Market Research Report
Philippines Heating 2019
|Published by||BRG Building Solutions||Product code||342236|
|Published||Content info||92 Pages
Delivery time: 1-2 business days
|Philippines Heating 2019|
|Published: August 31, 2019||Content info: 92 Pages||
This report provides an in-depth analysis of the Filipino heating market including the monitoring of recent trend patterns and demand drivers, plus substantiated volume forecasts for the next 5 years.
The Philippines continued to move on a healthy growth trajectory in 2018, although at a slightly slower pace compared to the previous year. The gross domestic product (GDP) was 6.5% in 2018, slower than the 6.7% in 2017, but still among the fastest in Asia. The industry sector, which contributed around 2.3% to the GDP during the year reported the most robust, although a slower, growth of 6.8% against 7.2% in 2017. This was largely owing to increased construction activity which has been a good indicator of the progress of government's “Build, Build, Build” programme.
In 2018, good growth was recorded in the overall Philippines water heater market, following the trend from the previous year. The market was mainly driven by increased demand resulting from new urban housing projects, a healthy economy and a positive market sentiment among the household consumers. 2018 was a good year for the electric water heater market. The sales continued to move on an upward trajectory. Backed by strong growth in the retail sector, good economic conditions, the volume sales growth was even better than the previous year. Sales of thermosyphon tanks grew in 2018, owing to increased interest in solar thermal water heaters in the country, especially the evacuated tube water heaters which are cheaper when compared to flat plate.
The year 2018 also saw good positive development in the evacuated tube collector segment of the solar thermal market due to greater demand from the residential sector. Unlike the previous year, the flat plate collector market also witnessed positive growth, due to increased construction activity.
For air conditioning products, both retail and project sales continued to remain strong, positively affecting the demand for AC products throughout 2018. Although window units still account for the majority of total room air conditioner sales, sales of mini-splits have been growing at a much higher rate. The inverter models, both in the mini-split as well as window units, have been receiving a good response, owing to long term savings in the country (which has one of the highest electricity tariffs in Asia). There has also been a rise in sales of multi-splits featuring VRF technology because of growing consumer awareness about higher savings in the long term. The rapid growth in commercial construction during 2018 has given a boost to the sales of commercial air conditioning like chillers, air handling units and even commercial VRFs.
This report focuses on the following product categories: