Press Release

Thailand Solar Photovoltaic Market to Witness Formidable Growth until 2025

Growing need for sustainable energy resources to drive the growth of Thailand solar photovoltaic market

According to TechSci Research report, Thailand Solar Photovoltaic Market By Product Type (Thin film, Multi-Si, Mono-Si), By Grid Type (Grid Connected and Off-Grid), By Application (Residential, Non-Residential/Commercial, Utility), By Region, Forecast & Opportunities, 2025, the Thailand solar photovoltaic market is expected to grow at a formidable rate during the forecast period on account of strong government support for solar power development in the form of feed-in tariffs, and Alternative Energy Development Plan (AEDP). The announcement of new solar development plans by the Thai Energy Policy and Planning Office in 2017 is aimed at increasing private firm participation. This, in turn, is likely to provide significant opportunities for growth in the solar photovoltaic market in Thailand over the next few years. Additionally, declining costs of solar photovoltaic systems are further anticipated to drive the growth of market during forecast years. Furthermore, volatility in crude oil price, environmental concern of hydro power and risk of nuclear radiation accidents in nuclear power plants provide a great opportunity for solar photovoltaic market. However, high initial cost of installation might hamper the growth of market during forecast period. Certain area of land must be given for installation of the panels; the required amount of area increases with the increase in demand for energy. Post installation of the panels, the area cannot be used for any other purpose, which might restrict the growth of market. Additionally, policy uncertainties and complicated permitting procedures of the government are further expected to restrain the growth of market during forecast period. Also, uncertainties regarding the access to the power grid are expected to restrain the operators from investing in renewable power projects during the forecast period.  

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The Thailand solar photovoltaic market is segmented based on product type, grid type, application, company and region. Based on application, the market can be categorized into residential, non-residential/commercial and utility. The utility application segment is expected to hold the largest market share during forecast period. This can be accredited to the continuous supply of energy and comparatively lower expenses than conventional energy sources have made solar photovoltaic technology an attractive for application in utilities. The residential segment is expected to witness significant growth during forecast period owing to the increased adoption and growing applications of solar photovoltaic in the residential sector for water heaters, phone chargers, battery, solar vehicles, among others.

Energy Absolute Public Companies, SPCG PCL, Symbior Energy Limited, Thai Solar Energy PLC, Trina Solar Co., Ltd (Trina Solar), Solaris Green Energy Co., Ltd., Solartron Public Company Limited, Yingli Green Energy Holding Co., Ltd, ItalThai, Toyothai and others are some of the leading players operating in Thailand solar photovoltaic market. The companies are developing advanced technologies and launching new services in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.

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“Thailand solar photovoltaic market is expected to witness significant growth during the forecast period, owing to the increasing awareness among consumers regarding environmental benefits of renewable energy. Additionally, as part of the latest Power Development Plan (PDP), Thailand is set to implement new policy changes to increase the share of renewables in its energy mix. With a focus on accelerating photovoltaic uptake, the new initiatives include energy trading, wheeling charges, FiT schemes, and a new building energy code system. This complements the Government’s ‘Thailand 4.0’ campaign to boost innovation and research, and is anticipated to position Thailand as a key market for distributed renewable energy over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Thailand Solar Photovoltaic Market By Product Type (Thin film, Multi-Si, Mono-Si), By Grid Type (Grid Connected and Off-Grid), By Application (Residential, Non-Residential/Commercial, Utility), By Region, Forecast & Opportunities, 2025 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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