Thailand Solar Energy Market [2028] by Trends, Share, Forecast

Summary

Report Description

Forecast Period	2024-2028
Market Size (2022)	845.02 million
CAGR (2023-2028)	7.48%
Fastest Growing Segment	Industrial
Largest Market	Bangkok

Thailand solar energy market is anticipated to grow at a 7.48% CAGR in the forecast period owing to rising investment in renewables energy, growing usage of solar energy to reduce the usage of fossil fuels and coal, rising demand in solar energy generated electricity, and reduce the emission of CO2 gases, among others.

Solar energy is defined as the energy obtained from solar radiation, which can be used and transformed into different forms of energy, such as electrical and heat energy. This energy is abundant and renewable, making it an attractive replacement to traditional fossil fuels, which are finite, and they also add to climate change. Solar energy can be employed through various technologies, including solar cells that change sunlight directly into electricity, or concentrated solar energy systems.

Thailand’s government has started its target for solar photovoltaic (PV) or solar power. According to Thailand Power Development Plan 2018-2037 and Alternative Energy Development Plan 2018-2037, Thailand aims to achieve a new PV installed capacity of 9 290 MWp (new PV 8 740 MWp and new PV hybrid 550 MWp) as well as the 2 725 MW (AC) of floating PV systems by 2037. This contributes to around half of all electricity produced from renewable energy sources till 2037. When incorporating the project that already got the power purchasing agreement (PPA) of 2 849 MWp, the total install capacity of the PV system in 2037 is expected to achieve 12 139 MWp.

Since 2019, Thailand has launched the promotion of solar rooftop systems installation for the Thailand People Incentive Program for residential consumption purposes with the measure to sell the excessed electricity back to the grid. These projects were conducted by Provincial Electricity Authority (PEA) and the Metropolitan Electricity Authority MEA.

Investment in Renewable Energy

The Thailand solar energy market is projected to grow due to risings investments in infrastructure renewable energy sources, favorable government laws, and subsidies to support innovative new technology across the country. Additionally, renewable energy capacity is likely to be increased by two terawatts in the Asia Pacific region countries including Thailand, over the next decade. Renewable energy is driven by rising population growth, strong economic performance, and significant market potential. Also, Thailand plays an important role in this growth. The country’s electricity demand is expected to double by the end of 2040, which is twice the global average rate. Furthermore, there is a wide range of regions in the country, including Bangkok, Eastern, Northeastern, Southern, and Northern. The government has increased their investment in these regions to focus on renewable energy & clean energy and declining carbon emissions till 2050, as per the Paris Agreement.

For instance,

June 2023: National Power Supply Public Company Limited (NPS) has completed the installation of the first phase of the 60 MW floating solar power plant on the well. The plant will start generating electricity in the fourth quarter of 2023. Also, the company is installing a 90 MW Floating Solar Farm Phase 2 which is expected to be completed and ready to generate electricity in the first quarter of next year.
March 2023: Falken Tires, a global tire company, announced the construction of extensive solar panel installation on a single facility, covering an area of 100,000 square metres, equivalent to over 18 football pitches. This installation is being constructed at the Sumitomo Rubber Industries (SRI) factory in Thailand, where Falken is a subsidiary. The installation comprises 40,000 solar panels with a combined output of 22MW and is set to be completed in two years.

Download Free Sample Report

Increasing Focus on Low Carbon Emissions

The rising focus on low carbon emissions has had a direct influence on the residential solar energy market. As Paris Agreement, while improving their efficiency and performance and solar energy is an ideal solution the market players are now looking to reduce their CO2 emissions. The adoption of solar energy helps to decrease the dependence on other forms of energy including fossil fuels, coal, and oil. Also, allowing market players to produce electricity from a renewable energy source. Furthermore, in addition, the employ of solar energy has the additional benefit of regulating temperatures and lowering stress on cooling systems and air-conditioners in commercial and industrial settings. Currently, with the increasing demand for cost-effective energy solutions and low-emission, solar energy is becoming an increasingly attractive option for businesses. The utilization of solar energy raises environmental sustainability, disaster resilience, and efforts to oppose climate change. Also, rapid global phase-out of coal to decrease costs and accomplish low-carbon objectives.

The adoption of clean renewable energy has raised. Also, this includes improving air quality by promoting rural development with off-grid electricity using solar energy. Thus, the produced energy is then utilized to generate electricity or can be collected in batteries and then use later. Therefore, these various types of applications enhance the demand for solar energy is rise globally. In some cases, the price of renewable energy is competitive, and unsubsidized renewable energy is less expensive as compared to new conventional generators. Thus, above mentioned factors enhance the need for solar energy along with the need for sustainable energy systems.

Specific Investment Programmes Across the Country

In 2020, the decentralized rooftop PV systems installation was carried out by private sectors under various business models and utilities, i.e., the Provincial Electricity Authority (PEA) and the Metropolitan Electricity Authority MEA. This resulted in more installation of PV rooftop systems in the commercial, and industrial sectors of Thailand in 2020. The implementation of this scheme was aimed for both self-consumptions and PPA/private PPA aspects. Since 2019, Thailand has launched the promotion of solar rooftop systems installation for the Thai People Incentive Program for residential households for self-consumption purposes with the measure to sell the excessed electricity back to the grid. These projects were conducted by PEA and MEA. Commercial and industrial PV systems were carried out by private sectors that could be via renting and leasing PV systems. The power purchasing contract was developed and signed between the land/building owner and the systems owner/investors.

Recent Developments:

In January 2022, the key market player named Billionaire Gautam Adani’s logistics-to-energy conglomerate set up a new subsidiary, named ANIL to undertake projects of green hydrogen, manufacture of wind turbines, and generation of low carbon electricity, batteries, and solar modules as it looks to become the world's largest company of renewable energy and manufacture the very less costly hydrogen.
In October 2022, the Energy Regulatory Commission of Thailand passed a regulation to set up a feed-in-tariff (FIT) scheme for renewable energy, including utility-scale solar, battery energy storage, wind, and biogas. The Thailand government has invested around USD 0.057 per kWh over 25 years for solar and for solar plus storage.

Market Segmentation

The Thailand solar energy market is divided into technology, solar module, applications, and regions. Based on technology, the market is segmented into photovoltaic systems and concentrated solar power systems. Based on solar module, the market is segmented into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. Based on applications, the market is segmented into residential, commercial, and industrial. Additionally, the market is also segmented into regional analysis and divided into Bangkok, Eastern, Northeastern, Southern, and Northern.

Market Players

Some of the major market players in the Thailand solar energy market are SPCG Public Company Limited, Symbior Energy Limited, Thai Solar Energy PLC, B. Grimm Power Public Company Limited, Solaris Green Energy Co. Ltd, Energy Absolute PCL, Solartron PLC, Marubeni Corporation, and Black & Veatch Holding Company, among others.

Attribute	Details
Base Year	2022
Historic Data	2018– 2022
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million and CAGR for 2018-2022 and 2024-2028
Report Coverage	Revenue forecast, company share, growth factors, and trends
Segments Covered	Technology Solar Module Applications Regions
Country Scope	Bangkok, Eastern, Northeastern, Southern, Northern
Key Companies Profiled	SPCG Public Company Limited, Symbior Energy Limited, Thai Solar Energy PLC, B. Grimm Power Public Company Limited, Solaris Green Energy Co. Ltd, Energy Absolute PCL, Solartron PLC, Marubeni Corporation, Black & Veatch Holding Company
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the Thailand solar energy market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Thailand Solar Energy Market, By Technology:

o Photovoltaic Systems

o Concentrated Solar Power Systems

Thailand Solar Energy Market, By Solar Module:

o Monocrystalline

o Polycrystalline

o Cadmium Telluride

o Amorphous Silicon Cells

o Others

Thailand Solar Energy Market, By Application:

o Residential

o Commercial

o Industrial

Thailand Solar Energy Market, By Region:

o Bangkok

o Eastern

o Northeastern

o Southern

o Northern

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Thailand solar energy market.

Available Customizations:

TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Thailand solar energy market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

4. Voice of Customer

5. Thailand Solar Energy Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Technology (Photovoltaic Systems and Concentrated Solar Power Systems)

5.2.2. By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others)

5.2.3. By Application (Residential, Commercial, Industrial)

5.2.4. By Region (Bangkok, Eastern, Northeastern, Southern, Northern)

5.3. By Company (2022)

5.4. Market Map

6. Bangkok Solar Energy Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Technology

6.2.2. By Solar Module

6.2.3. By Application

7. Eastern Solar Energy Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Technology

7.2.2. By Solar Module

7.2.3. By Application

8. Northeastern Solar Energy Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Technology

8.2.2. By Solar Module

8.2.3. By Application

9. Southern Solar Energy Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Technology

9.2.2. By Solar Module

9.2.3. By Application

10. Northern Solar Energy Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Technology

10.2.2. By Solar Module

10.2.3. By Application

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Policy & Regulatory Landscape

14. Company Profiles

14.1. SPCG Public Company Limited

14.1.1. Business Overview

14.1.2. Key Revenue and Financials (If Available)

14.1.3. Recent Developments

14.1.4. Key Personnel

14.1.5. Key Product/Services

14.2. Symbior Energy Limited

14.2.1. Business Overview

14.2.2. Key Revenue and Financials (If Available)

14.2.3. Recent Developments

14.2.4. Key Personnel

14.2.5. Key Product/Services

14.3. Thai Solar Energy PLC

14.3.1. Business Overview

14.3.2. Key Revenue and Financials (If Available)

14.3.3. Recent Developments

14.3.4. Key Personnel

14.3.5. Key Product/Service

14.4. B. Grimm Power Public Company Limited

14.4.1. Business Overview

14.4.2. Key Revenue and Financials (If Available)

14.4.3. Recent Developments

14.4.4. Key Personnel

14.4.5. Key Product/Service

14.5. Solaris Green Energy Co. Ltd

14.5.1. Business Overview

14.5.2. Key Revenue and Financials (If Available)

14.5.3. Recent Developments

14.5.4. Key Personnel

14.5.5. Key Product/Services

14.6. Energy Absolute PCL

14.6.1. Business Overview

14.6.2. Key Revenue and Financials (If Available)

14.6.3. Recent Developments

14.6.4. Key Personnel

14.6.5. Key Product/Services

14.7. Solartron PLC

14.7.1. Business Overview

14.7.2. Key Revenue and Financials (If Available)

14.7.3. Recent Developments

14.7.4. Key Personnel

14.7.5. Key Product/Services

14.8. Marubeni Corporation

14.8.1. Business Overview

14.8.2. Key Revenue and Financials (If Available)

14.8.3. Recent Developments

14.8.4. Key Personnel

14.8.5. Key Product/Services

14.9. Black & Veatch Holding Company

14.9.1. Business Overview

14.9.2. Key Revenue and Financials (If Available)

14.9.3. Recent Developments

14.9.4. Key Personnel

14.9.5. Key Product/Services

15. Strategic Recommendations

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

Which are the major market players in the Thailand solar energy market?

SPCG Public Company Limited, Symbior Energy Limited, Thai Solar Energy PLC, B. Grimm Power Public Company Limited, Solaris Green Energy Co. Ltd, Energy Absolute PCL, Solartron PLC, Marubeni Corporation, and Black & Veatch Holding Company, among others are some of the leading players in the Thailand solar energy market.

What is the dominating technology in the Thailand solar energy market?

Photovoltaic systems had the largest market share in 2022 owing to the rising demand for electric vehicles which directly propels the demand for solar-powered EV infrastructure charging stations across the country. This in turn has a positive impact on the Thailand solar energy market.

What are the major drivers of Thailand solar energy market?

Rising demand for solar power and increasing investment in renewable energy are the major drivers of the Thailand solar energy market.

What are the major challenges of the Thailand solar energy market?

High installation costs and lack of skilled workforce are the major challenges of the Thailand solar energy market.

Related Reports

Parvati Sharma

Account Manager BD

Talk To Analyst

Press Release

Thailand Solar Energy Market is Expected to Grow at a 7.48% CAGR Through 2028

Aug, 2023

Rising demand for solar power and increasing investment in renewable energy are likely to propel the Thailand solar energy market in the upcoming years.

Buy Now