Vietnam Diesel Generator Set Market To Reach About USD 150 Million by 2030

The total size of the Vietnam diesel generator set market was approximately USD 109 million in the past, and it will power at a compound annual growth rate of 3.6% in the coming years, for reaching about USD 150 million by 2030, according to a report by P&S intelligence.

In Southeast Asia, the country is quickly becoming one of the significant genset markets. The nation's industry for diesel gensets will be powered by the construction of SEZs; government infra initiatives, including smart cities, metro trains, and state and national roads; and improved consumption of power.

Also, electricity is important for economic progress, but Vietnam does not have a proper grid infra, because of which there is an insufficient power supply hampering residential and commercial operations.

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Thus, the requirement for generators is growing, for providing a continuous power supply throughout a blackout and ensuring continuous supply of electricity for numerous uses.

The 5-75 kVA gensets will have the highest growth rate of 4.2%, in the coming years for generating , a revenue of USD 26.6 million in 2030, on the basis of power rating.

The requirement for these generators mainly arises for the employment in the commercial and residential sectors, and the rise in concerns pertaining to the power instability in the residential sector because of natural disasters.

The industrial sector dominated the Vietnam diesel generator set market , and it will power at a growth rate of 3.5% in the years to come.

Vietnam is an industrial hub due to its comparatively large and educated workforce. Furthermore, the government of Vietnam supports businesses by providing spare parts, raw materials, and components to sectors, including electronics, leather and footwear, apparel and textile, IT, and automotive.

Therefore, because of the increasing requirement for power in the ever-evolving industrial sector, the requirement for generator sets is on the rise.

Due to the remarkable performance and development of the manufacturing industry, the economy of the country has continued to be robust. Actually, the domestic manufacturing sector accounted for over 25% of Vietnam's overall gross domestic product in the past.

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With numerous, rail stations, airports, seaports, and direct highway networks connecting Vietnam, the nation's geographic position is an asset for luring investments in the manufacturing industry.

With the growth of the manufacturing sector, the need for electricity is growing all over the country. As a result of this, the requirement for diesel generator sets is increasing all-over Vietnam, for meeting the power requirement throughout the time of power cut or where there is no obtainability of electricity from the grid.

It is because of the increased consumption of power in Vietnam, the demand for diesel generator set in Vietnam will also be on the rise in the future.

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