ASEAN: Heat Pump Market 2024

Heat Pump Market Size in ASEAN

In 2021, the ASEAN heat pump market increased by 0.4% to $X, rising for the fourth year in a row after four years of decline. The market value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Heat Pump Production in ASEAN

In value terms, heat pump production reduced to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 22% against the previous year. The level of production peaked at $X in 2020, and then fell modestly in the following year.

Heat Pump Exports

Exports in ASEAN

In 2021, shipments abroad of heat pumps (other than air conditioning machines) decreased by -6.8% to X units, falling for the second consecutive year after two years of growth. In general, exports, however, recorded a pronounced expansion. The growth pace was the most rapid in 2015 when exports increased by 123%. As a result, the exports attained the peak of X units. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, heat pump exports reduced notably to $X in 2021. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 78% against the previous year. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Malaysia (X units) and Thailand (X units) represented roughly 85% of total exports in 2021. It was distantly followed by Singapore (X units), comprising a 13% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +14.3%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Malaysia ($X), Thailand ($X) and Singapore ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 98% of total exports.

Thailand, with a CAGR of +3.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, dropping by -14.6% against the previous year. Over the period under review, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 when the export price increased by 16% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-3.4%), while the other leaders experienced a decline in the export price figures.

Heat Pump Imports

Imports in ASEAN

Heat pump imports dropped to X units in 2021, leveling off at 2020. In general, imports saw a pronounced descent. The pace of growth was the most pronounced in 2016 when imports increased by 15% against the previous year. The volume of import peaked at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, heat pump imports totaled $X in 2021. Over the period under review, imports recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 11% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Vietnam represented the largest importer of heat pumps (other than air conditioning machines) in ASEAN, with the volume of imports finishing at X units, which was near 50% of total imports in 2021. Singapore (X units) took a 28% share (based on physical terms) of total imports, which put it in second place, followed by Indonesia (6.8%) and Thailand (5.7%). Malaysia (X units) and the Philippines (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +14.7%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Vietnam ($X), Singapore ($X) and Malaysia ($X) constituted the countries with the highest levels of imports in 2021, together comprising 74% of total imports.

In terms of the main importing countries, Vietnam, with a CAGR of +4.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, growing by 6.7% against the previous year. In general, the import price, however, saw a perceptible descent. The growth pace was the most rapid in 2017 an increase of 23% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform