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Thailand Power Generation EPC Market Size (2024 - 2029)

The Thailand power generation EPC market is poised for growth, driven by factors such as a rapidly increasing population and rising power consumption, which are expanding the market size. Despite the moderate impact of the COVID-19 pandemic, the resumption of operations has contributed to this growth. The market share is expected to be enhanced by numerous new projects in the construction and planning stages, alongside a significant push towards renewable energy deployment. However, challenges such as low domestic investments and slow tender processing may hinder market expansion. The conventional thermal power segment is anticipated to remain dominant, while favorable government policies and a focus on renewable energy adoption are set to boost the renewable power generation EPC market.

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Market Size of Thailand Power Generation EPC Industry

Thailand Power Generation EPC Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 4.00 %
Market Concentration Low

Major Players

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*Disclaimer: Major Players sorted in no particular order

Thailand Power Generation EPC Market Analysis

The Thai power generation EPC market is expected to register a CAGR of more than 4% during the forecast period, 2022-2027. The COVID-19 outbreak had a moderate impact on the power generation EPC market across the country, leading to delays in multiple power projects. Still, all the operations were resumed, augmenting the market size. Rapidly growing population and increasing power consumption are the paramount factors resulting in the growth of the power market. With rising power demand, numerous new projects are under construction and planning stages, which, in turn, is expected to enhance the market share. In addition, the accelerating deployment of renewable energy sources on a large scale is expected to drive the EPC market across the region. However, low domestic investments, along with slow processing of tenders, are likely to restrain the market growth 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 Industry Segmentation

The Thai power generation EPC market report includes:

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Thailand Power Generation EPC Market Size Summary

The Thai power generation EPC market is poised for growth, driven by a combination of increasing power demand and the expansion of renewable energy projects. Despite the moderate impact of the COVID-19 pandemic, which caused delays in several power projects, operations have resumed, contributing to the market's expansion. The growing population and rising electricity consumption are key factors propelling the market forward. The market is expected to benefit from the large-scale deployment of renewable energy sources, although challenges such as low domestic investments and slow tender processing may hinder growth. The conventional thermal power segment, particularly natural gas-fired plants, is anticipated to remain dominant due to the country's energy demand.

Government policies and incentives aimed at promoting renewable energy adoption and reducing carbon emissions are expected to significantly boost the renewable power generation EPC market. The share of renewable energy in Thailand's power generation is on the rise, with substantial projects like the planned floating solar power capacity by the Electricity Generating Authority of Thailand (EGAT) set to create numerous opportunities for EPC market players. The market is moderately fragmented, with major companies such as Mitsubishi Heavy Industries, Marubeni Corporation, and General Electric Company actively participating. Notable projects, including Mitsubishi Power's contract for a natural gas-fired power plant, highlight the ongoing investments and developments shaping the market's future.

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Thailand Power Generation EPC Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Installed Power Generation Capacity and Forecast in MW, 2019 - 2027

    4. 1.4 Thailand Power Generation Installed Capacity, by Source, in MW, 2010 - 2020

    5. 1.5 Key Projects Information

    6. 1.6 Recent Trends and Developments

    7. 1.7 Government Policies and Regulations

    8. 1.8 Market Dynamics

      1. 1.8.1 Drivers

      2. 1.8.2 Restraints

    9. 1.9 Supply Chain Analysis

    10. 1.10 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY SOURCE TYPE

    1. 2.1 Conventional Thermal Power

    2. 2.2 Renewables

    3. 2.3 Other Source Types

Thailand Power Generation EPC Market Size FAQs

The Thailand Power Generation EPC Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

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.

Thailand Power Generation EPC Market Report Snapshots

Thailand Power Generation EPC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)