Vietnam Diesel Generator Set Market to Hit $150 Million Revenue by 2030, Says P&S Intelligence

NEW YORK, July 19, 2022 /PRNewswire/ -- According to the latest study published by P&S Intelligence, the Vietnam diesel generator set market accounted for an around $109 million value in 2021, which is on the track to hitting $150 million by 2030, at a 3.6% CAGR between 2021 and 2030. The construction of SEZs, smart cities, state and national roadways, and metro networks, as well as the rising electricity demand, is expected to boost the industry.

Electricity is essential for a country's economic development, but Vietnam lacks a functional grid infrastructure, which results in an insufficient power supply. This interferes with the functioning of both residential and commercial places, as a result of which, the Vietnam diesel generator set market is expected to grow in the coming years.

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Moreover, as per NhanDan, in accordance with a plan of the Ministry of Construction, the Vietnamese government wants to increase the average housing space for every person to 27 square meters by 2025 and 30 square meters by 2030. The government will also prioritize creating smart and eco-friendly buildings and renovating aging apartment buildings during this decade.

Advancing Manufacturing Sector Is Driving Genset Demand in Vietnam

Vietnam's economy has remained strong due to the exceptional growth of its manufacturing sector. Vietnam's domestic manufacturing sector contributed more than 25% to its overall GDP in 2021.

Owing to its extensive network of railheads, airports, seaports, and highways, the country has a huge potential for attracting overseas industrial firms. Thus, the requirement for power is growing as this industry booms. Owing to this, the need for diesel generator sets is increasing across the nation to fulfill the demand for power during grid outages.

Demand for 5–75-kVA Generators Will Grow at Highest CAGR

Based on power rating, 5–75-kVA variants are predicted to experience the highest Vietnam diesel generator set market CAGR, of 4.2%, to produce $26.6 million revenue by 2030. Due to the increasing concerns about power instability in homes brought on by natural disasters, these generators are widely used in the residential sector.

Browse detailed report on Vietnam Diesel Generator Set Market Size & Share Analysis – Industry Forecast Report 2022-2030

Industrial Sector Holds Largest Market Share

The industrial sector holds the largest share in the Vietnam diesel generator set market, and this category will grow at a CAGR of 3.5% during the forecast period. Vietnam's relatively large and well-educated labor base makes it a viable industrial location. The government also provides assistance to companies that supply components, spare parts, and raw materials to industries including automotive, IT, leather, electronics, and apparel and textiles.

Vietnam Diesel Generator Set Market Size Breakdown by Segment

By Power Rating

• 5-75kVA
• 76–375 kVA
• 376–750 kVA
• Above 750 kVA

By Application

• Commercial
• Industrial
• Residential

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SOURCE P&S Intelligence