Posted On: 2020-11-03
Vietnam power & distribution transformer market is anticipated to register growth over the coming years on account of growing urbanization, rising energy demand along with government efforts such as “Resolution 115/NQ-CP”, Vision 2030 to boost industrialization and power infrastructure development activities in the country. -6WResearch
Expanding power distribution networks along with growing power consumption is expected to drive the power & distribution transformer market in Vietnam over the coming years. Initiatives such as National Power Development Plan, which aims at ensuring universal access to power, and the growing renewable sector is further anticipated to open up new avenues for the deployment of power & distribution transformers in the country during the forecast period. Additionally, a growing industrial base and upcoming economic zones in regions such as Van Don, North Van Phong, and Phu Quo, would generate additional demand for electric transformers in the country in order to support the power infrastructure thus required. However, the spread of COVID-19 is expected to hamper the growth of the Vietnam power & distribution transformer in the coming years owing to a disturbance in the internal supply chain due to complete lockdown and halt of infrastructure project such as the Luning Photovoltaic Project and Van Phong 1 coal-fired power project during the lockdown period across the country.
According to 6WResearch, Vietnam power & distribution transformer market size is projected to grow at a CAGR of 4.6% during 2020-26. Vietnam government has come up with the “Power Development Planning (PDP7)” initiative aiming to increase the renewable power generation capacity from 60 GW in 2020 to 129.5 GW by 2030. Additionally, an increase in foreign and domestic private investment in the power sector would create ample demand for power & distribution transformer apparatus in the upcoming years.
According to Swati Acharya, Research Analyst, 6WResearch, “Liquid type transformers accounted for a major market revenue share in 2019 and are expected to retain the same over the coming years on account of reliable overload capabilities, better efficiency and longer life expectancy. Furthermore, with the growing high voltage transmission network expansion activities, to increase the electrification rate of the country, liquid type transformers are anticipated to register significant growth over the forecast period.”
“Distribution transformers currently hold the major share in the overall power & distribution transformer market in Vietnam and are expected to maintain their position during the forecast period on account of the high utilization of such transformers in the distribution network and industrial setup.”, Swati further added.
According to Akshay Kumar, Research Associate, 6WResearch, “Power utility segment acquired the majority of the revenue share in the overall power & distribution transformer market in 2019 and the share is expected to increase further during the forecast period on account of high utilization of transformers in transmission and distribution lines in the country. However, the deployment of transformers in the industries, owing to the rise in the industrialization, would surge the market revenue for the industrial segment in near future.”
Some of the key players in the Vietnam power & distribution transformer market are ABB Ltd, General Electric Company, Schneider Electric SE, Mitsubishi Electric Corporation, Toshiba Energy Systems & Solutions Corporation, Siemens AG, Tatung Co., Ltd., and Fuji Electric Co. Ltd.
“Vietnam power & distribution transformer market (2020-2026)" report provides an in-depth analysis with 24 figures with 15 tables, covered in 89 pages. The report estimates and forecasts the overall Vietnam power & distribution transformer market by types, power rating, cooling system, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.