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- Report Code: 12391
- Available Format: PDF
- Pages: 87
- Report Description
- Table of Contents
- Market Segmentation
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Market Overview
The Vietnam diesel generator set market size stood at around $109 million approx. in 2021, and it will grow at a CAGR of 3.6% during 2021–2030, to reach $150 million approx. by 2030. In Southeast Asia, Vietnam is rapidly becoming one of the important genset markets. Vietnam's market for diesel gensets is expected to be driven by the construction of SEZs; government infrastructure initiatives such as metro trains, smart cities, and state and national roads; and increased power consumption.
Also, the country is witnessing rapid urbanization, mainly due to the expanding industrial and construction sectors. According to the World Bank, the urban population of the country increased from 30.4% of the total in 2010 to 37.3% in 2020. To fulfill the rising demand for power, the usage of diesel gensets is continuously increasing in the nation.
Furthermore, electricity is the key to the economic progress of a nation, but Vietnam lacks a proper grid infrastructure, due to which there is an inadequate power supply that hampers operations of residential and commercial spaces. Thus, the demand for generators is increasing, to provide a continuous power supply during a blackout and ensure continuous electricity supply for several applications.
Moreover, according to a news article published in NhanDan, in October 2021, the Vietnamese government aims to raise the total housing space to 27 square meters per person by 2025 and 30 square meters by 2030, under a strategy of the Ministry of Construction (MOC). Also, in the next 10 years, the government will focus on smart and green homes, redevelopment of old apartment buildings, and housing development associated with urban development. In addition, the policies cover the development of houses for low-income earners and workers in urban areas. Thus, the surging number of residential units, driven by government initiatives, will result in the rising sales of diesel gensets to meet the backup power demand.
Demand for 5–75 kVA Generators To Grow at Highest Pace
The 5–75 kVA category is projected to witness the highest CAGR, of 4.2%, during 2021–2030, to generate a revenue of $ 26.6 million in 2030, based on power rating. The demand for these generators primarily arises for applications in the residential and commercial sectors, and the increase in concerns about power instability in the residential sector as a result of natural disasters.
Industrial Sector Accounted for Largest Market Share
The industrial sector in Vietnam held the largest market share in 2021, and it is expected to grow at a CAGR of 3.5% from 2021 to 2030. Vietnam is a desirable industrial hub because of its relatively big and educated workforce. In addition, the Vietnamese government supports businesses that provide raw materials, spare parts, and components to sectors such as electronics, apparel and textile, leather and footwear, IT, and automotive. Thus, due to the surging need for power in the growing industrial sector, the demand for generator sets is rising.
Growing Manufacturing Sector in the Country Is Driving the Market
Because of the manufacturing sector's phenomenal performance and expansion, Vietnam's economy has remained robust. In actuality, the domestic manufacturing sector accounted for over 25% of Vietnam's overall GDP in 2021. With a number of airports, rail connections, seaports, and direct highway networks linking Vietnam, the country's geographic position is a big asset for luring investments in the manufacturing sector. As this sector is growing, the requirement for electricity is increasing. Due to this, the demand for diesel generator sets is rising in the country, to meet the power requirement during the time of power outage or where there is no availability of grid electricity.
| Report Attribute | Details |
Historical Years |
2017-2021 |
Forecast Years |
2022-2030 |
Market Size in 2021 |
~$109 Million |
Revenue Forecast in 2030 |
~$150 Million |
Growth Rate |
3.6% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Segmentation Analysis of Countries; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Power Rating; By Application |
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To Increase Market Share, Companies Involved in Various Strategic Developments
Major players operating in the Vietnam generator set market have been involved in several strategic developments, such as product launches and developments, to remain competitive. For instance, in January 2021, Atlas Copco extended its QES moveable generator range up to 500 kVA by adding four models, which give an expectable source of electricity for the most challenging worksites, across the world. The newest models in the range are the QES 500, QES 400, QES 325, and QES 250. These are available in 60 Hz or 50 Hz variants and are all Stage 3A emission compliant.
Top Manufacturers of Diesel Generator Sets in Vietnam Are:
- Yanmar Holdings Co. Ltd.
- Huu Toan Group Co. Ltd.
- Kibii
- Perkins Engines Co. Ltd.
- Vietgen
- Atlas Copco
- Cummins Inc.
- Caterpillar Inc.
- Vico Ltd.
Vietnam Diesel Generator Set Market Size Breakdown by Segment
The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.
Based on Power Rating
- 5-75kVA
- 76–375 kVA
- 376–750 kVA
- Above 750 kVA
Based on Application
- Commercial
- Industrial
- Residential
Frequently Asked Questions About This Report
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