- The key vendors in the turbine market in Vietnam 2015-2019 are Dongfang Electric Corp. (DEC), General Electric (GE), Harbin Turbine Co. Ltd., Shanghai Electric, and Siemens Energy
London, 20 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the turbine market in Vietnam 2015-2019. The preference for clean coal technology over renewable energy is a key trend observed in this market. As renewable energy is expensive, coal will be the primary source for power generation in this region. Vietnam is planning to invest in technologies such as integrated gasification combined cycle (IGCC) with carbon capture and storage (CCS), which will help in reducing the greenhouse gas emissions by 20%. This market is expected to grow at a CAGR of 17.7% during the forecast period of 2014-2019.
The increase in domestic coal production coupled with an increase in coal import from countries like Indonesia is expected to augment the prospects of growth in this market. Government initiatives like the Master Plan for National Power Development aid in providing sufficient power to districts in Vietnam. This plan involves privatization initiatives that are aimed at strengthening the power sector of the country. This in turn increases the installed turbine capacity and bolsters growth in this market.
“Vietnam plans to increase the share of renewable energy in its overall power mix. However, as renewable energy is expensive, coal will likely be the main power generation source in the long term,” says Faisal Ghaus, Vice President of Technavio Research.
“As the country is taking gradual steps to increase its renewable energy share, it is focusing more on the installation of coal-fired power plants with clean coal technology.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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