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
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Executive 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.
Scope
This report provides a comprehensive
analysis of the construction industry in Thailand:
- Historical (2008-2012) and
forecast (2013-2017) valuations of the construction market in Thailand
using the construction output and value-add methods
- Segmentation by sector
(commercial, industrial, infrastructure, institutional and residential)
and by project type
- Breakdown of values within each
project type, by type of activity (new construction, repair and
maintenance, refurbishment and demolition) and by type of cost (materials,
equipment and services)
- Analysis of key construction
industry issues, including regulation, cost management, funding and
pricing
- Assessment of the competitive
environment using Porter’s Five Forces
- Detailed profiles of the
leading construction companies in Thailand
Key highlights
- 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.
Reasons to buy
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opportunities using our standardized valuation and forecasting
methodologies
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at a micro-level via 600+ time series data forecasts
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and market trends
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strategies by leveraging our critical and actionable insight
- Assess business risks,
including cost, regulatory and competitive pressures
- Evaluate competitive risk and
success factors
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