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Construction in Thailand, Key Trends and Opportunities to 2020

  • December 2016
  • 80 pages
  • Timetric
Report ID: 1634370

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Synopsis
In real terms, the Thai construction industry is set to perform better over the forecast period (2016–2020) compared to the review period (2011–2015). The industry’s forecast-period growth will be driven by public and private sector investments in infrastructure, energy, commercial and residential construction projects.

Growth will also be driven by the country’s development program over 2016–2022, under which the government aims to develop the country’s transport infrastructure.

According to the Office of the National Economic and Social Development Board (NESDB), the country’s gross fixed capital formation in the construction industry grew by 16.4% in 2015 compared to 2014.

The industry’s output value in real terms is expected to rise at a compound annual growth rate (CAGR) of 6.57% over the forecast period; up from 4.66% during the review period.

There are certain challenges associated with the Thai construction industry outlook. The shortage of a skilled labor force, poor contractor management, fragile political situation, and limited funding are expected to affect the growth prospects of the Thai construction industry. Moreover, the death of King Bhumibol Adulyadej in October 2016 is likely to pose a few threats to the country’s macroeconomic stability.

Summary
Timetric’s Construction in Thailand, Key Trends and Opportunities to 2020 report provides detailed market analysis, information and insights into the Thai construction industry, including:

- The Thai construction industry's growth prospects by market, project type and construction activity

- Analysis of equipment, material and service costs for each project type in Thailand

- Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Thai construction industry

- Profiles of the leading operators in the Thai construction industry

- Data highlights of the largest construction projects in Thailand

Scope
This report provides a comprehensive analysis of the construction industry in Thailand. It provides:

- Historical (2011-2015) and forecast (2016-2020) valuations of the construction industry in Thailand using construction output and value-add methods

- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, 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

- Detailed profiles of the leading construction companies in Thailand

Reasons To Buy
- Identify and evaluate market opportunities using Timetric's standardized valuation and forecasting methodologies.

- Assess market growth potential at a micro-level with over 600 time-series data forecasts.

- Understand the latest industry and market trends.

- Formulate and validate strategy using Timetric's critical and actionable insight.

- Assess business risks, including cost, regulatory and competitive pressures.

- Evaluate competitive risk and success factors.

Key Highlights
- According to the Bank of Thailand, residential property prices in the country remained buoyant in 2015. The weighted average housing price index for single detached houses grew by 2.8%, going from 125.3 in 2014 to 128.8 in 2015. This was preceded by annual growth rates of 5.8% and 7.9% in 2014 and 2013 respectively. During the first nine months of 2016, the price index for single detached houses grew by 2.2% compared to the same period of 2015, going from 128.6 in January–September 2015 to 131.5 in January–September 2016. Prices are expected to be buoyant over the forecast period, backed by a rise in demand.

- To improve the country's infrastructure and reduce logistics costs, the government is focused more on the expansion of the country’s rail, road and other core transport infrastructure. Accordingly, the government is planning to invest THB1.8 trillion (US$50.8 billion) in 20 key priority infrastructure construction projects by 2022. The government’s focus on transport infrastructure is expected to support economic growth and improve rail connectivity in the region.

- To improve the country's infrastructure, the government will offer more transport infrastructure projects under the public-private partnership (PPP) model. According to the Thailand's Ministry of Finance, 66 key projects with a combined value of THB1.6 trillion (US$46.1 billion) are in the pipeline across the country under the PPP Strategic Plan 2015–2019. Projects include the construction of high-speed rail, an urban rail transit system and toll roads in urban areas, logistics ports, intercity toll roads, educational and healthcare buildings, telecommunication and water infrastructure.

- The Airports of Thailand (AOT) is focusing on the development and modernization of airport infrastructure to support the domestic tourism industry, and cope with an expected rise in passenger, cargo and air traffic. Accordingly, the AOT announced its plans in June 2016 to invest THB200.0 billion (US$5.6 billion) to expand the country’s six main international airports over the next 10 years.

- To reduce the country’s reliance on imported energy, the government is focused on developing renewable energy sources, which will boost the country’s electricity and power construction market and economy. Under the Alternative Energy Development Plan (AEDP), the government aims to increase the share of renewable energy in total energy production from 8.0% in 2014 to 20.0% by 2036. Accordingly, it is planning to generate 19,634.4MW of electricity through renewable sources by 2036. Investments to transform the country’s energy sector are expected to support growth in the energy and utilities construction market.

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