Market Size of Southeast Asia Thermal Power Industry
| Study Period | 2019-2027 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2023 - 2028 |
| Market Volume (2023) | 203.19 gigawatt |
| Market Volume (2028) | 232.59 gigawatt |
| CAGR (2023 - 2028) | 2.74 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Southeast Asia Thermal Power Market Analysis
The Southeast Asia Thermal Power Market size is expected to grow from 203.19 gigawatt in 2023 to 232.59 gigawatt by 2028, at a CAGR of 2.74% during the forecast period (2023-2028).
The Southeast Asian thermal power market was adversely affected by the COVID-19 pandemic due to disruptions in the supply chain. However, the market rebounded in 2021, and it is expected to grow steadily during the forecast period.
The rising power demand and increasing investments in the power industry are expected to drive the Southeast Asian thermal power market's growth during the forecast period. For instance, the electricity demand in the region is expected to increase significantly over the next three decades and is expected to reach 2,690 terawatt-hours (TWh) by 2050. Indonesia, Vietnam, Thailand, and the Philippines are expected to register the highest electricity demand during the forecast period.
However, the rapid growth in the renewable energy sector is expected to restrain the growth of the Southeast Asian thermal power market. The energy demand in Southeast Asia is expected to grow by two-thirds between 2019 and 2040, thereby leading to massive investment in new energy generation and transmission, creating ample market opportunities for thermal power generation.
Indonesia is one of the largest economies in Southeast Asia and witnessed the highest power generation in 2021. The nation is expected to dominate the market with upcoming and planned thermal power projects.
