Albany, New York, January 10, 2017: In the recent years, the construction industry in Thailand has made a great presence and is now set to perform better over the forecast period of 2016 to 2020. This information is clearly stated in a new report by Timetric, recently added to the vast portfolio of Market Research Hub (MRH). The study is entitled as, “Construction in Thailand, Key Trends and Opportunities to 2020” which offers detailed market analysis and insights into the Thai construction industry. The industry outlook seems more positive in terms of growth which is driven by establishing political and economic conditions along with the new investments in residential, infrastructure and commercial construction projects running in Thailand.
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According to the report, Thailand’s construction industry is expected to boom within the forecast period. The main factors responsible for this growth are economic expansion, the country’s housing demand and the government investments in public infrastructure and to reduce the logistics costs. Growth is also driven by the country’s development program over 2016 to 2022, under which the government aims for the development in Thai rail, road and transport infrastructure. The government is planning to invest THB1.8 trillion (US$50.8 billion) in 20 key priority infrastructure projects. At present, there are 66 key projects in the pipeline with a combined value of US$46.1 billion under the public-private partnership (PPP) model. These projects include:
- An urban rail transit system
- Construction of high-speed rails
- Toll roads
- Intercity toll roads
- Water infrastructure
- Educational and Healthcare buildings
At present, Thailand praises itself as the Asian investment hub and the construction sector poses a great impact to its future growth with Thailand having a yearly output of roughly 50 million tons of cement. Also. Timetric’s CIC report studies that, the country’s rising population along with urbanization and positive developments in regional economic conditions will support the market during the forecast period i.e. 2016-2022. In real terms, the output value of the industry anticipated to grow rapidly at a CAGR of 6.57% till the end of 2020.
The key findings of the report studies that the government is focusing on developing renewable energy sources that will enhance the country’s economy, electricity and power construction market. Under the Alternative Energy Development Plan, the government is planning to produce 19.634.4MW of electricity by 2036. Furthermore, the Airport of Thailand (AOT) is also aiming towards the development of airport to support the domestic tourism industry due to the rise in passenger, cargo and air traffic. Therefore, AOT announced in June 2016 to spend THB200.0 billion (US45.6. billion) to modernize Thailand’s six international airports in the next 10 years.
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According to the Bank of Thailand, residential property prices have remained flexible in 2015 and it is predicted to be buoyant during the forecast, which is backed by rise in the demand. However, there are several risks connected with the Thai construction industry positive outlook that can hinder the market growth. Some of them are- lack of skilled labor force, fragile political situation, poor contractor management and limited funding.
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