Thailand Solar Energy Market Size (2024 - 2029)

The market size of the solar energy sector in Thailand is predicted to grow significantly in the coming years, driven by strong governmental support and declining costs of solar PV systems. However, uncertainties regarding access to the power grid might pose a challenge to this growth. Despite this, the country's commitment to reducing GHG emissions and plans to reduce dependency on foreign fossil fuels are expected to create opportunities for the expansion of the solar energy market size in Thailand.

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Market Size of Thailand Solar Energy Industry

thailand solar energy market
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

solar energy in thailand

*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 Industry Segmentation

The Thai solar energy market report includes:

Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)

Thailand Solar Energy Market Size Summary

The Thailand Solar Energy Market is projected to see significant growth, with an increase in the installed base expected over the coming years. This growth is driven by factors such as strong government support for solar power development, declining costs of solar PV systems, and a national target to reduce GHG emissions. However, uncertainties regarding access to the power grid may pose challenges to the market. Despite this, the country's plans to reduce dependency on foreign fossil fuels and opt for renewable energy like solar present ample opportunities for solar energy companies to install solar PV plants in the future. The solar PV segment is anticipated to dominate the market, thanks to the declining costs of solar modules and the versatility of these systems for various applications. This growth is attributed to large deployments of solar installations, particularly for utility projects, and several upcoming solar PV projects. Supportive government policies and incentives, including the New Solar Rooftop Regulations and Thailand's feed-in-tariff regime, are expected to further drive the market. The Thai government's commitment to green energy development, as evidenced by its support for the deployment of floating solar energy farms, is also anticipated to contribute to the growth of the Thai solar energy market.

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Thailand Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Energy Installed Capacity and Forecast in GW, until 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technology

      1. 2.1.1 Solar Photovoltaic (PV)

      2. 2.1.2 Concentrated Solar Power (CSP)

Thailand Solar Energy Market Size FAQs

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.

In 2023, the Thailand Solar Energy Market size is expected to reach 3.9 gigawatt.

Thailand Solar Market Report Snapshots