Who are the key players in Thailand Solar Energy Market?

Energy Absolute Public Company Limited, SPCG Public Company Limited, Solartron PCL, Thai Solar Energy PLC and BCPG Public Company Limited (BCPG) are the major companies operating in the Thailand Solar Energy Market. Read More

What years does this Thailand Solar Energy Market cover, and what was the market size in 2023?

In 2023, the Thailand Solar Energy Market size was estimated at 2.90 gigawatt. The report covers the Thailand Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thailand Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Which segment is expected to hold a major Thailand Solar Energy Market share?

The solar photovoltaic (PV) segment is expected to hold a major Thailand Solar Energy Market share. Read More

Thailand Solar Energy Market Size

Market Size of Thailand Solar Energy Industry

Study Period	2019 - 2029
Base Year For Estimation	2023
Market Volume (2024)	3.34 gigawatt
Market Volume (2029)	6.17 gigawatt
CAGR (2024 - 2029)	13.04 %
Market Concentration	Medium
Major Players *Disclaimer: Major Players sorted in no particular order

Thailand Solar Energy Market Analysis

The Thailand Solar Energy Market size in terms of installed base is expected to grow from 3.34 gigawatt in 2024 to 6.17 gigawatt by 2029, at a CAGR of 13.04% during the forecast period (2024-2029).

Over the long term, factors such as supportive policies, rising electricity prices, technological advancements, corporate demand, and energy security goals will likely drive Thailand's solar energy market during the forecast period.
On the other hand, grid limitations, infrastructure gaps, and energy storage challenges significantly hinder the growth of the solar energy market during the forecast period.
Nevertheless, Thailand’s goal of achieving 30 percent renewable energy by 2037 presents significant opportunities for the solar energy market. Furthermore, The integration of smart grid technologies, energy storage systems, and Investments by companies like Energy Absolute in large-scale battery production further support solar projects and grid stability.

Thailand Solar Energy Industry Segmentation

Solar power is the conversion of solar energy into thermal or electrical energy. Solar energy is the cleanest and most abundant renewable energy source accessible, and it may be used to generate electricity, provide light or a comfortable interior environment, and heat water for home, commercial, or industrial purposes.

The Thailand solar energy market is segmented by technology. By technology, the market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP). For each segment, the market size and forecasts have been done based on installed capacity.

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Thailand Solar Energy Market Size Summary

The solar energy market in Thailand is poised for significant growth, driven by robust government support and decreasing costs of solar photovoltaic (PV) systems. The government's initiatives, such as feed-in tariffs and the Alternative Energy Development Plan, are pivotal in fostering the development of solar power. These efforts are aligned with Thailand's commitment to reducing greenhouse gas emissions and decreasing reliance on imported fossil fuels. Despite challenges like uncertainties in grid access, the market is expected to expand, with the solar PV segment anticipated to dominate due to its cost-effectiveness and versatility in applications such as electricity generation and water heating. The development of large-scale solar projects, including the Bhumibol Dam Solar PV Park, underscores the country's strategic focus on enhancing its solar capacity.

Thailand's energy market is becoming increasingly conducive to renewable energy investments, supported by regulatory frameworks and incentives that encourage private sector participation. The New Solar Rooftop Regulations facilitate electricity trading for solar PV owners, enhancing the market's attractiveness. The Energy Regulatory Commission's initiatives, along with the revised Power Development Plan, aim to integrate more renewable energy into the national grid. The government's support extends to innovative projects like floating solar farms, further diversifying the solar energy landscape. With a target to increase the share of renewables in the power mix, Thailand's solar energy market is expected to experience sustained growth, attracting key players and investments in the coming years.

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Thailand Solar Energy Market Size - Table of Contents

1. MARKET OVERVIEW
1. 1.1 Introduction
2. 1.2 Solar Energy Installed Capacity and Forecast, until 2029
3. 1.3 Recent Trends and Developments
4. 1.4 Government Policies and Regulations
5. 1.5 Market Dynamics
  1. 1.5.1 Drivers
    1. 1.5.1.1 Rising Electricity Prices and Energy Security Goals in Thailand
    2. 1.5.1.2 Supportive Government Policies to Adopt Solar Energy
  2. 1.5.2 Restraints
    1. 1.5.2.1 Grid Limitations, Infrastructure Gaps, and Energy Storage Challenges
6. 1.6 Supply Chain Analysis
7. 1.7 PESTLE Analysis
8. 1.8 Investment Analysis
2. MARKET SEGMENTATION - TECHNOLOGY
1. 2.1 Solar Photovoltaic (PV)
2. 2.2 Concentrated Solar Power (CSP)