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Vietnam Power EPC Market Size, Share, Growth, Analysis: By Type: Thermal, Oil and Gas, Renewable, Nuclear, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators of Demand, Key Indicators of Price; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Vietnam Power EPC Market Size
The Vietnam power EPC market reached approximately USD 3.10 billion in 2023. The market is projected to grow at a CAGR of 4.6% between 2024 and 2032, reaching a value of around USD 4.65 billion by 2032.
| Vietnam Power EPC Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 3.10 |
| Market Size 2032 | USD Billion | 4.65 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.6% |
| CAGR 2024-2032 - Market by Region | Southeast | 5.1% |
| CAGR 2024-2032 - Market by Region | Red River Delta | 4.9% |
| CAGR 2024-2032 - Market by Type | Renewable | 7.4% |
| Market Share by Region | Mekong River Delta | 14.8% |
Vietnam Power EPC Market Outlook
- As of the year 2023, Vietnam's total electricity consumption stands at approximately 266 TWh.
- As of 2023, Vietnam's electricity was mainly produced from fossil fuels, of which more than half is 126 TWh of coal and gas and oil worth 27 TWh.
- The National Power Development Plan for 2021-2030 (Power Development Plan 8 (PDP8)) was implemented in April 2024.
Vietnam Power EPC Market Growth
In a significant step towards sustainable development, the Vietnamese government approved the National Electricity Development Plan 2021-2030 with a vision of 2050. Vietnam has committed to achieving zero emissions by 2050 and is also investing in the introduction of renewable energy practices. At the same time, the focus is on increasing renewable energy sources, with offshore wind, onshore wind and biomass power reaching 6,000 MW, 21,880 MW and 1,088 MW, respectively. In addition, 1,182 MW of waste-to-energy electricity generation and an additional 2,600 MW of rooftop solar capacity are expected. To facilitate efficient energy storage, a total capacity of 300 MW is also planned for battery storage.
The rapid growth of Vietnam's economy and population has resulted in a substantial rise in energy requirements. This surge in demand has necessitated the expansion of the power infrastructure, prompting the initiation of various engineering, procurement, and construction (EPC) projects.
The development of smart cities has been a priority in major municipalities throughout Vietnam. Ho Chi Minh City, Hanoi, Da Nang and Can Tho are leading the way for smart city frameworks. Ho Chi Minh City has mapped out four priority tasks for the development of a smart city by 2025, including a common database, a socio-economic policy simulation research and forecasting centre, an intelligent management centre and an information security centre, leading to higher energy demand.
Vietnam Power EPC Industry Segmentation
“Vietnam Power EPC Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| CAGR 2024-2032 - Market by | Type |
| Renewable | 7.4% |
| Oil and Gas | 4.1% |
| Thermal | XX% |
| Nuclear | XX% |
| Others | XX% |
Market Breakup by Type
- Thermal
- Oil and Gas
- Renewable
- Nuclear
- Others
| CAGR 2024-2032 - Market by | Region |
| Southeast | 5.1% |
| Red River Delta | 4.9% |
| Mekong River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
| Market Share by | Region |
| Mekong River Delta | 14.8% |
| Southeast | XX% |
| Red River Delta | XX% |
| South Central Coast | XX% |
| Others | XX% |
Market Breakup by Region
- Southeast
- Red River Delta
- Mekong River Delta
- South Central Coast
- Others
Vietnam Power EPC Market Share
Based on type, the market is segmented into thermal, oil and gas, renewable, and nuclear, among others. The renewable type is projected to grow at a CAGR of 7.4% during the forecast period of 2024-2032. Vietnam has significant renewable energy potential, especially in solar and wind energy. The government's commitment to increase the share of renewable energy in the national grid has encouraged investment in renewable energy projects and driven the market.
Leading Companies in the Vietnam Power EPC Market
The market players are focusing on the adoption of cutting-edge technologies to gain a competitive edge in the market.
- PETROVIETNAM POWER CORPORATION
- Power Engineering Consulting Joint Stock Company 2
- LILAMA CORPORATION
- Doosan Enerbility Vietnam Co.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Vietnam Power EPC Market Report Snapshots
Vietnam Power EPC Market Growth
Vietnam Power EPC Market Share
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Power EPC Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Power EPC Historical Market (2018-2023)
8.3 Asia Pacific Power EPC Market Forecast (2024-2032)
9 Vietnam Power EPC Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Power EPC Historical Market (2018-2023)
9.3 Vietnam Power EPC Market Forecast (2024-2032)
10 Vietnam Power EPC Market by Type
10.1 Thermal
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Oil and Gas
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Renewable
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Nuclear
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Vietnam Power EPC Market by Region
11.1 Southeast
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Red River Delta
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Mekong River Delta
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 South Central Coast
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 PETROVIETNAM POWER CORPORATION
13.2.1.1 Company Overview
13.2.1.2 Product Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Power Engineering Consulting Joint Stock Company 2
13.2.2.1 Company Overview
13.2.2.2 Product Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 LILAMA CORPORATION
13.2.3.1 Company Overview
13.2.3.2 Product Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 Doosan Enerbility Vietnam Co.
13.2.4.1 Company Overview
13.2.4.2 Product Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Power EPC Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Power EPC Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Power EPC Historical Market: Breakup by Type (USD Billion), 2018-2023
4. Vietnam Power EPC Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. Vietnam Power EPC Historical Market: Breakup by Region (USD Billion), 2018-2023
6. Vietnam Power EPC Market Forecast: Breakup by Region (USD Billion), 2024-2032
7. Vietnam Power EPC Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 3.10 billion.
The market is estimated to grow at a CAGR of 4.6% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 4.65 billion by 2032.
The market is being driven by rapid urbanisation and rising infrastructure development projects.
The key trends aiding the market expansion include the adoption of renewable energy and the expansion of grid infrastructure.
The major regions considered in the market are Southeast, Red River Delta, Mekong River Delta, and South Central Coast, among others.
The different types of power EPC in the market include thermal, oil and gas, renewable, and nuclear, among others.
The major players in the market are PETROVIETNAM POWER CORPORATION, Power Engineering Consulting Joint Stock Company 2, LILAMA CORPORATION, and Doosan Enerbility Vietnam Co., among others.
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