Thailand Solar Market Size
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| Market Volume (2023) | 3.9 gigawatt |
| Market Volume (2028) | 5.52 gigawatt |
| CAGR (2023 - 2028) | 7.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Solar Market Analysis
The Thailand Solar Energy Market size is expected to grow from 3.90 gigawatt in 2023 to 5.52 gigawatt by 2028, at a CAGR of 7.20% during the forecast period (2023-2028).
The COVID-19 pandemic slightly affected the solar photovoltaic (PV) installations in the country during Q1 and Q2 2020 due to lockdown restrictions, supply chain disruptions, lowered solar PV production, and project implementation delays. The state-run Electricity Generating Authority of Thailand (EGAT) postponed the operation of a 45 MW floating solar farm due to the pandemic. Factors such as strong government support for solar power development in the form of feed-in tariffs, the Alternative Energy Development Plan (AEDP), and declining costs of solar PV systems are expected to drive the solar energy market in Thailand during the forecast period. However, uncertainties regarding access to the power grid are expected to restrain operators from investing in renewable power projects during the forecast period.
· The ground-mounted solar PV segment accounts for the largest share in the Thai solar energy market due to the installed capacity of ground-mounted solar PV and many upcoming projects in the country.
· With a target of reducing GHG emissions in 2030 to 20.8%, the region is expected to boost opportunities for solar energy companies to install solar PV plants during the coming years. Moreover, the region has plans to reduce dependency upon foreign fossil fuels like crude oil and opt for renewable energy like solar to reduce expenses related to imported oil.
· The market is also propelled by supportive government policies, particularly the plans formulated by the Ministry of Thailand to encourage renewables-based power generation.
Thailand Solar Market Trends
This section covers the major market trends shaping the Thailand Solar Energy Market according to our research experts:
Solar Photovoltaic (PV) Segment Expected to Dominate the Market
· The solar PV segment is likely to hold the largest market share during the forecast period, owing to declining costs of solar modules and the versatility of these systems for various applications, like electricity generation and water heating.
· According to the International Renewable Energy Agency (IRENA), the installed solar PV capacity in Thailand was around 2,983 MW in 2020, up from 1,420 MW in 2015, recording a growth of around 11% during the year. The growth is the result of huge deployments of solar PV installations in India, particularly for utility projects. The Indian government has plans to increase the solar PV installed capacity as well.
· In 2020, BCPG Public Company Limited (BCPG) commissioned a 12 MW solar rooftop PV project located on the roof of Chiang Mai University in Thailand.
· In December 2021, Huaneng Power International Inc. connected the second phase (120 MW) of Dezhou Dingzhuang floating solar photovoltaic (PV) park. The total installed capacity of the plant is 320 MW, and the project is capable of generating around 550 million kWh of electricity per year.
· Moreover, the country has several upcoming solar PV projects. The Electricity Generating Authority of Thailand is developing a 778 MW Bhumibol Dam Solar PV Park in Tak. The major project is likely to commence in 2024 and is expected to enter into commercial operation in 2026.
· Owing to such developments, the solar PV segment is expected to have a dominant market share in Thailand during the forecast period.
Supportive Government Policies to Drive the Market
· The Thai government is encouraging renewable energy installations across the country to reduce greenhouse gas emissions by 20-25% by 2030. The government has also been supporting the solar power market by providing various incentives and regulatory support.
· The country has planned to further open its energy market for private electricity trading through the New Solar Rooftop Regulations 2020. As per the regulation, solar PV owners can be connected to the grid for trading electricity, using the power transmission and distribution infrastructure by paying a transmission fee to the public utilities. The fee for retail power trading will be based on the amount of electricity transferred and the level of congestion in the transmission line.
· The country has revised its Power Development Plan (PDP). As per PDP 2020, Thailand plans to add 50 MW of residential rooftop solar and increase up to 250 MW by 2024.
· Thailand has set a target for renewables to account for 30% of the power mix by 2037. In 2020, the country generated 11991 MW of renewable energy capacity, which was higher compared to 7968 MW in 2015.
· Moreover, the Thai government is supporting the deployment of floating solar energy farms as part of its green energy development plans. In November 2020, the Industrial Estate Authority of Thailand (IEAT) signed a memorandum of understanding with the Provincial Electricity Authority to build four floating solar plants in four industrial estates with a total capacity of 60 megawatts.
· Therefore, supportive government policies and initiatives are expected to drive the Thai solar energy market in the forecast period.
Thailand Solar Industry Overview
The Thai solar energy market is moderately concentrated. Some of the major companies include SPCG Public Company Limited, Symbior Energy Limited, Thai Solar Energy PLC, B. Grimm Power Public Company Limited, and Solaris Green Energy Co. Ltd, among others.
Thailand Solar Market Leaders
SPCG Public Company Limited
Symbior Energy Limited
Thai Solar Energy Public Company Limited
B.Grimm Power Public Company Limited
Solaris Green Energy Co., Ltd
*Disclaimer: Major Players sorted in no particular order
Thailand Solar Market News
· In November 2021, the Electricity Generating Authority of Thailand (EGAT), a state-owned enterprise, commissioned a 45MW hydro-floating solar hybrid project, the largest at Sirindhorn Dam in Thailand. The project is capable of reducing greenhouse gas emissions by around 47,000 ton/year.
· In June 2020, WHA Utilities & Power PLC signed an agreement to install a solar rooftop, with a capacity of 2,012 KW, at the second factory of Asno Horie (Thailand) Co. Ltd.
Thailand Solar Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Solar Energy Installed Capacity and Forecast in GW, until 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Solar Photovoltaic (PV)
5.1.2 Concentrated Solar Power (CSP)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 SPCG Public Company Limited
6.3.2 Symbior Energy Limited
6.3.3 Thai Solar Energy PLC
6.3.4 B. Grimm Power Public Company Limited
6.3.5 Solaris Green Energy Co. Ltd
6.3.6 Energy Absolute PCL
6.3.7 Solartron PLC
6.3.8 Marubeni Corporation
6.3.9 Black & Veatch Holding Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Thailand Solar Industry Segmentation
The Thai solar energy market report includes:
| Technology | |
| Solar Photovoltaic (PV) | |
| Concentrated Solar Power (CSP) |
Thailand Solar Market Research FAQs
How big is the Thailand Solar Energy Market?
The Thailand Solar Energy Market size is expected to reach 3.9 gigawatt in 2023 and grow at a CAGR of 7.20% to reach 5.52 gigawatt by 2028.
What is the current Thailand Solar Energy Market size?
In 2023, the Thailand Solar Energy Market size is expected to reach 3.9 gigawatt.
Who are the key players in Thailand Solar Energy Market?
SPCG Public Company Limited, Symbior Energy Limited, Thai Solar Energy Public Company Limited, B.Grimm Power Public Company Limited and Solaris Green Energy Co., Ltd are the major companies operating in the Thailand Solar Energy Market.
Thailand Solar Industry Report
Statistics for the 2023 Thailand Solar market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Solar analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
