Fossil Fuel Based Boilers to Dominate Vietnam Process Boiler and Heating Equipment through 2024
Availability
of cheap fuel such as coal along with booming agro and textile industries to
boost demand for process boilers and heating equipment in Vietnam through 2024
According to a recently published TechSci Research
report, “Vietnam
Process Boiler and Heating Equipment Market By Type, By Fuel Type,
Competition, Forecast & Opportunities, 2024’’ Vietnam process
boiler and heating equipment is expected to grow at a CAGR of around 4% during
forecast period to surpass $ 24 million by 2024. Factors like growing
population, increasing foreign investments and rising exports are positively
impacting the growth of process boilers and heating equipment market in
Vietnam. Moreover, market expansion, improvement in product quality and government
measures such as deregulation and lowering the cost of doing business is
incentivising the local manufacturing units and hence are anticipated to drive
demand for process boilers and heating equipment across the country.
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Among fuel types,
fossil fuel boiler segment accounted for the largest market share in Vietnam
process boiler and heating equipment market in 2019 and is likely to maintain
its dominance throughout the forecast period as well, on account of cheaper
price of coal and the governmental plan to increase the share of coal in the
energy-mix of the country. Moreover, foreign investments are also being made in
the coal sector of Vietnam. Some
of the major companies operating in Vietnam process boiler and heating
equipment market include Martech Co. Ltd. VN., Vietnam Boiler Joint Stock
Company, Dinh Viet Energy Limited, Thang Long CFB and Forbes Marshall, Thermax
Ltd., Henan Yuanda Boiler Corporation Ltd., Zozen Boiler Co., Ltd., Classen
Apparatebau Wiesloch GmbH, Viessmann Group, among others.
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“Increasing participation by
Vietnamese government and private players to develop the food processing
industry particularly agro-forestry-fishery sector coupled with active
involvement of Japan in developing the industry would lead to an increase in
demand for the process boilers and heating equipment in the country. Additionally,
government interventions such as lower tax rate for investors in food
processing industry, increasing foreign direct investments in the processing
industries in Vietnam and stable economic growth would promote the growth in process
boilers and heating equipment market in the coming years.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Vietnam
Process Boiler and Heating Equipment Market By Type, By Fuel Type, By Region, Competition,
Forecast & Opportunities, 2024’’ has evaluated the future growth
potential of Vietnam process boiler and heating equipment market and provides
statistics and information on market size, structure and future market growth.
The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decision. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in Vietnam process boiler and heating equipment market.
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