Vietnam Electrical Materials Market To Register A CAGR Of 15.69% During The Forecast Period, 2024-2031
Increasing Consumer Awareness and rising demand for electric vehicles
are driving the Vietnam Electrical Materials market across the country.
According to the
TechSci Research report, “Vietnam Electrical Materials Market - By Region,
Competition, Forecast & Opportunities, 2018-2031.” Electrical
materials are the primary parts and components needed in any construction
project to connect residential, commercial, and industrial structures to an
electrical power supply. Electrical components can range in size from a
household circuit to a large industrial facility. These compounds should have
the least amount of electrical conductivity possible. They are utilised to make
conductors for all types of windings found in electrical machines, apparatus,
and gadgets in addition to being employed for the transmission and distribution
of electrical energy.
The government of Vietnam has
started a number of projects to upgrade the nation's infrastructure, including
the construction of new power plants and an expanded electrical system. The
master power development plan's most recent update projects that Vietnam's
installed total power generating capacity would rise from 76.6 GW at the end of
2022 to 121 GW by 2030, and 284 GW by 2045. Vietnam intends to spend between
USD 8 billion and USD 14 billion per year through to 2030 on
manufacturer power plants and system development. With a preference for
renewable energy sources, new power plants would receive 75% of the cash, while
system expansion would receive 25%. Companies that produce transformers,
switchgear, and cables—electrical equipment used in power generation and
distribution have now entered
the Vietnam market.
Browse over 17 market data
Figures spread through 86 Pages and an in-depth TOC on the "Vietnam Electrical Materials Market"
Based on End user, the Vietnam
electrical materials market is segmented into industrial, commercial, and
domestic. The commercial segment dominates the Vietnam Electrical Materials
Market, accounting for a market share of 40.77% in 2022. Commercial facilities
such as offices, retail stores, shopping malls, hospitals, hotels, and other
public places are included in the commercial segment of the end-user industry
for the Vietnamese electrical materials market. Some commercial uses, such as
cables, lights, circuit breakers, power distribution, communication systems,
and other electrical equipment, make use of electrical materials. Electrical
materials are growing in the market commercially due to factors such as expanding
urbanization, rising disposable income, and growing energy efficiency
awareness. The government of Vietnam's initiatives to promote energy efficiency
and renewable energy sources have also raised the demand for electrical
materials among companies. The expansion of Vietnam's manufacturing industry
has significantly increased demand for electrical materials. For international
investors seeking to install factories and industrial facilities, the nation
has grown to be a preferred choice. These manufacturing facilities need a
huge amount of electrical materials and components to operate in the
commercial segment.
Based on region, the Vietnam
electrical materials market is segmented into Southern Vietnam, Central Vietnam
and Northern Vietnam. Southern Vietnam dominates the Vietnam Electrical
Materials Market accounting for a market share of 50.18% in 2022. Ho Chi Minh
City, Bien Hoa, and Vung Tau are the important cities in the southern part of
Vietnam, which has the most developed economy in the whole country. The
commercial and industrial infrastructure in this area is well-established, and
it includes factories, offices, and retail centers that use a lot of electrical
resources to run. Several important industrial sectors in Vietnam, such as
electronics, textiles, and footwear, are based in the South. These sectors have
a high need for electrical materials since they depend on a lot of electrical machinery
and components to operate. The Vietnamese government has made significant
investments in the construction of new power plants, transmission lines, and
distribution networks in Southern Vietnam. As a result, there is now a
significant need for electrical materials to support the growth of the area's
power infrastructure. A strong commercial and industrial infrastructure,
significant manufacturing sectors, and government investments in the power
infrastructure have all led to Southern Vietnam's dominance in the Vietnam
Electrical Materials market.
Key market players in the Vietnam
Electrical Materials market include:
- Mitsubishi
Electric Vietnam Co., Ltd
- Wonderful
(Vietnam) Wire & Cable Co. Ltd
- Vconnex Industry
Technology JSC
- Bich Hanh
Electrical Production Trading Company Limited
- Helukabel
Vietnam Co. Ltd
- Schneider
Electric Vietnam Co. Ltd
- ABB Automation
And Electrification (Vietnam) Company Limited
- Siemens Ltd
- An Phuc
Electrical Equipment Co., Ltd
- Morning Star
Electric Co., Ltd
- LS Electric
Vietnam Co., Ltd
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“Vietnam Electrical Materials Market stood at USD 1431.2
million in 2022 and is expected to register a CAGR of 15.69% during 2023E-2031F,
owing to increasing consumer awareness, foreign investment, growing demand of
EV vehicles among others across the country. The construction of TNI Holdings
Vietnam's third electronics facility is expected to cost more than USD 50
million. Similarly, the southern province of Dong Nai in early 2022 gave an
investment certificate worth USD 100 million to Samsung supplier Hansol Electronics
Vietnam for two of its projects. The master power development plan's most
recent update projects that Vietnam's installed total power generating capacity
is expected to rise from 76.6 GW at the end of 2022 to 121 GW by 2030, and
284 GW by 2045. Vietnam intends to invest between USD 8 billion and
USD 14 billion annually through the year 2030 on manufacturing new
power plants and grid expansion. Therefore, the market for electrical materials
across Vietnam is expected to rise during the forecast period, 2024-2031F.”
said Mr Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Vietnam Electrical
Materials Market Segmented By Type (Circuit
Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable Management,
Cable Duct, Electrical Conduit, Others), By End User (Industrial, Commercial,
Domestic), By
Region, Competition Forecast & Opportunities, 2028”, has
evaluated the future growth potential of Vietnam Electrical Materials market and
provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Vietnam Electrical Materials market.
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