Vietnam Power Transformer Market Size, Share, Trends and Forecast by Core, Insulation, Phase, Rating, Application, and Region, 2026-2034

Vietnam Power Transformer Market Overview:

The Vietnam power transformer market size reached USD 138.89 Million in 2025. The market is projected to reach USD 222.87 Million by 2034, exhibiting a growth rate (CAGR) of 5.40% during 2026-2034. The market is driven by extensive grid infrastructure modernization and smart grid development initiatives, rapid renewable energy integration requiring enhanced transmission infrastructure, and unprecedented industrial expansion led by high-tech manufacturing growth. Additionally, the government's ambitious Power Development Plan 8 (PDP8) and rising electricity demand from urbanization are expanding the Vietnam power transformer market share.

Vietnam Power Transformer Market Trends:

Grid Infrastructure Modernization and Smart Technology Integration

Vietnam's power sector is undergoing a comprehensive transformation driven by the government's commitment to modernizing the national electricity infrastructure. This modernization includes the implementation of advanced digital distribution automation systems, with Ho Chi Minh City Power Corporation successfully deploying systems achieving high success rates in automatic fault detection and handling. The integration of Internet of Things sensors, automation capabilities, and monitoring systems is creating substantial demand for digitally-enhanced transformers equipped with predictive maintenance features. The Power Development Plan 8 (PDP8) outlines the development of 24.5 GW of total capacity by 2030, including approximately 21,000 MW of onshore and near-shore wind power and 7,000 MW of offshore wind power, necessitating systematic upgrades to accommodate smart grid functionalities. The adoption of these advanced technologies is positioning Vietnam as a regional leader in grid modernization, with utilities prioritizing investments in intelligent transformer systems that can optimize electricity flow, reduce energy losses, and enhance overall grid reliability and resilience.

Renewable Energy Integration and Transmission Infrastructure Expansion

The Vietnam power transformer market growth is significantly propelled by the country's aggressive renewable energy expansion program under the Power Development Plan 8 (PDP8). Vietnam's renewable energy capacity grew from virtually zero to over 21,000 MW between 2018 and 2023. The country aims to reach 73 gigawatts (GW) of installed solar power capacity and 38GW of onshore wind power by 2030,creating unprecedented demand for specialized transformers capable of managing fluctuating energy loads from solar and wind sources. The rapid renewable energy growth has outpaced transmission infrastructure development, with the National Load Dispatch Center needing to lower hydropower output to prioritize solar integration and prevent grid overload. Major renewable energy projects like the 450 MW Trung Nam Thuan Nam Solar Power Plant have required substantial transformer infrastructure investments, including 500kV transformer stations with 1,800 MVA total capacity. The integration of renewable energy sources demands transformers with enhanced voltage stability, resilience capabilities, and compatibility with battery energy storage systems. This renewable energy surge is fundamentally reshaping Vietnam's power landscape, with transformers serving as critical enablers for the country's transition toward a carbon-neutral energy system by 2050.

Vietnam Power Transformer Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2026-2034. Our report has categorized the market based on core, insulation, phase, rating, and application.

Core Insights:

• Closed
• Shell
• Berry

The report has provided a detailed breakup and analysis of the market based on core. This includes closed, shell, and berry.

Insulation Insights:

• Gas
• Oil
• Solid
• Air
• Others

A detailed breakup and analysis of the market based on insulation have also been provided in the report. This includes gas, oil, solid, air, and others.

Phase Insights:

• Single
• Three

The report has provided a comprehensive analysis of the market based on phase. This includes single and three.

Rating Insights:

• 100 MVA to 500 MVA
• 501 MVA to 800 MVA
• 801 MVA to 1200 MVA

A detailed breakup and analysis of the market based on rating have been provided in the report. This includes 100 MVA to 500 MVA, 501 MVA to 800 MVA, and 801 MVA to 1200 MVA.

Application Insights:

• Residential and Commercial
• Utilities
• Industrial

The report has provided a detailed breakup and analysis of the market based on application. This includes residential and commercial, utilities, and industrial.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

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.

Vietnam Power Transformer Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam power transformer market performed so far and how will it perform in the coming years?
• What is the breakup of the Vietnam power transformer market on the basis of core?
• What is the breakup of the Vietnam power transformer market on the basis of insulation?
• What is the breakup of the Vietnam power transformer market on the basis of phase?
• What is the breakup of the Vietnam power transformer market on the basis of rating?
• What is the breakup of the Vietnam power transformer market on the basis of application?
• What is the breakup of the Vietnam power transformer market on the basis of region?
• What are the various stages in the value chain of the Vietnam power transformer market?
• What are the key driving factors and challenges in the Vietnam power transformer market?
• What is the structure of the Vietnam power transformer market and who are the key players?
• What is the degree of competition in the Vietnam power transformer market?

Key Benefits for Stakeholders:

• IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam power transformer market from 2020-2034.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam power transformer market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam power transformer industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.