Philippines: Heat Pump Market 2024

Heat Pump Market Size in the Philippines

The Philippine heat pump market plummeted to $X in 2021, which is down by -61% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a dramatic slump. Heat pump consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Heat Pump Exports

Exports from the Philippines

Heat pump exports from the Philippines surged to X units in 2021, rising by 104% against the year before. Overall, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, heat pump exports rose markedly to $X in 2021. In general, exports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 57%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X units), Morocco (X units) and Thailand (X units) were the main destinations of heat pump exports from the Philippines, together accounting for 5.7% 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 a decline.

In value terms, the largest markets for heat pump exported from the Philippines were Morocco ($X), Singapore ($X) and Thailand ($X), together comprising 4.6% of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of -16.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average heat pump export price stood at $X per unit in 2021, waning by -48% against the previous year. Over the period under review, the export price recorded a abrupt setback. The most prominent rate of growth was recorded in 2016 when the average export price increased by 65%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+4.0%), while the prices for the other major destinations experienced mixed trend patterns.

Heat Pump Imports

Imports into the Philippines

In 2021, the amount of heat pumps (other than air conditioning machines) imported into the Philippines reduced dramatically to X units, with a decrease of -56.9% against 2020. Overall, imports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 179% against the previous year. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, heat pump imports shrank rapidly to $X in 2021. Over the period under review, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 149%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), the United States (X units) and Canada (X units) were the main suppliers of heat pump imports to the Philippines, with a combined 50% share of total imports. These countries were followed by Singapore, Italy, Denmark, Spain, the United Arab Emirates, Japan, Australia, South Korea and Taiwan (Chinese), which together accounted for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Denmark (with a CAGR of +16.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest heat pump suppliers to the Philippines were China ($X), the United States ($X) and Canada ($X), with a combined 56% share of total imports. Singapore, Spain, Italy, Japan, the United Arab Emirates, Australia, Denmark, South Korea and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 32%.

Spain, with a CAGR of +57.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average heat pump import price stood at $X per unit in 2021, remaining stable against the previous year. In general, the import price, however, recorded a remarkable increase. The growth pace was the most rapid in 2013 when the average import price increased by 142%. Over the period under review, average import prices reached the maximum at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Spain ($X per unit), while the price for Denmark ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+37.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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