Vietnam Diesel Generator Set Market Analysis and Forecast, 2019-2028

Introduction

The diesel generator set market in Vietnam has been growing rapidly in recent years due to increasing demand for reliable and efficient energy solutions. With the increasing need for backup power during power outages and increasing demand for electricity in various sectors, the market for diesel generator sets is expected to grow further in the coming years.

Overall, the diesel generator set market in Vietnam is expected to continue to grow in the coming years, driven by increasing demand for reliable and efficient energy solutions. The market presents several opportunities for growth but also faces challenges such as the high cost of diesel generator sets and increasing competition from alternative energy sources.

Market Size and Growth

The diesel generator set market in Vietnam is estimated to be worth over US$ 105 million in 2022 and is expected to grow at a CAGR of 3.5% from 2023 to 2028. The market is driven by factors such as the increasing demand for electricity, population growth, and industrialization.

Market Segmentation

The diesel generator set market in Vietnam can be segmented into different applications, including residential, commercial, and industrial. The industrial sector is the largest consumer of diesel generator sets, accounting for the majority of the market share.

Competitive Landscape

The diesel generator set market in Vietnam is highly competitive, with several local and international players operating in the market. The market is dominated by established players such as Cummins, Caterpillar, and MTU Onsite Energy.

Opportunities and Challenges

The market presents several opportunities for growth, including the increasing demand for reliable energy solutions and the growth of the construction industry in Vietnam. However, the market also faces challenges such as the high cost of diesel generator sets and increasing competition from alternative energy sources such as solar and wind power.

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Primary Intelligence

• RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
• RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
• We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
• Strong language proficiency and capability with coverage across more than 70 language areas.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.