Vietnam Power EPC Market Analysis
The Vietnam Power EPC Market is expected to register a CAGR of greater than 3% during the forecast period.
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 Market Trends
The Thermal Segment to Dominate the Market
Power comes from various sources ranging from fossil fuels like coal and oil to renewable sources like wind and solar. The energy mix for electricity generation is dominated by fossil fuels like coal, oil, and natural gas.
In 2020, more than 66% of electricity generated in Vietnam was through thermal power sources like coal, natural gas, and oil.
The power generation mix is heavily skewed towards coal with a significant contribution because of cheaper domestic fuel availability. Its share in the mix has increased due to constraints in adding other conventional generation sources like hydro, nuclear, and gas.
Coal generation in the Southeast Asian country is expected to be 177.7 terawatt-hours by 2030, providing almost 39% of its total power generation. This scenario is expected to impact the market throughout the study period positively.
In December 2021, Mitsubishi and Korea Electric Power announced plans to begin the construction of the USD 2.2 billion Vung Ang II coal-fired power plant. The 1,200MW project is expected to start commercial operations in the third quarter of 2025.
Thus, with the existing and upcoming plans for thermal power plants, the segment is likely to dominate during the forecast period.
- 1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
- 2. EXECUTIVE SUMMARY
- 3. RESEARCH METHODOLOGY
- 4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand in USD billion, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
- 5. MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Thermal
- 5.1.2 Gas
- 5.1.3 Renewable
- 5.1.4 Nuclear
- 5.1.5 Other Types
- 6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 JGC Vietnam
- 6.3.2 IHI Infrastructure Systems Co. Ltd
- 6.3.3 Lilama Corporation
- 6.3.4 Doosan Heavy Industries Construction Co. Ltd
- 6.3.5 Toshiba Corporation
- 6.3.6 AES Corporation
- 6.3.7 CTCI Corporation
- 6.3.8 PALMA VIETNAM
- *List Not Exhaustive
- 7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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