The Thailand Solar Energy Market Report and It is Segmented by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)). The Market Size and Forecasts are Provided in Installed Capacity for all the Above Segments.

The size of the Thailand Solar Energy Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 7.20% during the forecast period. With the country's increasing energy demands, friendly government policies, and a commitment towards sustainable development, the solar energy market in Thailand is booming. Thailand has specifically set ambitious targets for renewable energy consumption, expecting 30% of the total energy consumption to be driven by renewable sources by 2037. Solar power will play a crucial role in achieving such targets as the climatic conditions in Thailand are suitable, with abundant sunlight. Within the recent past, the government of Thailand has established various incentives, feed-in tariffs, and tax incentives to bolster the use of solar energy. These policies have encouraged investments into both the large-scale solar farm and rooftop solar projects, culminating in a big leap of installed capacity. The country's main solar projects were developed, focusing on regions with high irradiance. Despite such optimistic outlooks, challenges remain, such as complexity in regulation, the need for improvement in the grid, and increased competition from other renewable energy sources. The global energy landscape remains committed to cleaner energy; however, there is still a likely increase in solar energy in Thailand, with possible technological development and private sector involvement. Overall, Thailand is well placed to emerge as a regional leader in solar energy in support of both energy security and sustainability goals in Southeast Asia. Recent developments include: 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.. Key drivers for this market are: 4., Favorable Government Policies and Increasing Adoption of Solar PV Systems4.; Soaring Electricity Prices Incentivized Installing Solar PV Systems for Self-Consumption. Potential restraints include: 4., The Growth of Other Renewable Technologies Such as Wind and Bioenergy. Notable trends are: Solar Photovoltaic (PV) Segment Expected to Dominate the Market.

Thailand Power Generation EPC Market size was valued at USD 1.7 Billion in 2023 and is projected to reach USD 3.4 Billion by 2031, growing at a CAGR of 9.1% from 2024 to 2031.

Key Market Drivers:

Renewable Energy Transition and Government Commitment: According to Thailand’s Ministry of Energy, the country aims to increase renewable energy to 30-35% of total energy consumption by 2037. The Thailand Power Development Plan (PDP 2018-2037) includes a large investment in renewable energy projects. The government has pledged to invest roughly 1.2 trillion baht (nearly $35 billion) on energy infrastructure, with a particular emphasis on solar, wind, and biomass power generation. This national plan is a significant driver of the Power Generation EPC Market.

Increasing Electricity Demand and Economic Growth: According to the Energy Policy and Planning Office (EPPO), Thailand’s energy demand is expected to increase by 3-4% per year.

In 2023, the total capacity of solar energy in Thailand reached to approximately three thousand megawatts. The capacity of solar energy in the country had continuously increased in the past ten years.

The Southeast Asia Solar Energy Market Report is segmented by type (Solar Photovoltaic and Concentrated Solar Power) and geography (Vietnam, Indonesia, the Philippines, Thailand, Malaysia, and the Rest of Southeast Asia). The installed capacity and forecasts Are Provided in megawatts (MW) for all the above segments.

The Southeast Asia Renewable Energy Market size was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, exhibiting a CAGR of 7.40 % during the forecast's periods. Currently, the Southeast Asia renewable energy market is vibrant due to rising awareness and concern on environmental conservation and energy portfolio diversification across the region’s countries. Southeast Asia has abundant renewable resource endowment such as solar energy, wind energy, hydro energy, biomass energy etc. for which the country is in a good standing to harness environmental amenities to respond to increasing energy demands and climate change challenges. Countries such as Thailand, Vietnam, Indonesia, and the Philippines are among those in the region that are most progressing in terms of renewable energy plans and available diverse energy sources. The government has the most influence because existing markets are mainly dependent on these policies and bonuses to grow. Most of the SEA countries have adopted the supporting policies like feed-in tariffs, tax exemptions, and quotas for the renewables to spur investment and promote more project activities. The cost of renewable technologies has come down over the years; they have improved in efficiency and are generally cheaper as compared to the conventional energy sources. Nevertheless, the market’s opportunities are sided with challenges, such as regulations, limited grids and access to finance. Moreover, the fluctuating nature of solar and wind energy sources implies that investment has to be made in other areas of electric infrastructure and hence storage technologies. Nevertheless, the given challenges should not overshadow the fact that the renewables market in SEA remains promising, which will contribute to the energy security of the region, its economic development, as well as the achievement of environmental objectives and increase the significance of SEA in the process of transformation of the world’s energy mix. Recent developments include: February 2024: The French development agency, Agence Française de Développement, announced that it was seeking to engage individual regional or international specialists to form a panel of experts to provide technical assistance services for the development of the 1.2 GW Bac Ai pumped-storage hydropower plant in the Ninh Thuan province of Vietnam., January 2024: Nexif Ratch Energy Investments Pte. Ltd, an owner/operator of clean-energy power, acquired the 30 MW Minh Luong hydropower plant, a run-of-river facility with peak-hour storage in Lao Cai province, Vietnam. The acquisition contributes to strengthening the Nexif Ratch Energy portfolio’s growth path in renewables and will create a stable and recurring income through a long-term power purchase agreement.. Key drivers for this market are: 4., Increasing Investments in Renewable Energy Generation4.; Favorable Government Policies. Potential restraints include: 4., Initial Cost of Renewable Energy Is High. Notable trends are: Solar Energy Segment to Witness Significant Growth.

The Southeast Asia Solar Energy Market size was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, exhibiting a CAGR of 10.20 % during the forecast's periods. The market of solar energy in Southeast Asia is growing day by day due to rising demand in energy requirements as well as adopting green energy solutions to mitigate climatic change impact. This group of countries consist of Thailand, Vietnam, Malaysia, Indonesia, Philippines, among others, all of which are harnessing their huge solar power potential to address the diversification of energy sources away from fossil related products. There is high solar radiation and lots of sunshine in the region, consequently, this favors the use of solar energy. It is the stimuli of government policies & incentives that can make the sector of solar energy to grow in the region of the Southeast Asia. Numerous countries have adopted policies such as feed-in tariff, tax credit, and targets for the share of renewable energy to promote the establishment of solar projects. Secondly, the solar energy has gradually become cheaper due to favorable cost reduction of the implementable solar technology and improved PV conversion efficiency. However, this forward-trending phenomenon seems to be a challenge for the Southeast Asia solar energy market that has to sort out certain problems like the lack of an appropriate grid system, additional constraints, and the problem of finance accumulation. But, ongoing capital investment, technology advancement and favourable policies, the market for solar energy is set to expand in Southeast Asia positively impacts the security of supply, development of economy and sustainability of the environment of the region. Recent developments include: October 2022: Acwa Power secured a contract from Indonesia's state-owned utility, PT Perusahaan Listrik Negara (PLN), to build two floating solar photovoltaic (PV) power plants. The deal encompassed the 60 MW Saguling and 50 MW Singkarak floating solar projects. The two projects were likely to have a combined capacity of 110 MW and cost USD 105 million to build., April 2022: The Sunseap Group of Singapore signed an agreement with the provincial administration of Indonesia's Riau Islands to build large-scale solar energy and storage projects to supply power to the islands and Singapore.. Key drivers for this market are: 4., Increasing Renewable Energy Installation to Reduce the Carbon Emission4.; The Decreasing Price of Solar PV Modules. Potential restraints include: 4., Increasing Adoption of Alternative Renewable Technologies like Hydropower. Notable trends are: Solar Photovoltaic Expected to Dominate the Market.

The size of the Thailand Power Generation Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.80% during the forecast period. The power generation sector in Thailand is a vibrant field characterized by substantial initiatives aimed at diversifying and modernizing its energy portfolio. Traditionally dependent on fossil fuels, especially natural gas, Thailand is now making significant investments in renewable energy sources to tackle environmental issues and bolster energy security. The government’s Power Development Plan (PDP) sets forth ambitious goals to elevate the proportion of renewables in the energy mix, targeting 30% of total power generation from renewable sources by 2037. Prominent renewable technologies under development include solar, wind, and biomass, with Thailand's rich solar resources playing a crucial role in this transition. The Thai power market features a blend of state-owned enterprises and private sector involvement, with the Electricity Generating Authority of Thailand (EGAT) serving a pivotal function in power generation and transmission. Recent initiatives also focus on enhancing grid infrastructure and incorporating smart grid technologies to better manage the fluctuations associated with renewable energy sources. Furthermore, Thailand is pursuing regional energy collaboration through projects like the ASEAN Power Grid, aimed at improving energy trade and security throughout Southeast Asia. Despite these advancements, challenges such as regulatory obstacles, investment needs, and the demand for technological innovation persist. Nevertheless, Thailand's power generation sector is advancing towards a more sustainable and resilient energy future, bolstered by both policy measures and market-driven investments. Recent developments include: May 2023: Mae Hing Son province launched a solar power plant and battery energy storage project. The Electricity Generating Authority of Thailand (EGAT) held a commercial operation date (COD) ceremony for a 3 MW solar power plant and 4 MW battery energy storage system project., May 2023: Acciona Energia and the Blue Circle announced inking a 25-year power purchase agreement (PPA) in Thailand for five wind farms with a total capacity of 436 MW. The projects were picked through a bidding process by the Energy Regulatory Commission (ERC), and these projects will be developed in phases. The first wind farm is expected to begin construction in 2024, and all five projects will be completed by 2030.. Key drivers for this market are: 4., Increasing Renewables Capacity in Thailand4.; Rising Modernization of Existing Transmission and Distribution Infrastructure. Potential restraints include: 4., Huge Capital Expenditure Required for Carrying out Modernization of Existing Facilities. Notable trends are: Renewable Power Generation to Witness Significant Growth.

Thailand's Electricity Market is segmented by Power Generation (Conventional, and Renewables) and Power Transmission and Distribution.

The Report Covers the Southeast Asia Renewable Energy Market Size and Share, and It is Segmented by Type (Solar, Wind, Hydro, Bioenergy, and Other Types) and Geography (Vietnam, Malaysia, Thailand, Philippines, Indonesia, and Rest of Southeast Asia). The Market Size and Forecasts are Provided in Installed Capacity (GW) for all the Above Segments.

In 2023, the consumption of renewable energy in Thailand was approximately at 0.33 exajoules of renewable energy. This indicated a slight increase compared to the previous year, which was around 0.31 exajoules.

According to Cognitive Market Research, the global Solar PV Mounting Systems market size will be USD 22154.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 8861.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 6646.35 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 5095.54 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 1107.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 443.09 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.
The commercial category is the fastest growing segment of the Solar PV Mounting Systems industry

Market Dynamics of Solar PV Mounting Systems Market

Key Drivers for Solar PV Mounting Systems Market

Growing Demand for Renewable Energy to Boost Market Growth

The increasing global shift towards renewable energy sources is a primary driver for the solar PV mounting systems market. As governments and industries strive to meet sustainability goals and reduce carbon footprints, solar energy adoption has surged. In regions like the Middle East and Africa (MEA), where sunlight availability is abundant, solar power is becoming a preferred solution for addressing energy demands. The growth of solar photovoltaic (PV) installations directly correlates with the need for efficient and durable mounting systems that can securely anchor solar panels on various terrains and structures. Moreover, favourable government policies, financial incentives, and decreasing costs of solar technology further encourage the widespread adoption of solar PV systems, driving the demand for mounting solutions. The global push for cleaner energy and energy independence is expected to continue fueling the market for solar PV mounting systems in the coming years. For instance, Antaisolar collaborated with UOB Thailand to become a solar mounting system supplier of UOB's U-Solar 2.0 program. This program aims to gather end-to-end support all over the supply chain to thrive solar market across Southeast Asia (SEA). Antaisolar's cumulative solar racking system shipments in SEA have reached 3080 MW. This initiative and collaborations will enhance the green energy transition while reducing the access cost, thereby it will fuel the product adoption

Technological Advancements in Mounting Solutions to Drive Market Growth

Technological innovations in solar PV mounting systems are playing a key role in expanding their market. Mounting systems have evolved significantly, becoming more versatile, cost-effective, and efficient. For example, lightweight, corrosion-resistant materials such as aluminium and advanced alloys, combined with automated installation processes, have made mounting systems easier to install and more durable in harsh environmental conditions. Additionally, innovative designs, such as adjustable tilt mounts and ground-mounted systems, enable better energy optimization based on geographic location and weather patterns. In the Middle East and Africa, where environmental conditions can be extreme, such technological advancements are crucial for ensuring long-term system performance. As the solar PV industry grows and technological improvements continue, the demand for enhanced and adaptable mounting solutions is likely to rise.

Restraint Factor for the Solar PV Mounting Systems Market

Supply Chain and Material Shortages will Limit Market Growth

The solar PV mounting systems market is vulnerable to supply chain disruptions and material shortages, which can hinder production and delay project timelines. Mounting systems often require high-quality, corrosion-resistant materials like aluminium and stainless steel. Fluctuations in the availability and price of these materials, often influenced by global trade tensions, shipping delays, or raw material shortag...

The Thailand Power EPC Industry size was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, exhibiting a CAGR of 3.00">> 3.00 % during the forecasts periods.The power Engineering, Procurement, and Construction (EPC) sector in Thailand is currently undergoing significant growth due to the country's rising energy needs and ambitious infrastructure projects. As Thailand continues to industrialize and urbanize, the importance of reliable and efficient power generation systems has become increasingly evident. The Thai government's dedication to improving its energy infrastructure involves investments in both conventional power generation and renewable energy sources, leading to a surge in activity within the power EPC industry. One of the main drivers behind this expansion is the implementation of large-scale power plant projects, including coal-fired, gas-fired, and hydroelectric plants, alongside a strategic shift towards renewable energy like solar and wind power. The government's emphasis on reducing greenhouse gas emissions and promoting energy efficiency is in line with regional and global sustainability objectives, opening up opportunities for EPC companies specializing in eco-friendly technologies. Moreover, Thailand's status as a regional energy hub, combined with its favorable investment environment and supportive regulatory framework, attracts both domestic and international players to the EPC sector. Despite challenges such as regulatory obstacles, project financing issues, and environmental considerations, the power EPC industry in Thailand remains a crucial element of the country's energy strategy, aiming to meet increasing demand while progressing towards a more sustainable and resilient energy landscape. Recent developments include: October 2022: Doosan Škoda Power won a contract from the Thai company TTCL to supply a 20MW steam turbine generator for a newly built steam power plant in the Rayong province, Thailand., February 2022: Glow SPP 2 Company Limited signed a contract with Jurong Engineering Limited and Thai Jurong Engineering Limited. Under this contract would construct a 96 MW SPP project, a cogeneration project. The new facility is built in the Map Ta Phut Industrial Estate in Rayong Province. by 2024, the plant is expected to be operational.. Key drivers for this market are: 4., Increase in Prices of Electricity Procured from Conventional Mechanisms 4.; Decline in Cost of Solar Energy Infrastructure. Potential restraints include: 4., Competition from Other Alternative Energy Sources. Notable trends are: Renewable Energy to be the fastest-growing segment.

The global floating solar panels market is anticipated to expand rapidly in the coming years, driven by factors such as rising energy demand, government initiatives promoting renewable energy, and decreasing solar panel costs. The market is expected to witness a compound annual growth rate (CAGR) of 24.50% from 2025 to 2033, reaching a value of 20.52 billion by 2033. Key drivers of the market include the growing need for clean and sustainable energy sources, the increasing adoption of solar energy in both commercial and residential applications, and the availability of favorable government policies and incentives. Additionally, technological advancements, such as the development of high-efficiency solar panels and improved tracking systems, are further contributing to the growth of the market. Recent developments include: Ciel & Terre made a Guinness World Record in June 2024 by surpassing 1.5GWp of floating solar projects while maintaining its position as the company with the highest number of such projects in the pipeline. Taiwan and India were chosen for two large-scale floating solar projects., In April 2024, SPI Energy Co., Ltd announced that it had leased another facility in South Carolina to expand its subsidiaries’ wafer and module production capacities. SEM Wafertech has plans underway to deliver and produce their first solar wafers in America by 2024; the capacity would increase even more by then to reach around three thousand megawatts as per our vision, whereas Solar4America is all set to make sure that it ends up with a production capacity of two point four GWs of solar modules on an annual basis before this year comes to an end., Madhya Pradesh state government launched Omkareshwar’s first module of floating solar system in August 2023. This new floating solar project is aimed at meeting the state's renewable purchase obligation (RPO) target., Dutch-Norwegian company SolarDuck and Tenaga Nasional Berhad (TNB), Malaysia's largest utility subsidiary, signed a letter intent on developing an offshore floating solar plant off Tioaman Island’s coast, which will have a capacity of 780 kW in June 2023., China Energy Engineering Corp. announced plans to build a $1 billion-floating photovoltaic power station with the size of one thousand megawatts on the Kariba dam in Zimbabwe throughout March 2023., KYOCERA Corporation and AVX Corporation merged into one brand called KYOCERA AVX in April 2021, and this will be used for KYOCERA Group’s electronic components industry. The new structure will result in business growth for its electrical components division., GreenYellow Limited, a branch of GreenYellow, launched a floating solar power plant of 2 MW at SPM Group’s premises in Thailand in February 2021.. Notable trends are: Growing investments in renewable energy to propel the market growth.

In 2021, the volume of the green ammonia market in Thailand amounted to 39 metric tons, an increase from 25 metric tons in the previous year. It was forecasted that the volume will increase significantly to more than 11.2 thousand metric tons by 2030.

Solar panel manufacturers have thrived despite some hurdles throughout the period. Companies saw an uptick in the need for solar panels as the country continued emphasizing renewable energy. The Inflation Reduction Act bolstered and extended production and investment tax credits, making domestic manufacturing more viable. Even so, manufacturers have been plagued by import penetration, specifically from Asian products, which flooded the US market with low-cost solar modules and cells. In 2022, the Biden Administration announced waiving tariffs on solar panel imports from Vietnam, Malaysia, Cambodia and Thailand to accelerate solar panel installations across the country in favor of renewable energy. While this didn't hinder revenue, it caused a slowdown in growth in the middle of the period as import penetration was at an all-time high. Even so, these waivers expired in June 2024, providing operators with growth. Overall, solar panel manufacturing revenue has swelled a CAGR of 3.2% to $21.9 billion in 2025, including a 9.1% jump in 2025 alone. Through 2025, solar panel manufacturers have significantly benefited from the Inflation Reduction Act, which offers production tax credits to companies that expand or build manufacturing facilities and produce specific types of components. These credits incentivize expansion, enabling domestic solar panel manufacturing to increase substantially, boosting revenue and positioning the U.S. as one of the world's top producers. Additionally, this expansion prepares manufacturers to meet domestic demand during the outlook period, reducing reliance on imports. Revenue is set to push up as tariff waivers expired in June 2024, causing import penetration to contract throughout the outlook period. Government incentives and regulations like tax credits and renewable portfolio standards will push more consumers and businesses to adopt solar power, increasing the need for panels to meet installation quotas. Even so, domestic manufacturers will face pushback from traditional energy sources (think natural gas and coal) as President Trump aims to bolster the country’s fossil fuel production. Manufacturers must ramp up research and development to help take solar power to the next level. Revenue is set to climb at a CAGR of 6.2% over the five years through 2030, reaching $29.6 billion.

In 2023, natural gas accounted for the highest power generation capacity in Thailand, with approximately 129 thousand gigawatt hours, followed by coal and lignite. In that same period, there were around 223 thousand gigawatt hours of power generated in Thailand. Thailand is permeated with energy resources. For example, there are thirteen production sites for natural gas alone in the country. However, the production volume of natural gas in Thailand had been fluctuating, amounting to almost 26 billion cubic meters in 2023.

Energy production in Thailand Apart from natural gas, crude oil and coal are also significant for energy production in Thailand. Sources of crude oil are found in the north and the central region of the country, as well as in the coastal areas of the country. Thailand’s production of oil peaked in 2016 and has slowly declined since then. The same also applied for coal; despite its coal resources, coal production volume had decreased annually. Currently, the Thai government has been encouraging increasing the production capacity of renewable energy such as hydropower and solar energy.

In 2021, the revenue of the green ammonia market in Thailand amounted to 0.1 million U.S. dollars. This was an increase from 0.06 million U.S. dollars in the previous year. According to the forecast the revenue will increase to more than 28 million U.S. dollars by 2030.

The global floating power plant market is projected to reach a value of $12.10 billion by 2033, exhibiting a CAGR of 8.27% during the forecast period (2023-2033). The increasing demand for reliable and sustainable power sources, coupled with the growing adoption of renewable energy technologies, is driving the market growth. Floating power plants offer several advantages, including reduced environmental impact, ease of deployment, and the ability to operate in remote or offshore locations. The platform type segment is expected to be the largest contributor to the market, with floating structures accounting for the majority of the revenue share. Floating wind power is anticipated to be the fastest-growing plant type segment, owing to the increasing popularity of offshore wind energy projects. Key players in the market include MAN Diesel & Turbo, Karadeniz Holding A.Ş., Vikram Solar Pvt. Ltd., and Ciel & Terre International. The Asia-Pacific region is projected to witness significant growth in the coming years, driven by the rapid expansion of renewable energy industries in countries such as China and India. Floating Power Plant Market Concentration & Characteristics The floating power plant market is characterized by a high level of concentration, with a few dominant players accounting for a majority of the market share. These players include MAN Diesel & Turbo, Karadeniz Holding A.Ş., Wärtsilä Corporation, and Kyocera Corporation. The market is also highly innovative, with continuous advancements in technology and design. Regulations and environmental concerns play a significant role in shaping the market, with stringent emission norms driving the development of cleaner and more efficient technologies. Additionally, the availability of product substitutes such as onshore power generation limit the market growth. The end-user concentration is high, with large-scale power utilities and industrial companies being the primary consumers. Mergers and acquisitions are prevalent in the market as companies seek to consolidate their position and expand their offerings. Key Floating Power Plant Market Trends Highlighted Recent developments include: September 2021:Linxon launched advanced floating substation technology. This technology minimizes the carbonization of the electricity grid and can generate electricity. Also, this floating substation technology assists in generating renewable electricity., May 2021:Adani Green Energy Ltd. (AGEL) signed an agreement to purchase SB Energy India from SoftBank Group (SBG) and Bharti Group. This acquisition is likely to enhance the company's renewable energy portfolio worth 4,954 MW., May 2020:ROSATOM announced that the Akademik Lomonosov had started full commercial operation. After construction, the floating nuclear power station was towed from Murmansk in western Russia to the eastern town of Pevek, where it was deployed on a special barge. The floating nuclear power plant is to provide electricity and heating for residents in remote areas along with mining operations in the far east., In April 2023, Wartsila, Hoegh LNG, IFE, University of South-East Norway, Sustainable Energy, and BASF SE secured around EUR 5.9 million in funding from the Norwegian Government., April 2023 saw Wärtsilä renew its Operation & Maintenance agreement with Geradora de Energia do Amazonas (Gera Amazonas), an independent energy producer based in Brazil., Falck Renewables SpA from Italy and floating wind specialist BlueFloat Energy from Spain in August 2021 jointly unveiled their plan to setup and deploy floating offshore wind farms along the Italian coast., Wärtsilä and JB Corporation entered into a nine-year optimized maintenance agreement in October 2020 to ensure the operational reliability of a power plant located in South Korea., NTPC announced that its 1MW grid connected floating solar power plant is nearing completion by March 2019 in Gujrat. This power plant has been under construction for the last half a year-long period. In April this year, Debashish Das, who is NTPC Director, said during his commissioning remarks that it would be commissioned at the same time., In February 2019, the Electricity Generating Authority of Thailand rolled out blueprints for floating solar plants across all eight dams. Siam Cement Group hopes to land itself Thailand’s first contract for a 45MW solar farm at Sirindhron Dam., Greenam Energy wholly owned subsidiary of Singapore based AM International Holdings put up its first floating solar power plant at Tutricon in April 2019. It has capacity equal to 24MW. The company built it specifically for industrial usage so as optimize energy production from these plants., CECEP along with Ciel & Terre the Chinese state corporation connected the 70 MWp floating photovoltaic power plant in Anhui province, China to the national grid in March 2019. The plants were built using LONGi Solar monocrystalline PV modules and Ciel & Terre Hydrelio floats for commercialization of floatovoltaic technology.. Notable trends are: Increasing demand for energy is driving the market growth.

The size of the ASEAN Energy Storage Market was valued at USD 3.32 Million in 2023 and is projected to reach USD 5.25 Million by 2032, with an expected CAGR of 6.78% during the forecast period. The energy storage market in ASEAN is undergoing significant transformation as countries in Southeast Asia strive to improve energy reliability, incorporate renewable energy sources, and meet increasing electricity demands. Technologies such as lithium-ion batteries, pumped hydro storage, and advanced thermal systems are becoming essential in the region, as they effectively manage the variability of renewable energy generation and maintain a consistent power supply. This market growth is fueled by various factors, including government initiatives that advocate for clean energy, rising investments in renewable energy projects, and the necessity to enhance grid stability and resilience. Nations within ASEAN, including Thailand, Indonesia, and the Philippines, are channeling investments into energy storage solutions to achieve their renewable energy objectives and lessen their reliance on fossil fuels. Supportive government policies and incentives, such as subsidies for renewable energy initiatives and favorable regulatory environments, are facilitating the uptake of storage technologies. Nevertheless, the market encounters obstacles such as high initial costs, limited local production capabilities, and inconsistent regulatory support among different countries. In spite of these challenges, the ASEAN energy storage market is poised for significant expansion as technological innovations lead to cost reductions and enhanced efficiency. As the region remains committed to sustainable energy practices, energy storage will be pivotal in facilitating the transition to a more robust and dependable energy infrastructure, thereby advancing both economic and environmental objectives. Recent developments include: In March 2022, the Indonesian government launched a 5MW battery energy storage system (BESS) pilot project as it aims to move away from diesel-generated power. Perusahaan Listrik Negara (PLN) 'de-dieselization' program will involve 5,200 units of new renewable energy generation with a total power of 2GW by 2024 and is a potential application for battery storage., In May 2022, Vietnam's government published plans to double its stationed power generation capacity to 146 gigawatts (GW) by 2030, and for the same, Vietnam calls for up to USD 14 billion annual power investment.. Key drivers for this market are: Growth in Power Demand from Residential, Commercial and Industrial Consumers4., Unscheduled Power Outages and Grid Instability would Demand Energy Storage Solutions. Potential restraints include: Lack of Investments could Hamper the Growth of Energy Storage Market. Notable trends are: Battery Energy Storage Segment Expected to Witness Significant Growth.