Vietnam Diesel Generator Set Market Trends and Future Growth Study 2022-2030

In 2021, the Vietnam diesel generator set market generated around $109 million revenue, and it will progress at a rate of 3.6% from 2021 to 2030, to garner approximately $150 million revenue by 2030. The continuous rise in the sales of diesel generators in Vietnam is projected to increase its dominance in Southeast Asia as gensets market. The surge in construction activities in the country is driven by SEZs construction, government infrastructure projects such as smart cities, metro trains, and national and state road construction with the increased consumption of power proliferating the market.

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The expansion of the industrial and construction sectors led by the rapid urbanization has also resulted in the propulsion of the Vietnam diesel generator set market to cater to the increasing demand for power. Moreover, the lack of a proper grid infrastructure causes an inadequate power supply in the country that negatively impacts the operations of the commercial and industrial spaces. Therefore, it results in an increase in demand for generators for an uninterrupted power supply during blackouts with a continuous supply of electricity for various applications.

In addition, the Vietnamese government has planned to increase the total housing space to 27 sq m per person by 2025 and 30 sq m by 2030, under the MOC strategy. Moreover, in the next decade, the government will be focusing on the redevelopment of housing development associated with urban development, old apartment buildings, along with green and smart homes. Furthermore, the housing solutions for low-income earners and workers in the urban areas are covered under government policies. The rise in the residential units, caused by government initiatives leads to a boost in diesel generator sales to cater to the backup power requirement.

Generators with a capacity of 5-75 kVA are predicted to witness the highest sales value growth rate in the Vietnam diesel generator set market in the near future, capturing an estimated revenue of around $26.6 million by 2030. The snowballing demand for this category is caused by the rise in concerns of power instability in the residential sector led by natural disasters in the country.

The industrial sector captured a significant share in the Vietnam diesel generator set market, ascribed to the country becoming an industrial hub with an extensive and educated workforce. Moreover, the government of the country provides support to businesses that facilitate raw materials, spare parts, and components to various sectors such as automotive, IT, electronics, leather and footwear, and apparel and textile. Therefore, the expansion of the industrial sector has resulted in a surge in the requirement for power with the growing demand for generator sets.

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Moreover, the propulsion of the manufacturing sector with high productivity has maintained the robust economy of Vietnam. The domestic manufacturing sector contributes 25% of the total GDP of the country. In addition, the increase in connectivity to the country facilitated by rail connections, seaports, airports, and linking of direct highway networks lures investment in its manufacturing sector, ascribed to its geographical position.

Therefore, the insufficient power grid infrastructure leads to increasing demand for diesel generators in Vietnam for the continuous supply of power.

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