Thailand Power EPC Market Size (2024 - 2029)

The Thailand EPC Power Market is anticipated to experience growth over the forecast period, driven by factors such as increasing population and rising power consumption, which are contributing to the expansion of the market size. Despite the negative impact of COVID-19 in 2020, the market has rebounded to pre-pandemic levels. The demand for power is expected to propel ongoing and planned projects, although environmental and sustainability concerns regarding coal-fired power plants may pose challenges. However, the development of nuclear power plants presents a significant opportunity for market expansion.

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Market Size of Thailand Power EPC Industry

Thailand Power EPC Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 3.00 %
Market Concentration Low

Major Players

Thailand Power EPC Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thailand Power EPC Market Analysis

The Thailand EPC Power Market is expected to grow at a CAGR of more than 3% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.

  • Over the long term, factors such as increasing population and power consumption are resulting in the growth of the power market. With growing power demand, projects under construction and in the planning stage are expected to drive the market significantly.
  • On the other hand, growing environmental and sustainability concerns about coal-fired power plants are expected to restrain the market during the forecast period.
  • Nevertheless, the development of nuclear power plants for commercial power generation remains a significant opportunity for the market during the forecast period.

Thailand Power EPC Industry Segmentation

Power EPC services are defined as end-to-end services for a power plant project, from designing the system, procuring the components, and installing the project.

The Thailand Power EPC Market is segmented by sector. By sector, the market is segmented into power generation (thermal, renewables, and others) and transmission and distribution. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion)

Sector
Power Generation
Thermal
Renewables
Others
Transmission and Distribution
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Thailand Power EPC Market Size Summary

The Thailand Power EPC Market is poised for growth, driven by increasing population and power consumption, which are fueling demand for new projects. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, environmental concerns regarding coal-fired power plants pose challenges to market expansion. Despite these challenges, the development of nuclear power plants presents a significant opportunity for growth. The share of renewable energy in Thailand's power generation mix is expected to rise substantially, supported by government initiatives and upcoming projects. The Energy Regulatory Commission's promotion of power purchase agreements for various renewable energy projects underscores the country's commitment to diversifying its energy sources.

Thailand's continued reliance on coal, despite global trends towards renewable energy, highlights a complex dynamic in the market. The country remains a major coal consumer in the ASEAN region, with plans to construct new coal-fired power plants, although these projects face public opposition and sustainability concerns. The market is moderately consolidated, with key players like Mitsubishi Hitachi Power Systems, Marubeni Corporation, and General Electric Company actively participating. Recent contracts, such as those awarded to Doosan Škoda Power and Glow SPP 2 Company Limited, indicate ongoing investments in both traditional and renewable energy projects, reflecting a balanced approach to meeting the country's energy needs.

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Thailand Power EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Installed Power Generation Capacity and Forecast in MW, till 2027

    4. 1.4 Thailand Power Generation Installed Capacity, by Source, in Mega Watt, 2011-2021

    5. 1.5 Key Projects Information

    6. 1.6 Recent Trends and Developments

    7. 1.7 Government Policies and Regulations

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

      2. 1.8.2 Restraints

    9. 1.9 Supply Chain Analysis

    10. 1.10 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Sector

      1. 2.1.1 Power Generation

        1. 2.1.1.1 Thermal

        2. 2.1.1.2 Renewables

        3. 2.1.1.3 Others

      2. 2.1.2 Transmission and Distribution

Thailand Power EPC Market Size FAQs

The Thailand Power EPC Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Mitsubishi Hitachi Power Systems, Ltd, Marubeni Corporation, General Electric Company, Poyry PLC and Black & Veatch Corporation are the major companies operating in the Thailand Power EPC Market.

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