Synopsis
This report provides detailed market analysis,
information and insights into the Thai construction market, including:
- The Thai construction market’s growth prospects by
sector, project type and type of construction activity
- Analysis of equipment, material and service costs
across each project type within Thailand
- Critical insight into the impact of industry
trends and issues and the risks and opportunities they present to participants
in the Thai construction market
- Assessment of the competitive forces facing the
construction industry in Thailand and profiles of the leading players
- Data highlights of the largest construction
projects in Thailand
Summary
The Thai construction industry suffered a double
blow in the review period, firstly from the global economic crisis in 2008-2009
and then from the record breaking floods in 2011, with activity levels
declining by 5.3% in 2008 and 2.3% in 2011. The industry recorded a quick
recovery in 2012, registering a growth of 7.6%. The construction industry is
expected to continue to progress at a steady pace over the forecast period and
register a CAGR of 6.67%. Growth in the industry will be largely supported by
measures initiated by the government to develop the industry, with an intention
to become the regional hub of the proposed ASEAN Economic Council (AEC) in
2015. Thailand is no longer regarded as a low-cost manufacturing hub, but it
remains a key player in the region in various sectors, such as automotive and
high-tech manufacturing. Growth will also be supported by the introduction of
Real Estate Investment Trust’s (REIT), the need to set up special care centers
for the rapidly aging population and the rising attractiveness of Thailand as a
preferred destination for tourists from across the world, with purposes
spanning leisure, business and medical care activities.
Complete
Report @ http://www.rnrmarketresearch.com/construction-in-thailand-key-trends-and-opportunities-to-2017-market-report.html
Thailand’s economy grew by 6.4% on an annual basis
in 2012, up from just 0.1% growth in 2011 as severe floods late in the year
resulted in a sharp 8.9% annual contraction in GDP in the fourth quarter. The
expansion in 2012 was mainly driven by private consumption, which accounts for
around 55% of total GDP and grew by 6.6% in 2012.
Thailand’s economic growth is not expected to
sustain the rapid annual pace recorded in 2012, as the flood-induced low base
of comparison effect ebbs away. However, the economy is still anticipated to
grow at a healthy rate in the forecast period. The increase in the national
daily minimum wage to THB300 will support private consumption, while export growth
is likely to regain momentum once the global economic perspective turns
positive in the near future. Gross fixed investment will be boosted by
government-led infrastructure projects such as high-speed railways.
Consumer price inflation recorded an annual rate of
3% in 2012, down from 3.8% in 2011. However, the rate of inflation is expected
to pick up due to the rise of the national minimum wage of THB300 in early
2013, as well as a faster pace of economic expansion.
The formation of the ASEAN Economic Community (AEC),
with an objective to create a common production base and market for all the
ASEAN countries by 2015, represents a huge opportunity for different companies
in the construction industry, as the market would serve around 600 million
people from the region. The proposed AEC is expected to facilitate free flow of
goods, services, labor and investment in the ASEAN region. The AEC would
benefit Thailand’s construction industry tremendously as several industrial,
commercial and residential projects would be taken up to cater for the needs of
the huge single market.
There is a need to increase electricity generation
capacity in Thailand due to a significant rise in demand. The government has
initiated measures to increase electricity generation capacity twofold; to take
the figure to 70 GW by 2030. The need to match generation capacity with rising
demand is expected to drive growth in energy infrastructure.
