TMEIC Claims Top Share of Vietnamese PV Inverter Market
1.4GW in cumulative shipments
Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC) announced June 26, 2019, that it has acquired the largest share of the Vietnamese market for PV inverters.
According to TMEIC, the total capacity of PV inverters that the company has thus far shipped to the Vietnamese market reached 1.4GW as of the end of May 2019.
On the other hand, according to a research of IHS Markit Ltd, in Vietnam, about 2.9GW (solar panel capacity) of solar power plants are expected to start operation during the period from the beginning of 2017 to the end of 2019, and TMEIC's PV inverters accounted for the largest share of the market as of the end of May 2019.
In Vietnam, as of 2014, the ratio of renewable energy to all the electricity generated in the country was 0.1% or lower. The government of Vietnam has a goal of increasing the ratio of renewable energy to 21% by 2030 and implemented the feed-in tariff (FIT) policy in June 2017.
According to TMEIC, the reason why its PV inverters are highly evaluated in the Vietnamese market is that (1) it has sold more than 17GW of PV inverters worldwide and (2) it has established a system for providing products capable of meeting various needs by using its Chinese and Indian production bases, which are located near Vietnam.