Thailand Wind Energy Market Size (2024 - 2029)

The Thailand wind energy market is poised for growth, driven by increasing energy demand and a shift towards renewable energy sources. Efforts to reduce dependence on fossil fuels and enhance energy efficiency are key factors contributing to this expansion. Despite facing technical, regulatory, and interconnection challenges, the market's potential is underscored by ambitious targets for wind energy capacity. The development of offshore wind projects in the Gulf of Thailand is anticipated to offer significant opportunities, positioning the market for a robust trajectory towards sustainable energy solutions.

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Market Size of Thailand Wind Energy Industry

Thailand wind energy market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.98 %

Major Players

Thailand wind energy market Key Players

*Disclaimer: Major Players sorted in no particular order

Thailand Wind Energy Market Analysis

The Thailand wind energy market is expected to grow at a CAGR of more than 4.98% during the forecast period 2020-2025. The market studied is expected to witness significant growth due to rising energy demand coupled with the increasing share of renewables in the power generation mix, efforts to reduce the reliance on fossil fuel-based power generation, regulations on energy efficiency. However, factors such as a number of the technical, regulatory and interconnection challenges are expected to restrain the growth of the wind energy market in Thailand in the coming years.

  • Thailand is targeting 3000 MW of wind energy by 2036, up from around 1018 MW in 2018. Increasing the country's wind energy target to an additional 7 GW by 2037 and putting in place the corresponding policy frameworks will ensure that wind projects can develop efficiently to put Thailand on a firm path towards clean and competitive energy.
  • The upcoming projects in the offshore wind energy market in the Gulf of Thailand are expected to create significant opportunities for the players involved in the wind energy market in the near future.

Thailand Wind Energy Industry Segmentation

The Thailand wind energy market report include:

Location of Deployment
Onshore
Offshore
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Thailand Wind Energy Market Size Summary

The Thailand wind energy market is poised for substantial growth, driven by increasing energy demand and a shift towards renewable energy sources in the power generation mix. Efforts to reduce dependence on fossil fuels and enhance energy efficiency are central to this growth trajectory. However, the market faces challenges, including technical, regulatory, and interconnection issues, which could impede its expansion. Thailand's ambitious targets for wind energy capacity, aiming for significant increases by 2036 and 2037, are supported by policy frameworks designed to facilitate efficient project development. The offshore wind energy projects in the Gulf of Thailand are anticipated to offer considerable opportunities for market participants, positioning the country towards a sustainable and competitive energy future.

The onshore wind industry is expected to be the primary driver of Thailand's wind power sector, benefiting from declining costs and technological advancements. The market has already attracted substantial direct investment, with potential for further significant financial influx given supportive government policies. Job creation in the wind sector also presents a promising outlook. While wind energy is a growing focus, solar power currently dominates Thailand's renewable energy sector, with biomass energy also playing a crucial role due to the country's agricultural output. The wind energy market in Thailand is moderately fragmented, with key players including Energy Absolute PLC, Siemens Gamesa Renewable Energy SA, and others, contributing to the competitive landscape.

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Thailand Wind Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in MW, til 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Key Projects Information

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Onshore

      2. 2.1.2 Offshore

Thailand Wind Energy Market Size FAQs

The Thailand Wind Energy Market is projected to register a CAGR of greater than 4.98% during the forecast period (2024-2029)

Energy Absolute PCL, Siemens Gamesa Renewable Energy SA , Electricity Generating PCL , Wind Energy Holding Co Ltd and GOLDWIND/Shs A Vtg are the major companies operating in the Thailand Wind Energy Market.

Thailand Wind Energy Market Report Snapshots

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