Thailand Solar Photovoltaic Market is expected to grow at a 3.81% CAGR
Thailand
Solar Photovoltaic Market is expected to grow owing to combination of FiT
programs, tax incentives, and clear renewable energy policies throughout the
forecast period.
According
to TechSci Research report, “Thailand
Solar Photovoltaic Market – By
Region, Competition, Forecast and Opportunities, 2019-2029”, the Thailand
Solar Photovoltaic Market is expected to register robust growth during the
forecast period.
A significant driver behind the growth of the Thailand Solar
Photovoltaic market is the declining cost of solar PV technology. Over the past
decade, the price of solar panels and associated equipment has dropped
substantially, making solar energy more accessible and cost-effective for a
wide range of consumers, including residential, commercial, and industrial
sectors.
The
Thai government has introduced various incentives and support mechanisms to
encourage solar PV adoption. These include feed-in tariffs, tax incentives, and
regulatory policies that make it financially attractive to invest in solar
energy. This support creates a conducive environment for solar projects and
offers opportunities for investors to benefit from stable and predictable
returns on their investments.
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Based
on grid type, the
On-Grid segment is expected to dominate the market during the forecast period. Thailand's
regulatory environment supports the development of on-grid solar PV projects.
The government has established clear guidelines and feed-in tariffs that
guarantee fixed payments for the electricity generated and fed into the grid.
Net metering regulations allow solar system owners to offset their electricity
bills by exporting surplus energy back to the grid, further incentivizing
on-grid solar installations. On-grid solar installations are not limited to
residential and commercial customers. The industrial and utility sectors have
also embraced solar power. Large-scale solar farms and industrial installations
contribute significantly to the grid and play a crucial role in Thailand's
renewable energy goals. Businesses, in particular, can benefit from reduced
operational costs, making on-grid solar PV systems an attractive investment.
On-grid solar installations contribute to environmental sustainability by
reducing carbon emissions. As more grid-connected solar systems are deployed,
Thailand moves closer to its renewable energy and climate goals. The on-grid
segment of the Thailand Solar PV market holds significant growth potential. As
technology continues to improve and economies of scale drive down costs, more
consumers and businesses are likely to adopt solar PV, further contributing to
the segment's expansion.
Based
on application, the Commercial segment is projected to dominate the market
throughout the forecast period. Commercial solar installations in Thailand span
various industry sectors, including manufacturing, retail, hospitality,
agriculture, and more. These sectors have recognized the cost-saving potential
of solar PV systems. The hospitality sector, in particular, has seen
substantial growth in solar adoption, with hotels and resorts using solar
installations to power their operations and enhance their sustainability
credentials. Environmental sustainability and corporate social responsibility
(CSR) are increasingly important to businesses. Solar PV installations help
companies reduce their carbon footprint and demonstrate a commitment to green
practices. Commercial solar systems contribute to Thailand's environmental
goals by reducing greenhouse gas emissions and reliance on fossil fuels.
Advancements in solar technology have made commercial installations more
efficient and cost-effective. Businesses can now choose from a variety of solar
panel types and energy storage solutions, tailoring systems to their specific
needs. Access to financing options and third-party power purchase agreements
(PPAs) has made solar installations more accessible for businesses that may not
have the capital to invest upfront. PPAs allow businesses to purchase
electricity from a solar provider at a predetermined rate, often lower than
traditional utility rates. Solar PV installations are long-term investments for
businesses, providing a stable and predictable source of electricity for
decades. As energy prices continue to rise, solar power offers a hedge against
future utility cost increases.
Key
market players in the Thailand Solar Photovoltaic Market are:-
- Energy
Absolute Public Company Limited
- Solairedirect
Thailand
- Superblock
Public Company Limited
- Tata
Power Solar Systems Limited
- Sharp
Solar
- Trina
Solar
- Hanwha
Q CELLS
- Solar
Power Company Group (SPCG)
- Gunkul
Engineering Public Company Limited
- Symbior
Solar
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“The
Thailand Solar Photovoltaic Market in Central Thailand is poised to be the
dominant force in the industry. Central Thailand is home to a wide range of
industries and businesses that are increasingly adopting solar PV systems.
These include manufacturing, retail, hospitality, and service sectors.
Industrial and commercial installations contribute to grid stability and
economic growth in the region.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Thailand
Solar Photovoltaic Market Segmented By Product Type (Thin film, Multi-Si and
Mono-Si), By Grid Type (On-Grid and Off-Grid) and By Application (Residential, Commercial
and Utility), By Region, and By Competition, 2019-2029,” has evaluated the future growth
potential of Thailand Solar Photovoltaic Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Thailand Solar Photovoltaic Market.
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