VIETNAM HIGH VOLTAGE SWITCHGEAR MARKET

Vietnam high voltage switchgear market is projected to experience rapid CAGR in the forecast years driven by increasing energy consumption and growing support for rural electrification efforts.

Major Market Drivers and Emerging Trends

Vietnam high voltage switchgear market size expansion is driven by the rising need for electricity stemming from rapid urbanization, industrialization and an increasing population. The robust industrialization has driven a rising demand for energy especially electricity. With its large population and rapid economic expansion, Vietnam stands out as one of the most rapidly expanding energy markets in Asia which further challenged by depleting reserves in gas and oil fields. The Institute of Energy of Vietnam reports that the country will encounter a notable rise in power consumption in the next decade that will affect the energy security.

In 2022, the total electricity generation in Vietnam reached 276,416 GWh and the per capita consumption was 2.664 MWh which placed it 12th in the Asia Pacific region. The government anticipates that power consumption will increase by ten to twelve percent annually until 2030 which is among the highest rates in Asia. The need for power generation and distribution is a key factor supporting the high voltage switchgear market share.
The rising population has led to a rapid increase in electricity demand. As a growing economy, Vietnam is undergoing rapid urbanization and industrialization which leads to substantial investment in energy infrastructure that makes high voltage switchgear critical for these expansive electrification projects. Switchgear is essential for protecting electrical equipment in power systems to ensure efficient electricity distribution.

 The Rural Electrification Program in Vietnam has provided electricity access for an additional 82 million people. It utilized a sustainable development framework and community involvement to enhance accessibility. The government is proactively working to deliver dependable energy access to rural regions by installing remote microgrids that necessitate high voltage switchgear technologies. Additionally, the progress in power generation including renewable energy is driving the demand for sophisticated switchgear to facilitate safe and efficient grid integration.

In March 2021, Vietnam’s draft of the 8th Power Development Plan (PDP8) marked a significant step in its renewable energy transition by excluding new coal initiatives but rather prioritizing wind and gas power. PDP8 focuses on expanding wind and solar energy on a large scale with targets to triple wind energy output and double solar generation capacity. The increasing dependence on solar and wind power creates a need for reliable high-voltage equipment for transmission and distribution which results in notable market growth. This trend is fueled by government initiatives supporting clean energy and the need for effective electrical grid system.

 Vietnam high voltage switchgear market analysis segmented the market by type into gas-insulated and air-insulated. Gas-insulated switchgear type is projected to grow due to its compact design and ability to operate in extreme environmental conditions. Utilizing SF6 as the insulating medium, the sealed system provides enhanced arc-quenching and insulation characteristics. GIS systems are ideal for urban and industrial applications with restricted space. AIS is also experiencing growth due to its lower cost and reduced maintenance requirements in comparison to GIS. AIS uses ambient air for insulation which makes it suitable for environments without space constraints including suburban and rural areas. This equipment is commonly employed in power distribution systems and industries that have large outdoor substations.

The market can be divided based on the application into indoor and outdoor. Indoor switchgear is typically utilized in low-voltage systems whereas outdoor type is generally associated with high-voltage power. Both switchgears can be further categorized based on their specific features and applications. Outdoor switchgear allows for easier modifications after installation. Its bulkier design in comparison to indoor switchgear makes it suitable for placement outside of buildings or in open environments. It features enclosures made from durable and weather-resistant materials which make it suitable for high-voltage transmission and industrial settings.

Top market Players:

Several prominent players in the market include GE, ABB, among others.

Segments covered in the Report:

The Vietnam High Voltage Switchgear Market has been segmented on the basis of Type, Voltage and Installation. Based on the type, the market is segmented into air-insulated switchgear (AIS), gas-insulated switchgear (GIS). Based on the Voltage, the market is segmented into 42-150 V, 150-250 kV, above 250 kV. Based on the installation, the market is segmented into indoor, outdoor.

Market Segmentation

Vietnam High Voltage Switchgears Market by Type

• • Air-Insulated Switchgear (AIS)
  • Gas-Insulated Switchgear (GIS)

Vietnam High Voltage Switchgears Market by Voltage

• • 42-150 V
  • 150 -250kV
  • Above 250kV

Vietnam High Voltage Switchgears Market by Installation

• • Indoor
  • Outdoor

Vietnam High Voltage Switchgears Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • GE
  • ABB