Market Overview
The Vietnam power rental market size was valued at USD 108.50 Million in 2024 and is expected to increase to USD 189.23 Million by 2033, growing at a CAGR of 5.72% during the forecast period of 2025 to 2033. Growth is driven by rapid industrialization, expanding infrastructure projects, and an increasing need for reliable backup power solutions due to frequent grid outages and energy transition challenges. Power rental services offer cost-effective, flexible, scalable, and immediate solutions to industries such as manufacturing, construction, and urban development, ensuring uninterrupted operations.
Study Assumption Years
- Base Year: 2024
- Historical Years: 2019-2024
- Forecast Period: 2025-2033
Vietnam Power Rental Market Key Takeaways
- Current Market Size: USD 108.50 Million (2024)
- CAGR: 5.72%
- Forecast Period: 2025-2033
- Vietnam’s industrial sector attracted $25.35 billion in FDI in 2024, with manufacturing and processing receiving $25.58 billion, 66.9% of total FDI, highlighting rapid industrial growth.
- The construction boom driven by infrastructure projects such as highways, airports, and ports creates a robust demand for temporary power solutions.
- Energy transition initiatives and grid reliability issues increase the need for backup generators, especially amid LNG imports and gas-to-power projects.
- Rental power is critical during the phase-out of aging coal plants and rising renewable energy use, ensuring operational continuity.
Sample Request Link: https://www.imarcgroup.com/vietnam-power-rental-market/requestsample
Market Growth Factors
Industrial Expansion and Manufacturing Growth:
Vietnam’s power rental market growth is underpinned by the country’s robust industrial expansion, especially in manufacturing. In 2024, the country attracted a record Foreign Direct Investment (FDI) of $25.35 billion, with manufacturing and processing sectors receiving $25.58 billion, representing 66.9% of the total FDI. This substantial investment, supported by the development of manufacturing facilities, industrial parks, and special economic zones, has increased demand for reliable and flexible power. Industries like electronics, textiles, and automobiles require continuous power for operations, often met through power rental services that offer urgent and cost-effective solutions without the need for permanent setups.
Infrastructure Development and Construction Boom:
Vietnam's large-scale infrastructure projects are propelling the power rental market. Government initiatives envision expansive transportation infrastructure, urbanization, smart city development, and digital transformation, all requiring dependable temporary power. Projects including highways, airports, and ports utilize rental power for crucial activities like lighting and equipment operation. The fast-paced construction sector driven by urban population growth further fosters demand for mobile and scalable power solutions. Additionally, the establishment of data centers and telecommunications infrastructure during Vietnam's digital transition relies on backup power during installation and maintenance phases.
Energy Transition and Grid Reliability Challenges:
Frequent power outages driven by aging infrastructure, extreme weather conditions, and increasing electricity demand have made backup power indispensable. The shift towards renewable energy introduces intermittent supply challenges, boosting rental generator demand for industries such as hospitals, data centers, and commercial establishments. Government strategies focusing on LNG imports and gas-to-power projects, including a guaranteed 65% power offtake for imported LNG over ten years, aim to stabilize supply but still necessitate temporary power solutions. Concurrently, the gradual decommissioning of coal-fired power plants requires rental power to maintain operational continuity, emphasizing the critical role of affordable and flexible power rental services in Vietnam’s evolving energy landscape.
Market Segmentation
Fuel Type Insights:
- Diesel: Diesel-fueled power rental equipment forms a significant portion of the market.
- Natural Gas: Natural gas-powered generators provide alternative fuel options in the rental segment.
- Others: Includes other fuel types used in power rental equipment, diversifying the market.
Equipment Type Insights:
- Generator: Rental of generators represents a core segment offering reliable power supply.
- Transformer: Transformers are rented to manage and distribute electricity efficiently.
- Load Bank: Load banks are used for testing and maintenance purposes within the rental market.
- Others: Covers other types of equipment involved in the power rental ecosystem.
Power Rating Insights:
- Up to 50 kW: Small-scale power ratings suitable for limited or specialized applications.
- 51-500 kW: Medium power rating segment catering to moderate power demand.
- 501-2,500 kW: Larger equipment serving substantial power requirements.
- Above 2,500 kW: High-capacity power ratings for large industrial or infrastructure use.
Application Insights:
- Peak Shaving: Rental power used to reduce peak demand charges and load on the grid.
- Standby Power: Backup power solutions ensuring continuity during outages.
- Base Load/Continuous Power: Rental power serving as a primary continuous power source in specific scenarios.
End Use Industry Insights:
- Utilities: Rental power supporting utility companies.
- Oil & Gas: Equipment rented for energy extraction and processing operations.
- Events: Temporary power provision for event management and venues.
- Construction: Power rental supporting construction activities and sites.
- Mining: Rental power serving mining operations.
- Data Centers: Reliable backup and operational power for data facilities.
- Others: Includes other industries utilizing power rental services.
Regional Insights
The Vietnam power rental market is segmented into Northern Vietnam, Central Vietnam, and Southern Vietnam regions. The source does not provide explicit market share or CAGR data for each region. However, the comprehensive analysis of all these major regional markets indicates the importance of coverage across Vietnam’s geography to cater to the various industrial and infrastructure projects nationwide.
Recent Developments & News
In July 2025, EnQuest PLC acquired Harbour Energy’s Vietnam business, securing a 53.125% stake and operatorship of the Chim Sáo and Dua fields (Block 12W) for $85.1 million (net of interim cash flows). The deal cost around $25.7 million. EnQuest plans to optimize production, extend the PSC beyond 2030, and expand its Southeast Asian footprint leveraging its expertise in late-life and FPSO asset management.
In April 2025, Vietnam approved the revised National Power Development Plan (PDP8), allocating $136.3 billion by 2030 to enhance energy security. The plan prioritizes solar power as the leading energy source, aims to increase total installed capacity to 236 GW, introduces nuclear energy capacity (4–6.4 GW) for the first time, and targets an increase in non-hydro renewables to 28–36% by 2030. It also plans to limit new coal plants and expand renewable energy exports.
Competitive Landscape
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
Request For Customization: https://www.imarcgroup.com/request?type=report&id=42739&flag=E
About Us
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us
IMARC Group,
134 N 4th St. Brooklyn, NY 11249, USA,
Email: sales@imarcgroup.com,
Tel No: (D) +91 120 433 0800,
United States: +1-201971-6302
){kind=link}
Share this page with your family and friends.