Singapore: Heat Pump Market 2024

Heat Pump Market Size in Singapore

The Singaporean heat pump market declined to $X in 2021, waning by -6.7% against the previous year. The market value increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Heat pump consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Heat Pump Production in Singapore

In value terms, heat pump production totaled less than $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern.

Heat Pump Exports

Exports from Singapore

Heat pump exports from Singapore soared to X units in 2021, increasing by 1,255% compared with 2020 figures. In general, exports, however, continue to indicate a slight curtailment. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, heat pump exports surged to $X in 2021. Overall, exports, however, saw a abrupt slump. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The Philippines (X units), Bangladesh (X units) and Japan (X units) were the main destinations of heat pump exports from Singapore, with a combined 9.4% share of total exports. China, Thailand, Vietnam, Indonesia, Malaysia, Hong Kong SAR, the United States, Germany, South Korea and Australia lagged somewhat behind, together accounting for a further 5.4%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +45.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X), Bangladesh ($X) and Japan ($X) constituted the largest markets for heat pump exported from Singapore worldwide, with a combined 61% share of total exports. China, Thailand, Vietnam, Indonesia, Malaysia, Hong Kong SAR, the United States, Germany, South Korea and Australia lagged somewhat behind, together accounting for a further 35%.

Among the main countries of destination, South Korea, with a CAGR of +82.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average heat pump export price stood at $X per unit in 2021, declining by -82% against the previous year. Over the period under review, the export price faced a abrupt downturn. The pace of growth was the most pronounced in 2016 when the average export price increased by 60% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were the Philippines ($X per unit) and Vietnam ($X per unit), while the average price for exports to Indonesia ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+0.2%), while the prices for the other major destinations experienced a decline.

Heat Pump Imports

Imports into Singapore

In 2021, overseas purchases of heat pumps (other than air conditioning machines) increased by 61% to X units, rising for the third consecutive year after two years of decline. In general, imports posted a prominent increase. The pace of growth was the most pronounced in 2013 when imports increased by 247% against the previous year. As a result, imports reached the peak of X units; afterwards, it flattened through to 2021.

In value terms, heat pump imports soared to $X in 2021. Overall, imports posted a noticeable increase. The pace of growth was the most pronounced in 2013 when imports increased by 123% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Italy (X units) constituted the largest heat pump supplier to Singapore, accounting for a 26% share of total imports. Moreover, heat pump imports from Italy exceeded the figures recorded by the second-largest supplier, Norway (X units), twofold. Japan (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Italy totaled +35.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (0.0% per year) and Japan (+15.9% per year).

In value terms, Italy ($X) constituted the largest supplier of heat pumps (other than air conditioning machines) to Singapore, comprising 41% of total imports. The second position in the ranking was taken by Norway ($X), with a 20% share of total imports. It was followed by Japan, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at +36.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (0.0% per year) and Japan (+16.1% per year).

Import Prices by Country

The average heat pump import price stood at $X per unit in 2021, with a decrease of -21.8% against the previous year. In general, the import price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2015 when the average import price increased by 14% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Taiwan (Chinese) ($X per unit) and Norway ($X per unit), while the price for Italy ($X per unit) and France ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+1.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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