Vietnam Power EPC Market Size (2024 - 2029)

The Vietnamese power EPC market is experiencing a transformation driven by government initiatives to enhance electricity access and increase the proportion of renewables in the energy mix. Despite challenges posed by the COVID-19 pandemic and the high costs of upgrading power plants, the market is expected to grow due to rising power generation capacity. The thermal segment remains dominant, but significant renewable energy potential presents future opportunities. Government policies and substantial investments in the transmission network are key factors propelling the market's expansion.

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Market Size of Vietnam Power EPC Industry

Vietnam Power EPC Market
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 3.00 %
Market Concentration Medium

Major Players

Vietnam Power EPC Market Major Players

*Disclaimer: Major Players sorted in no particular order

Vietnam Power EPC Market Analysis

The Vietnamese power EPC market is expected to register a CAGR of more than 3% during 2022 to 2027. In Vietnam, the power market is undergoing a significant transformation phase due to the efforts taken by the government to improve electricity access in the country, along with its plans to increase the share of renewables in the country's power generation mix. The COVID-19 pandemic negatively impacted the power market in Vietnam in Q1 of 2020. Lockdown measures imposed by the government in the country have caused a reduction in immediate electricity demand in commercial and industrial categories in Q1 of 2020. Factors like increasing power generation capacity are likely to drive the Vietnamese power EPC market during the forecast period. However, the upgradation of these power plants is difficult and costly, which is expected to slow down the market.

  • The thermal segment, constituting sources such as coal, oil, and natural gas, which accounted for more than 66.0% of the total power generated in Vietnam in 2020, is likely to dominate the market.
  • Vietnam has some of the most significant renewable energy sources. For instance, wind energy resources have more than 311 GW potential. The Vietnamese government has planned to meet 10% of its energy demand from renewable by 2030. This may create several opportunities for the Vietnamese power EPC market in the future.
  • Government policies and support for electricity generation are expected to drive the market during the forecast period. Also, heavy investments in the transmission network are being made, further driving the power EPC market in Vietnam.

Vietnam Power EPC Industry Segmentation

The Vietnamese power EPC market report includes:

Type
Thermal
Gas
Renewable
Nuclear
Other Types
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Vietnam Power EPC Market Size Summary

The Vietnamese power EPC market is experiencing a transformative phase driven by government initiatives to enhance electricity access and increase the share of renewable energy in the power generation mix. Despite the challenges posed by the COVID-19 pandemic, which temporarily reduced electricity demand in commercial and industrial sectors, the market is poised for growth. The thermal power segment, primarily fueled by coal, oil, and natural gas, continues to dominate the energy mix due to the availability of cheaper domestic fuels. This dominance is expected to persist, supported by ongoing and planned thermal power projects, such as the Vung Ang II coal-fired power plant. However, the market faces challenges related to the costly and complex upgrades of existing power plants.

Government policies and substantial investments in electricity transmission infrastructure are key drivers of the Vietnamese power EPC market. The country is focusing on expanding its transmission network to ensure reliable electricity supply, particularly in underserved areas. Significant investments are planned to develop power generation and grid infrastructure, with a substantial portion allocated to power sources. The government's commitment to improving power distribution and access, coupled with the expansion of the transmission system, is expected to bolster the market. The involvement of major players and international investments, such as those by Japan's Shikoku Electric Power Co Inc. and ExxonMobil, further underscores the market's growth potential.

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Vietnam Power EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Thermal

      2. 2.1.2 Gas

      3. 2.1.3 Renewable

      4. 2.1.4 Nuclear

      5. 2.1.5 Other Types

Vietnam Power EPC Market Size FAQs

The Vietnam Power EPC Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

JGC Vietnam , Doosan Heavy Industries Viet Nam Co., Ltd, IHI Infrastructure Systems Co.,Ltd., Toshiba Corporation and Lilama Corporation are the major companies operating in the Vietnam Power EPC Market.

Vietnam Power Plant Market Report Snapshots

Vietnam Power EPC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)