Thailand Solar Energy Market Size (2024 - 2029)

The market size of the solar energy sector in Thailand is anticipated to experience significant growth over the forecast period, driven by robust government support through initiatives like feed-in tariffs and the Alternative Energy Development Plan. The decreasing costs of solar PV systems are also contributing to this expansion. However, challenges such as uncertainties regarding power grid access may hinder investment in renewable projects. Despite these challenges, Thailand's commitment to reducing greenhouse gas emissions and its strategy to decrease reliance on imported fossil fuels are expected to create substantial opportunities for solar energy companies to expand their installations.

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Market Size of Thailand Solar Energy Industry

Thailand Solar Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) 7.20 %
Market Concentration Medium

Major Players

Thailand Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thailand Solar Market Analysis

The Thailand Solar Energy Market size in terms of installed base is expected to grow from 3.9 gigawatt in 2024 to 5.52 gigawatt by 2029, at a CAGR of 7.20% during the forecast period (2024-2029).

  • Over the long term, 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.
  • Conversely, uncertainties regarding access to the power grid are expected to restrain operators from investing in renewable power projects during the forecast period.
  • Nevertheless, with a target of reducing GHG emissions in 2030 to 30%, the country is expected to boost opportunities for solar energy companies to install solar PV plants during the coming years. Moreover, the country 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.

Thailand Solar Industry Segmentation

Solar power is the conversion of solar energy into thermal or electrical energy. Solar energy is the cleanest and most abundant renewable energy source accessible, and it may be used to generate electricity, provide light or a comfortable interior environment, and heat water for home, commercial, or industrial purposes.

The Thailand solar energy market is segmented by technology. By technology, the market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP). For each segment, the market size and forecasts have been done based on installed capacity.

Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
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Thailand Solar Energy Market Size Summary

The solar energy market in Thailand is poised for significant growth, driven by robust government support and decreasing costs of solar photovoltaic (PV) systems. The government's initiatives, such as feed-in tariffs and the Alternative Energy Development Plan, are pivotal in fostering the development of solar power. These efforts are aligned with Thailand's commitment to reducing greenhouse gas emissions and decreasing reliance on imported fossil fuels. Despite challenges like uncertainties in grid access, the market is expected to expand, with the solar PV segment anticipated to dominate due to its cost-effectiveness and versatility in applications such as electricity generation and water heating. The development of large-scale solar projects, including the Bhumibol Dam Solar PV Park, underscores the country's strategic focus on enhancing its solar capacity.

Thailand's energy market is becoming increasingly conducive to renewable energy investments, supported by regulatory frameworks and incentives that encourage private sector participation. The New Solar Rooftop Regulations facilitate electricity trading for solar PV owners, enhancing the market's attractiveness. The Energy Regulatory Commission's initiatives, along with the revised Power Development Plan, aim to integrate more renewable energy into the national grid. The government's support extends to innovative projects like floating solar farms, further diversifying the solar energy landscape. With a target to increase the share of renewables in the power mix, Thailand's solar energy market is expected to experience sustained growth, attracting key players and investments in the coming years.

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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, until 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Favorable Government Policies and Increasing Adoption of Solar PV Systems

        2. 1.5.1.2 Soaring Electricity Prices Incentivized Installing Solar PV Systems for Self-Consumption

      2. 1.5.2 Restraints

        1. 1.5.2.1 The Growth of Other Renewable Technologies Such as Wind and Bioenergy

    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 2024 and grow at a CAGR of 7.20% to reach 5.52 gigawatt by 2029.

In 2024, the Thailand Solar Energy Market size is expected to reach 3.9 gigawatt.

Thailand Solar Energy Market Report Snapshots

Solar Energy in Thailand Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)