South-Eastern Asia: Heat Pump Market 2024

Heat Pump Market Size in South-Eastern Asia

After five years of growth, the Southeast Asian heat pump market decreased by X% to $X in 2023. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2022, and then fell rapidly in the following year.

Heat Pump Production in South-Eastern Asia

In value terms, heat pump production dropped modestly to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production hit record highs at $X in 2022, and then dropped slightly in the following year.

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Heat Pump Exports

Exports in South-Eastern Asia

In 2023, shipments abroad of heat pumps other than air conditioning machines increased by X% to X units, rising for the second year in a row after two years of decline. Overall, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, heat pump exports surged to $X in 2023. In general, exports continue to indicate a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Malaysia represented the key exporting country with an export of around X units, which amounted to X% of total exports. It was distantly followed by Thailand (X units), mixing up a X% share of total exports. Singapore (X units) followed a long way behind the leaders.

Exports from Malaysia increased at an average annual rate of X% from 2012 to 2023. At the same time, Thailand (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, Singapore (X%) illustrated a downward trend over the same period. Malaysia (X p.p.) and Thailand (X p.p.) significantly strengthened its position in terms of the total exports, while Singapore saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Malaysia ($X) remains the largest heat pump supplier in South-Eastern Asia, comprising X% of total exports. The second position in the ranking was taken by Singapore ($X), with a X% share of total exports.

In Malaysia, heat pump exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Singapore (X% per year) and Thailand (X% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2023, declining by X% against the previous year. Overall, the export price showed a abrupt descent. The most prominent rate of growth was recorded in 2014 when the export price increased by X%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the other leaders experienced a decline in the export price figures.

Heat Pump Imports

Imports in South-Eastern Asia

In 2023, overseas purchases of heat pumps other than air conditioning machines decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. Over the period under review, imports, however, posted a prominent increase. The pace of growth appeared the most rapid in 2022 with an increase of X%. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2023, imports failed to regain momentum.

In value terms, heat pump imports fell to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, Vietnam (X units), the Philippines (X units), Singapore (X units) and Malaysia (X units) was the major importer of heat pumps other than air conditioning machines in South-Eastern Asia, making up X% of total import. The following importers - Thailand (X units) and Indonesia (X units) - each amounted to a X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Singapore (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest heat pump importing markets in South-Eastern Asia were Vietnam ($X), the Philippines ($X) and Singapore ($X), with a combined X% share of total imports.

Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per unit in 2023, increasing by X% against the previous year. In general, the import price, however, recorded a pronounced reduction. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2023, 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 Thailand ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform