MarkNtel Advisors Predicts Vietnam Energy Management Market to Surge to USD 320 million by 2030 at 10% CAGR

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Saudi Arabia New Energy Vehicle Market, The Vietnam Energy Management Market size is valued at around USD 200 million in 2024 & is projected to reach USD 320 million by 2030. The market is also estimated to grow at a CAGR of around 10% during the forecast period, i.e., 2025-30. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Saudi Arabia New Energy Vehicle Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

• Forecast Period: 2025-2030
• Market Size in 2024: USD 200 million
• CAGR (2025-2030): 10%

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Vietnam Energy Management Market Segmentation Breakdown:

The Saudi Arabia New Energy Vehicle Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

By Component

• Hardware
  • Sensors – Market Size & Forecast 2020-2030F, USD Million
  • Controllers – Market Size & Forecast 2020-2030F, USD Million
  • Computer Servers – Market Size & Forecast 2020-2030F, USD Million
  • Display Devices – Market Size & Forecast 2020-2030F, USD Million
  • Others – Market Size & Forecast 2020-2030F, USD Million
• Software
  • Supervisory Control and Data Acquisition (SCADA) – Market Size & Forecast 2020-2030F, USD Million
  • Advanced Distribution Management Solution (ADMS) – Market Size & Forecast 2020-2030F, USD Million
  • Outage Management System (OMS) – Market Size & Forecast 2020-2030F, USD Million
  • Generation Management System (GMS) – Market Size & Forecast 2020-2030F, USD Million
  • Others – Market Size & Forecast 2020-2030F, USD Million
• Service – Market Size & Forecast 2020-2030F, USD Million

The hardware segment has the largest market share accounting for more than 50% in the Vietnam Energy Management Market.

By Communication Technology

• Wired – Market Size & Forecast 2020-2030F, USD Million
• Wireless – Market Size & Forecast 2020-2030F, USD Million

By Offerings

• Industry/ Factory Energy Management Systems – Market Size & Forecast 2020-2030F, USD Million
• Building Energy Management Systems – Market Size & Forecast 2020-2030F, USD Million
• Others – Market Size & Forecast 2020-2030F, USD Million

By End-User

• Corporates – Market Size & Forecast 2020-2030F, USD Million
• Industries – Market Size & Forecast 2020-2030F, USD Million
• Retail Malls – Market Size & Forecast 2020-2030F, USD Million
• Residential Units – Market Size & Forecast 2020-2030F, USD Million
• Government – Market Size & Forecast 2020-2030F, USD Million
• Hospitality – Market Size & Forecast 2020-2030F, USD Million
• Healthcare – Market Size & Forecast 2020-2030F, USD Million
• Educational Institutes – Market Size & Forecast 2020-2030F, USD Million
• Others – Market Size & Forecast 2020-2030F, USD Million

Industries are the leading segment with a market share of more than 20% in the Vietnam Energy Management Industry.

Geographical Growth Insights:

By Region

• Northern – Market Size & Forecast 2020-2030F, USD Million
• Central – Market Size & Forecast 2020-2030F, USD Million
• Southern – Market Size & Forecast 2020-2030F, USD Million

The Southern Region of Vietnam has the largest market share of more than 39% in the Vietnam Energy Management Market.

MarkNtel Advisors Highlights Key Market Drivers for Vietnam Energy Management Market:

Government’s Policy for Energy Efficiency – Vietnam’s economy is growing very fast in Southeast Asia on account of rapid industrialization to develop its own service and manufacturing capabilities. Additionally, the country’s Foreign Direct Investments (FDIs) are rapidly growing, which is further fueling such developments. For instance, the average FDI each year, since 2019 in Vietnam stands at around USD 21 billion according to Vietnam’s Ministry of Planning and Investment. This rapid industrialization of the country has resulted in a huge increase in the GDP per capita of electricity consumption in the country, surpassing Indonesia and the Philippines. This has led the government of Vietnam to pass the regulation National Energy Efficiency Programme. In compliance with the latest guidelines for the period of 2019-2030, there is a target to reduce the energy loss in the country below 6.5% and increase energy consumption from 5% to 7%. The government has allocated USD 137.8 million for this program.

Furthermore, the global challenge of climate change has led the government to achieve its net zero emission targets by 2050. These developments have been driving the demand for energy management solutions and boosting the growth & expansion of the Vietnam Energy Management Market.

A Comprehensive Analysis of Leading Companies in Vietnam Energy Management Market

• ABB
• Siemens
• Honeywell
• Schneider Electric
• Johnson Control
• General Electric
• 8Elements Smart Energy
• Yokogawa Vietnam Company Ltd.
• Green Yellow (Vietnam)
• Hitachi Energy (Vietnam)
• Others

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Vietnam Energy Management Market Recent Development:

• February 2024: Honeywell signed an MoU with the Green Solutions Group Corporation for the first green hydrogen plant in Vietnam. Honeywell will provide the necessary technologies including the energy management technologies such as battery energy storage systems.
• December 2023: ABB deployed energy management solutions and smart building technologies to save energy in Vietnam’s National Innovation Centre.

What are the Opportunity driving the Vietnam Energy Management Market?

Growth in the Deployment of Renewable Energy – The world is witnessing an increase in greenhouse gases due to rapid industrialization resulting in climate change phenomena, rapid changes in weather conditions, and extreme weather situations in many parts of the world. Each country intends to reduce its carbon emissions and focus on net-zero targets in a short time by transitioning toward sustainable development and utilizing renewable sources of energy for all of its energy needs. Following the same, Vietnam also targets to achieve net-zero emissions by 2050.

This has led to the development of energy-efficient policies and massive deployment of renewable energy plants. For instance, Vietnam’s renewable energy output has risen rapidly rising from 997 GWh in 2018 to an impressive 37,865 GWh in 2022. The government of Vietnam has launched an ambitious program, the National Power Development Master Plan (PDP VIII) for its electricity requirements. Under this, the country will double its national electricity output to 129,500 MW by 2030.

These plans align with the country’s emission targets and plan to reduce the dependency on fossil fuels with renewable energy solutions and cleaner options like gas power. These projects will need energy management solutions to reduce energy loss and conserve excess electricity based on the regulatory guidelines. This will boost the demand for energy management solutions in the country.

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About Us –

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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