Demand for security systems in Thailand’s non-residential property market is expected to grow between 10-15% in the near term. Growing demand is expected in the government and retail sectors. New government offices and the on-going mass transit projects account for half of all security systems sales to non-residential property. Sales to retail and office complexes account for 30% of the market. Industrial facilities and universities make up the remaining share. U.S. products are competitive in the high-end segment where competition is focused on reputation, technology, quality and reliability of the products. Security systems that have growing demand potential include integrated security systems (customized according to each agency requirements), closed circuit television, access control, surveillance cameras, motion detector and anti-theft system.
This report describes the non-residential segment of the security system market. It explains the market characteristics in terms of its buying behavior, suppliers, and competing strategies with a focus on segments offering strong potential for U.S. exports.
Government projects, including government office buildings and mass transit projects, account for 50% of the market for security systems in the non-residential property sector. Office buildings and retail property account for another 30% of the sector, while industrial plants and universities comprise the remaining share of the market. Experts anticipate the market will grow between 10-15% over the next few years. Demand is expected to increase as a result of the ongoing development of the mass transit systems in Bangkok. (These details can be obtained from sources listed at the end of this report.) In addition, development of Thailand’s new parliament buildings and new offices for other government agencies, as well as development of new shopping complexes will generate demand.
Industry experts estimate that completion of four new large shopping complexes will lead to over 750,000 square meters of additional retail space to Bangkok. Such shopping complexes as Central Plaza Rama IX and Terminal 21 are expected to be completed by the end of 2011, while two such shopping malls, Mega Bangna and Central Embassy, will be completed by 2012 and 2013 respectively. Unlike retail complexes, office buildings will have limited growth in the near term. Few projects will be developed over the next few years as persistent double digit vacancy rate is projected to last till 2014.