DUBLIN--(BUSINESS WIRE)--The "Vietnam Switchgear Market (2018-2024): Market Forecast by Voltage, by Insulation, by Types, by Verticals, by Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
The Vietnam switchgear market is projected to grow with a CAGR of 7.1% during 2018-24
Government efforts to develop power related infrastructure to ensure 100% electrification rate in the rural region of Vietnam under the National Power Development Plan VII (2011-2020) along with the strengthening of urban infrastructure including housing and transportation would increase the demand for switchgears in the country.
According to Vietnam Electricity (EVN), the demand for electricity is expected to double between 2014-20 and is expected to attract investments worth $7.5 billion per year during the same period. Government plans such as National Transport Master Plan (2011-20) and the $121 billion Ho Chi Minh City Master Transport Plan are likely to create huge opportunities for switchgear companies as these would lead to infrastructural development across the country. According to Government of Vietnam (GVN), the manufacturing and processing sectors are expected to flourish and contribute significantly to the industrial segment of Vietnam on account of growing foreign investments in the country.
Further, government's target to reach 100% rural electrification by 2020 would also drive the demand for switchgears in the country during 2018-24.
Power utilities acquired maximum revenue share in the overall Vietnam switchgear market in 2017 due to the integration of renewable energy plants and continuous expansion of power transmission & distribution network across the country. Development of urban and low-income housing residential units would be key factors on account of which residential segment would register highest CAGR during 2018-24.
- Low Voltage (< 1.1 kV)
- Medium Voltage (1.1 kV - 36 kV)
- High Voltage (> 36 kV)
- Power Utilities
- ABB Ltd.
- Fuji Electric Co. Ltd.
- General Electric Company
- Hai Nam Switchboard Manufacturing Co., Ltd
- Legrand SA
- LSIS Co. Ltd.
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Siemens AG
- Sunlight Electrical (Vietnam) Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/research/c539r4/vietnam?w=4