed-in tariffs drive installations. Expansion of utility-scale farms and urban rooftop projects increase inverter demand, complemented by products designed for smart grid integration and energy storage compatibility. This growth aligns with Vietnam’s push for clean energy transition and sustainability.

Market Segmentation

Technology Insights:

• Central Inverters: Detailed analysis provided based on current market trends and future outlook.
• String Inverters: Included in detailed market breakup reflecting demand in different applications.
• Microinverters: Covered as part of technology offerings enhancing energy yield and flexibility.
• Others: Examined as additional inverter technologies impacting the market.

Voltage Insights:

• <1,000 V: Segmented and analyzed for market relevance.
• 1,000-1,499 V: Market share and trends evaluated.
• >1,500 V: Included as part of the voltage-based market analysis.

Application Insights:

• Utility Scale: Market size and growth trends assessed.
• Residential Scale: Significant market segment analyzed.
• Small Commercial Scale: Included in application-wise market coverage.
• Large Commercial Scale: Detailed segment analysis provided.
• Industrial Scale: Covered reflecting demand across the sector.

Regional Insights

The Vietnam solar PV inverter market is segmented into Northern Vietnam, Central Vietnam, and Southern Vietnam regions. The report provides comprehensive analysis but does not specify which region is dominant or exact regional market shares or CAGR values.

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 with high efficiency, grid-connected PID recovery, and seamless backup power capabilities, bolstering the Vietnam solar PV inverter market and supporting household energy independence.

Competitive Landscape

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

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