Market Research Report
Thailand Heating 2019
|Published by||BRG Building Solutions||Product code||342237|
|Published||Content info||92 Pages
Delivery time: 1-2 business days
|Thailand Heating 2019|
|Published: May 31, 2019||Content info: 92 Pages||
This report provides an in-depth analysis of the Thai heating market including the monitoring of recent trend patterns and demand drivers, plus substantiated volume forecasts for the next 5 years.
The Thai economy posted a GDP growth of about 4.6% in 2018, up from 3.9% in the previous year. This is the highest growth rate in six years despite external shocks to trade and tourism. Thailand has been on a path to recovery after a weak average growth of 3.5% from 2005 to 2015.
In 2018, the electric water heater market in Thailand continued to grow at a good pace, with nearly similar growth rates as in the previous year. Increased spending on dwellings and an enhanced growth in the real estate market (especially condominiums) helped the market gain further momentum. Sales of thermosyphon tanks were stagnant and the market did not experience any growth during 2018 while sales of monovalent cylinders, although a much smaller market, grew slightly with demand increasing in the non-housing sector for heating systems installed with these cylinders.
The Thai solar thermal market witnessed a decline in 2018 compared to a slow growth experienced in the previous year. Sales to the residential sector continued to remain low, although demand grew marginally, high cost and low cost effectiveness for smaller households being a major deterrent to installations.
2018 was the second consecutive year when the RAC sales dropped in Thailand. The fall in the market was mainly due to continued high household debt and unexpectedly cooler than normal temperatures during the year. However, government projects and growth in construction of large apartment buildings offered good opportunities for commercial AC manufacturers. The VRF market saw good growth in 2018, riding on the continuous urbanisation and commercialisation in and around Bangkok and driven by the hospitality sector.
This report focuses on the following product categories: