Market Size of Thailand Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.80 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Thailand Power Market Analysis
Thailand power market is estimated to be at 51.34 GW by the end of this year and is projected to reach 68.05 GW in the next five years, registering a CAGR of 5.8% during the forecast period.
- Over the medium term, increasing renewables capacity and modernization of existing transmission and distribution infrastructure will likely help the market grow.
- On the other hand, the huge capital expenditure required for modernizing existing facilities and building new ones may restrain the market.
- Nevertheless, the Thai government targets achieving more than 30% of electricity generation through renewables by 2037. The country will also see transmission and distribution grid modernization owing to the increasing number of renewable energy power plants. Such activities are likely to present significant opportunities to the players involved in the market.
Thailand Power Industry Segmentation
Generally, electricity generation is generating electric power from primary energy sources. Electricity generation for utilities in the electricity industry is delivering (transmission, distribution, etc.) electricity to end users or storing it.
Thailand Power Market is segmented by power generation, Power Transmission, and Distribution (T&D). By power generation, the market is segmented into conventional and renewables. The market size and forecasts for each segment regarding installed capacity (GW) are done.
| Power Generation | |
| Conventional | |
| Renewables |
Thailand Power Market Size Summary
The Thailand power market is poised for significant growth over the next five years, driven by an increase in renewable energy capacity and the modernization of transmission and distribution infrastructure. The government's ambitious target to generate over thirty percent of electricity from renewable sources by 2037 is a key factor propelling this expansion. However, the substantial capital expenditure required for upgrading existing facilities and developing new ones poses a challenge. Despite this, the shift towards renewable energy is gaining momentum as Thailand seeks to reduce its carbon footprint, moving away from reliance on natural gas and coal, which contribute to higher emissions and global warming.
Government initiatives and supportive policies are crucial in fostering the growth of the renewable energy sector in Thailand. The introduction of the New Solar Rooftop Regulations 2020, which allows solar PV owners to trade electricity through the grid, exemplifies the government's commitment to expanding renewable energy installations. Additionally, the promotion of floating solar energy farms and partnerships with private entities for renewable projects are expected to attract new investments. The market is moderately consolidated, with key players like Siemens Gamesa Renewable Energy SA and JinkoSolar Holding Co. Ltd. actively participating in the sector. Recent developments, such as the launch of solar power and battery energy storage projects, further underscore the dynamic nature of Thailand's power market.
Thailand Power Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Power Generation Mix, 2022
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1.3 Power Generation Installed Capacity and Forecast in GW, till 2028
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1.4 Electricity Generation and Consumption Forecast in TWh, till 2028
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Market Dynamics
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1.7.1 Drivers
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1.7.1.1 Increasing Renewables Capacity in Thailand
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1.7.1.2 Rising Modernization of Existing Transmission and Distribution Infrastructure
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1.7.2 Restraints
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1.7.2.1 Huge Capital Expenditure Required for Carrying out Modernization of Existing Facilities
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1.8 Supply Chain Analysis
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1.9 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Power Generation
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2.1.1 Conventional
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2.1.2 Renewables
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2.2 Power Transmission and Distribution
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Thailand Power Market Size FAQs
What is the current Thailand Power Market size?
The Thailand Power Market is projected to register a CAGR of 5.80% during the forecast period (2024-2029)
Who are the key players in Thailand Power Market?
Siemens Gamesa Renewable Energy SA, JinkoSolar Holding Co., Ltd., General Electric Company, BCPG PCL and Electricity Generation Authority of Thailand are the major companies operating in the Thailand Power Market.
