Vietnam Process Boiler and Heating Equipment Market By Type (Steam Boiler, Thermic Fluid Heater, Hot Water Generator, Hot Air Generator & Waste Heat Recovery Boilers), By Fuel Type (Fossil Fuel, Oil & Gas & Non Fossil Fuel) Competition, Forecast & Opportunities, 2026

Vietnam process boiler and heating equipment market was valued at around USD20 million in 2019 and is projected to grow at a CAGR of around 4% during 2021-2026 on account of availability of cheaper fuel like coal, growing foreign direct investments in the processing industries and a stable economic growth. Electricity consumption in the country has tripled over the historical years in Vietnam that influenced the rapid growth and industrialization of the country in turn influencing the growth in the market. Moreover, government incentivizing the investors with lower tax rates to promote investments in food processing sector and lowering the cost of doing business is further anticipated to spur demand for process boilers and heating equipment across the country during forecast period.

Vietnam process boiler and heating equipment market is segmented by type, fuel type, and region. Based on fuel type, the market is further categorized into oil and gas, fossil fuel, and non-fossil fuel. Coal as a fossil fuel resources for the 50% of energy supply in the country which reasons for the domination of fossil fuel on the other market sub-segments. Based on regional analysis, southern part of the country sees increased number of industries thus, influencing the market toward its growth.

Some of the major companies operating in Vietnam process boiler and heating equipment market include Martech Co. Ltd. VN., Vietnam Boiler Joint Stock Company, Dinh Viet Energy Limited, Thang Long CFB and Forbes Marshall, Thermax Ltd., Henan Yuanda Boiler Corporation Ltd., Zozen Boiler Co., Ltd., Classen Apparatebau Wiesloch GmbH, Viessmann Group, among others.

Years considered for this report

Historical Years2016-2019

Base Year2020

Estimated Year2021

Forecast Period2022-2026

Objective of the Study

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Market insights research performed primary as well as exhaustive secondary research for this study. Initially, Market insights research sourced a list of process boiler and heating equipment manufacturers and suppliers, in Vietnam. Subsequently, Market insights research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market insights research was able to include manufacturers that could not be identified due to the limitations of secondary research. Market insights research analyzed product offerings, end user, and regional presence of all major process boiler and heating equipment manufacturing companies across Vietnam.

Market insights research calculated the Vietnam process boiler and heating equipment market size by using a bottom-up approach, wherein manufacturers’ value sales data for different engine types was recorded as well as forecast for the future years was made. Market insights research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by Market insights research.

Key Target Audience

• Vietnam process boiler and heating equipment manufacturers, suppliers and end users
• Research organizations and consulting companies
• Associations, organizations and alliances related to process boiler and heating equipment
• Government bodies such as regulating authorities and policy makers