Power Generation EPC Market - Vietnam Industry Analysis, Growth, Share, Size, Trends, and Forecast The Vietnam power generation EPC market size is expected to expand at a CAGR of 3% during the forecast period, 2021-2028. The growth of the market is attributed to the increasing power generation capacity.
EPC refers to engineering, procurement, and construction. The key concept of EPC is that one organization that is the contractor supports every aspect of the project and provides a single point of communication and responsibility of the project. The use of EPC contracts in the power generation sector in the country has evolved constantly in recent years due to the tremendous changes that are taking place in the business and technology areas of the country. Most of the power generation projects use EPC contracts. All projects must be time-bound to be profitable; however, the market still suffers inherent delays for a variety of reasons, especially for larger and more complex projects, which are delayed due to land acquisition complications or environmental remediation issues. Rising electric vehicle and heat pump demand and increasing requirement for interconnectors have resulted in increased installation of transmission and distributions (T & D) lines, creating several opportunities for the major power EPC companies in the Vietnam market.
Market Trends, Drivers, Restraints, and Opportunities
Increasing renewable energy capacity of the country is expected to drive the Vietnam power EPC generation market during the forecast period.