Vietnam Power Generation EPC Market Size (2024 - 2029)

The Vietnamese power generation EPC market is poised for growth, driven by increasing electricity generation and energy consumption demands, alongside significant investments in the power sector, particularly in renewable energy. Despite challenges such as the phasing out of coal-based power plants and volatile crude oil prices, which have caused delays in some projects, the market has rebounded to pre-pandemic levels. The government's commitment to sourcing a substantial portion of its energy from renewables by 2030 is anticipated to create numerous opportunities, influencing the market size positively in the coming years.

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Market Size of Vietnam Power Generation EPC Industry

Vietnam Power Generation EPC Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 3.00 %

Major Players

Vietnam Power Generation EPC Market Major Players

*Disclaimer: Major Players sorted in no particular order

Vietnam Power Generation EPC Market Analysis

The Vietnamese power generation engineering, procurement, and construction (EPC) market is expected to register a CAGR of over 3% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently, the market has reached pre-pandemic levels.

  • Over the medium term, factors such as the increasing electricity generation and energy consumption demand and investments in the power sector, including increased government spending on renewable energy, are expected to boost the market.
  • On the other hand, the phasing out of coal-based power plants, which account for a significant share in power generation globally, and volatile crude oil prices leading to delays in several upstream projects are expected to hinder the growth of the Vietnamese power EPC market.
  • Nevertheless, the Vietnamese government has planned to meet 10% of its energy demand from renewable by 2030, which is expected to create several opportunities for the power EPC market in the future.

Vietnam Power Generation EPC Industry Segmentation

Power EPC is a contract to construct power generation, transmission, and distribution projects on large-scale, complex energy infrastructure projects. EPC stands for engineering, procurement, and commissioning. Engineering and procurement involve the detailed engineering design of a project and procuring all necessary equipment and raw materials. Construction is related to delivering a functional facility to the client.

The Vietnamese power generation EPC market is segmented by power generation source and power transmission and distribution (T&D). By power generation source, the market is sub-segmented into thermal, hydroelectric, nuclear, and renewables. For each segment, the market sizing and forecasts are based on revenue (USD billion), except for power transmission and distribution (T&D), for which only qualitative analysis will be provided.

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Vietnam Power Generation EPC Market Size Summary

The Vietnamese power generation EPC market is poised for growth, driven by increasing electricity demand and significant investments in the power sector. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Government initiatives to boost renewable energy, aiming to meet a substantial portion of energy demand from renewables by 2030, are expected to create new opportunities. However, challenges such as the phasing out of coal-based power plants and fluctuating crude oil prices may impede growth. Despite these challenges, the market is likely to see continued expansion, supported by the government's commitment to renewable energy and infrastructure development.

The conventional thermal segment, including coal, natural gas, and oil, is expected to dominate the market during the forecast period. Vietnam's reliance on coal power plants remains significant, with plans to add substantial coal-fired capacity by 2030. Meanwhile, renewable energy sources like hydro, solar, and wind are gaining traction, with notable projects underway, such as the construction of wind farms and solar projects. The market is moderately consolidated, with key players like JGC Holdings Corporation, LILAMA Corporation, and others actively participating in major projects. These developments indicate a dynamic market landscape, balancing traditional energy sources with a growing emphasis on sustainability.

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Vietnam Power Generation EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast 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

Vietnam Power Generation EPC Market Size FAQs

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

JGC Holdings Corporation, LILAMA Corporation , Toshiba Corp , IHI Corp and Doosan Heavy Industries Construction Co., Ltd. are the major companies operating in the Vietnam Power Generation EPC Market.

Vietnam Power Generation EPC Market Report Snapshots

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