Vietnam: Wind Powered Generator Market 2024

Wind Powered Generator Market Size in Vietnam

The Vietnamese wind powered generator market shrank remarkably to $X in 2021, with a decrease of -24.3% against the previous year. In general, consumption, however, recorded a strong increase. Wind powered generator consumption peaked at $X in 2020, and then contracted rapidly in the following year.

Wind Powered Generator Production in Vietnam

In value terms, wind powered generator production shrank to $X in 2021 estimated in export price. In general, production recorded a perceptible reduction. The pace of growth appeared the most rapid in 2018 with an increase of 19%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Wind Powered Generator Exports

Exports from Vietnam

In 2021, overseas shipments of wind powered generating sets increased by 22% to X units, rising for the third year in a row after five years of decline. In general, exports, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of 99%. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, wind powered generator exports soared to $X in 2021. Over the period under review, exports, however, recorded a precipitous curtailment. The pace of growth appeared the most rapid in 2020 when exports increased by 56% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

South Korea (X units) was the main destination for wind powered generator exports from Vietnam, accounting for a 61% share of total exports. Moreover, wind powered generator exports to South Korea exceeded the volume sent to the second major destination, Turkey (X units), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea amounted to -4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-30.7% per year) and Chile (-18.3% per year).

In value terms, Chile ($X) remains the key foreign market for wind powered generating sets exports from Vietnam, comprising 40% of total exports. The second position in the ranking was held by Turkey ($X), with a 0.8% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Chile amounted to -2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (-32.5% per year) and South Korea (+3.7% per year).

Export Prices by Country

In 2021, the average wind powered generator export price amounted to $X per unit, jumping by 28% against the previous year. Overall, the export price, however, recorded a deep downturn. The growth pace was the most rapid in 2018 an increase of 65% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per unit), while the average price for exports to South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+19.7%), while the prices for the other major destinations experienced mixed trend patterns.

Wind Powered Generator Imports

Imports into Vietnam

In 2021, after four years of growth, there was significant decline in supplies from abroad of wind powered generating sets, when their volume decreased by -24.7% to X units. In general, imports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 141,750%. Over the period under review, imports attained the maximum at X units in 2020, and then fell significantly in the following year.

In value terms, wind powered generator imports fell remarkably to $X in 2021. Over the period under review, imports, however, enjoyed a significant increase. The pace of growth appeared the most rapid in 2015 when imports increased by 219,088% against the previous year. Imports peaked at $X in 2020, and then reduced rapidly in the following year.

Imports by Country

Finland (X units), China (X units) and the UK (X units) were the main suppliers of wind powered generator imports to Vietnam, with a combined 12% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +89.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of wind powered generating sets to Vietnam, comprising 73% of total imports. The second position in the ranking was held by Singapore ($X), with a 0.2% share of total imports. It was followed by Finland, with less than 0.1% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +163.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+72.3% per year) and Finland (0.0% per year).

Import Prices by Country

In 2021, the average wind powered generator import price amounted to $X per unit, falling by -33.6% against the previous year. Overall, the import price, however, showed perceptible growth. The pace of growth was the most pronounced in 2014 an increase of 120%. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for Finland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+45.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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