South-Eastern Asia: Heat Pump Market 2024

Heat Pump Market Size in South-Eastern Asia

In 2021, the Southeast Asian 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 relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The level of consumption peaked in 2021 and is expected to retain growth in the immediate term.

Heat Pump Production in South-Eastern Asia

In value terms, heat pump production contracted slightly 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 consistent, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 22%. Over the period under review, production attained the maximum level at $X in 2020, and then shrank modestly in the following year.

Heat Pump Exports

Exports in South-Eastern Asia

In 2021, overseas shipments of heat pumps (other than air conditioning machines) decreased by -6.8% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports, however, posted a noticeable expansion. The most prominent rate of growth was recorded in 2015 with an increase of 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 shrank remarkably to $X in 2021. Overall, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 78%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Malaysia (X units) and Thailand (X units) represented the key exporters of heat pumps (other than air conditioning machines) in South-Eastern Asia, together finishing at near 85% of total exports. It was distantly followed by Singapore (X units), creating a 13% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Thailand (with a CAGR of +14.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest heat pump supplying countries in South-Eastern Asia were Malaysia ($X), Thailand ($X) and Singapore ($X), together comprising 98% of total exports.

Thailand, with a CAGR of +3.2%, saw the highest growth rate of the value of exports, among 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 South-Eastern Asia amounted to $X per unit, dropping by -14.6% against the previous year. Over the period under review, the export price showed a drastic downturn. The most prominent rate of growth was recorded in 2014 an increase of 16% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 South-Eastern Asia

In 2021, heat pump imports in South-Eastern Asia reduced to X units, approximately equating the previous year. In general, imports recorded a pronounced reduction. The most prominent rate of growth was recorded in 2016 with an increase of 15% against the previous year. Over the period under review, imports attained the maximum at X units in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, heat pump imports expanded notably to $X in 2021. Over the period under review, imports showed a perceptible downturn. The pace of growth appeared the most rapid in 2016 with an increase of 11%. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

Vietnam represented the key importer of heat pumps (other than air conditioning machines) in South-Eastern Asia, 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%). The following importers - Malaysia (X units) and the Philippines (X units) - together made up 7.2% of total imports.

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) were the countries with the highest levels of imports in 2021, with a combined 74% share of total imports.

Among 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

In 2021, the import price in South-Eastern Asia amounted to $X per unit, picking up by 6.7% against the previous year. In general, the import price, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 23% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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

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