![Thailand Power Generation EPC Market Size Thailand Power Generation EPC Market - Market Summary](https://s3.mordorintelligence.com/thailand-power-generation-epc-market/thailand-power-generation-epc-market-size-image-1735452330824.webp)
Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Historical Data Period | 2020 - 2023 |
CAGR | 4.00 % |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Thailand Power Generation EPC Market Analysis
The Thailand Power Generation EPC Market is expected to register a CAGR of greater than 4% during the forecast period.
- The conventional thermal power segment is expected to dominate the market due to rising power demand in Thailand.
- The energy demand in Thailand is anticipated to grow significantly, and the extensive renewable energy targets to reach 30% of total power consumption by 2037 are likely to create surplus opportunities for the EPC market players in the coming years.
- Favorable government policies and incentive programs toward the adoption of renewable energy sources and a rising focus on reducing carbon emissions are expected to boost the renewable power generation EPC market at a significant rate.
Thailand Power Generation EPC Market Trends
Conventional Thermal Power Segment Expected to Dominate the Market
- Conventional thermal power in the country is expected to dominate the market with the rising power demand. Oil, natural gas, and coal are the three primary traditional thermal sources used to generate electricity.
- In 2020, electricity generated from oil, natural gas, and coal accounted for over 85%, producing around 151.4 TWh of the total electricity generated across the country, i.e.,176.4 TWh. Further, the growing number of natural gas-fired power plants in the nation is expected to boost the conventional thermal power market during the forecast period.
- In September 2020, Mitsubishi Power signed a contract to build a 1.4 GW natural gas-fired power plant based on a gas-fired turbine combined cycle (GTCC). The scope of the agreement includes offering engineering, procurement, and construction services for the power plant with Hin Kong Power company Limited, an independent power producer in Thailand. The project is planned in two phases, and commercial operations are expected to begin in March 2024 and January 2025.
- Hence, the rising power consumption pattern and all the factors mentioned above are expected to increase the market growth of power EPC during the forecast timeline.
![Thailand Power Generation EPC Market Trends Thailand Power Generation EPC Market - Electricity Generation Mix by Source Type](https://s3.mordorintelligence.com/thailand-power-generation-epc-market/1647202305354_thailand-power-generation-epc-market_Electricity_Generation_Mix__by_Source_Type_Thailand_2020.png)
Rising Electricity Generation Driving the Market Demand
- Rising electricity generation, favorable government policies toward the adoption of renewable energy sources, and a rising focus on reducing carbon emissions are expected to boost the renewable power generation EPC market at a significant rate.
- Due to the upcoming projects, the share of renewable energy in power generation is growing in Thailand significantly. With 7,406 MW in 2014 and 11,991 MW in 2020, the installed capacity of renewable energy is continuously growing in the country.
- Moreover, the Electricity Generating Authority of Thailand (EGAT) plans to build 2.7 GW of floating solar power capacity on the dam reservoirs by 2037. The goal will be to generate plenty of opportunities to drive the EPC market considerably. Hence, the above factors further enhance the market share of the power generation EPC market in the region.
- Therefore, based on the above-mentioned factors, Thailand is expected to witness significant growth in the power generation EPC market during the forecast period.
Thailand Power Generation EPC Industry Overview
The Thai power generation EPC power market is moderately fragmented. Some of the major companies include Mitsubishi Heavy Industries Ltd, Marubeni Corporation, General Electric Company, Toshiba Corporation, and Black and Veatch Corporation.
Thailand Power Generation EPC Market Leaders
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Marubeni Corporation
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General Electric Company
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Black & Veatch Corporation
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Mitsubishi Heavy Industries, Ltd.
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Toshiba Corporation
- *Disclaimer: Major Players sorted in no particular order
![Thailand Power Generation EPC Market Concentration market concen.png](https://s3.mordorintelligence.com/thailand-power-generation-epc-market/thailand-power-generation-epc-market_1646712709684_market_concen.webp)
Thailand Power Generation EPC Market News
- In July 2021, Kawasaki Heavy Industries Ltd announced that it received an order from Singapore-based Jurong Engineering Ltd. (JEL) for four Kawasaki Green Gas Engines to be used in the RATCH Cogeneration Expansion Project in Thailand. The order was placed through Kawasaki Gas Turbine Asia Sdn Bhd (KGA), which is based in Kuala Lumpur, Malaysia. In the RATCH Cogeneration Expansion Project, a 30 MW class gas engine power plant will be added to a 110 MW combined-cycle power plant operated by RATCH Cogeneration Company Limited, which operates under the parent company and major Thai power producer RATCH Group Public Company Limited.
- In September 2020, Mitsubishi Power signed a contract to build a 1.4GW natural gas-fired power plant based on a gas-fired turbine combined cycle (GTCC). The scope of the agreement includes offering engineering, procurement, and construction services for the power plant with Hin Kong Power company Limited, an independent power producer in Thailand. The project is planned in two phases, and commercial operations are expected to begin in March 2024 and January 2025.
Thailand Power Generation EPC Industry Segmentation
The Thai power generation EPC market report includes:
Thailand Power Generation EPC Market Research FAQs
What is the current Thailand Power Generation EPC Market size?
The Thailand Power Generation EPC Market is projected to register a CAGR of greater than 4% during the forecast period (2025-2030)
Who are the key players in Thailand Power Generation EPC Market?
Marubeni Corporation, General Electric Company, Black & Veatch Corporation, Mitsubishi Heavy Industries, Ltd. and Toshiba Corporation are the major companies operating in the Thailand Power Generation EPC Market.
What years does this Thailand Power Generation EPC Market cover?
The report covers the Thailand Power Generation EPC Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Thailand Power Generation EPC Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Thailand Power Generation EPC Industry Report
Statistics for the 2025 Thailand Power Generation EPC market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Power Generation EPC analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.