Vietnam Power EPC Market Size

Vietnam Power EPC Market Analysis

The Vietnamese power EPC market is expected to register a CAGR of more than 3% during 2022 to 2027. In Vietnam, the power market is undergoing a significant transformation phase due to the efforts taken by the government to improve electricity access in the country, along with its plans to increase the share of renewables in the country's power generation mix. The COVID-19 pandemic negatively impacted the power market in Vietnam in Q1 of 2020. Lockdown measures imposed by the government in the country have caused a reduction in immediate electricity demand in commercial and industrial categories in Q1 of 2020. Factors like increasing power generation capacity are likely to drive the Vietnamese power EPC market during the forecast period. However, the upgradation of these power plants is difficult and costly, which is expected to slow down the market.

• 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.