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 Thailand solar energy market, valued at approximately $X million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 7.20% from 2025 to 2033. This expansion is driven by several key factors. The Thai government's strong commitment to renewable energy targets, aiming to significantly increase the country's solar power capacity, is a primary catalyst. Increasing electricity demand coupled with rising energy costs makes solar energy a financially attractive option for both residential and commercial consumers. Furthermore, advancements in solar photovoltaic (PV) technology, leading to increased efficiency and reduced costs, are fueling market growth. The presence of established players like SPCG Public Company Limited, Symbior Energy Limited, and B Grimm Power Public Company Limited, alongside emerging companies, indicates a competitive and dynamic landscape. Government initiatives promoting investment in renewable energy infrastructure and favorable policies further stimulate market expansion. Technological advancements in Concentrated Solar Power (CSP) also hold significant potential for future growth, though currently PV technology dominates the market share. Challenges remain, including land availability for large-scale projects and the intermittent nature of solar energy, requiring grid infrastructure improvements for efficient integration. Despite these challenges, the long-term outlook for the Thailand solar energy market remains positive. Continued government support, technological innovation, and the increasing economic viability of solar power are expected to drive substantial growth throughout the forecast period. The market segmentation, with Solar PV dominating over CSP, suggests a focus on immediate cost-effective solutions, which will likely evolve as CSP technologies mature and become more competitive. The involvement of international corporations such as Marubeni Corporation and Black & Veatch Holding Company signals confidence in the market's potential and indicates a healthy influx of foreign investment. The market's trajectory will depend on factors like policy consistency, grid modernization, and successful implementation of government incentives, all of which currently contribute to a positive growth outlook. 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., Favorable Government Policies and Increasing Adoption of Solar PV Systems4.; Soaring Electricity Prices Incentivized Installing Solar PV Systems for Self-Consumption. Notable trends are: Solar Photovoltaic (PV) Segment Expected to Dominate the Market.

In 2024, the total capacity of solar energy in Thailand reached approximately ***** megawatts. The capacity of solar energy in the country has continuously increased in the past ten years.

Thailand Solar Energy Market Outlook 2031

The global Thailand solar energy market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 7.2% during the forecast period 2023 - 2031. The growth of the market is attributed to strong government support in the form of alternative energy development plan and feed-in tariffs. The decreasing cost of solar photovoltaic system is anticipated to fuel the market expansion.



Solar power is the cleanest source of renewable energy. It is convenient renewable solution for increasing global warming and greenhouse emission. Solar energy is a radiant light and heat from the sun which is exploit using technologies including solar thermal energy, artificial photosynthesis, solar heating, molten salt power plants, photovoltaic, and solar architecture. Solar energy are used in generating electricity, heating water for commercial, domestic, & industrial use, and providing lighting and comfortable interior environment.

For Thailand solar energy market the government has set clean energy targets and it is trying to achieve their targets by changing to renewable energies. Various developments are taking place;



For instance, In 2020, the total capacity of solar energy reached to approximately 3,000 megawatts. Solar energy in Thailand is targeted to reach 6,000 megawatt by 2036.

Thailand Solar Energy Market Trends, Drivers, Restraints, and Opportunities

• Rising demand for electricity in Thailand is projected to drive the thailand solar energy market growth during the forecast period.


• Increasing investment in solar energy is anticipated to fuel the market in the coming years.


• Government’s supportive policies and initiatives is major factor propelling the market during the forecast period.
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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. 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 solar energy market is driven by the rising investment in renewable energy, and the growing usage of solar energy to reduce the usage of fossil fuels.

Thailand Solar Photovoltaic Market has valued at USD 2.63 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 3.81% through 2029.

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. 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.

In 2024, natural gas accounted for the highest power generation capacity in Thailand, with approximately ******* gigawatt-hours, followed by imported fuel. In that same period, there were around ******* 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 ** 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.

Thailand has implemented ambitious renewable energy targets through its Power Development Plan and Alternative Energy Development Plan, with strong incentives for solar adoption. The government has introduced feed-in tariffs, tax benefits, and adder programs specifically designed to accelerate solar deployment. These policy frameworks have created a favorable environment for both utility-scale solar farms and distributed rooftop systems. The market size is projected to surpass USD 3.32 billion in 2024 and reach a valuation of USD 9.46 billion by 2032.Thailand enjoys excellent solar irradiation levels (averaging 5 kWh/m²/day across most regions) and has abundant land resources suitable for solar development. This natural advantage, combined with the country's growing energy demand and efforts to reduce dependence on imported fossil fuels, positions Thailand as one of Southeast Asia's most promising solar. The Thailand solar market is expected to grow at a CAGR of 14.0% from 2026 to 2032.

The France Distributed Solar Power Generation Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 12% during the forecast period, 2023 – 2031. The growth of the market is attributed to elements such as increasing environmental concerns and high cost of grid expansion. Moreover, advancement in technology leading to increase in efficiency and solar panel manufacturing cost reduction has been a key factors responsible for the growth of the France distributed solar power generation market.

It is the generation of power from solar energy for personal use. The energy produced is not sent to a centralized grid rather is used directly in households, industries, and commercial centers.



Growing demand for clean energy is among the foremost drivers for the distributed solar power generation market in the country. The country is earnestly shifting from conventional energy-producing sources to clean energy sources and produced over 16.7% of the total electricity generated from hydropower and renewable energy combined.



France is the world’s second-largest nuclear electricity producer after the United States. The country produced over 413.2 TWh of electricity from nuclear power, in 2018 and has over 57 nuclear reactors spread over the country.Furthermore; nuclear energy continues to hold an edge over other forms of energy generation energy resources in the country owing to the long-standing policy based on energy security. France’s total nuclear capacity stands at 62.3 GWe. Therefore, the cheaper electricity generation from nuclear energy and more reliability on nuclear energy produced electricity is expected to be the major restraint of the distributed solar power generation market in the country.



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The Thailand power generation industry is experiencing robust growth, projected to expand significantly over the forecast period (2025-2033). A Compound Annual Growth Rate (CAGR) of 5.80% indicates a steadily increasing market size. This expansion is driven by several key factors. Firstly, Thailand's rising energy demand fueled by economic growth and increasing industrialization necessitates substantial investment in power generation capacity. Secondly, the government's strong push towards renewable energy sources, such as solar and wind power, is diversifying the energy mix and contributing to market growth. This transition is driven by environmental concerns and the need for energy security. Furthermore, improvements in power transmission and distribution infrastructure are crucial for effective energy delivery across the country, further stimulating investment in this sector. However, the industry faces challenges, including the fluctuating costs of raw materials and potential grid stability issues as the renewable energy integration increases. The market is segmented into conventional and renewable power generation, as well as power transmission and distribution, each with its own growth trajectory. Key players, including Electricity Generation Authority of Thailand, Siemens Gamesa, Vestas Wind Systems, and several local companies, are actively shaping the market landscape through technological advancements and strategic partnerships. The projected market size for 2025, based on the provided CAGR and assuming a reasonably estimated 2024 market size based on industry trends, is likely to be several billion USD. The sustained growth in the coming years suggests significant opportunities for both domestic and international investors. The competitive landscape is dynamic, with both established players and emerging companies vying for market share. This competitive intensity is driving innovation in energy technologies, particularly in renewable energy segments. Successful companies will be those that can effectively navigate the challenges related to regulatory frameworks, grid infrastructure development, and the volatile nature of renewable energy resource availability. Strategies that focus on efficient resource utilization, grid modernization, and the development of smart grid technologies are becoming increasingly crucial for maintaining market competitiveness. The focus on enhancing energy efficiency across various sectors will also play a significant role in shaping the future of Thailand's power generation industry. 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., Increasing Renewables Capacity in Thailand4.; Rising Modernization of Existing Transmission and Distribution Infrastructure. Notable trends are: Renewable Power Generation to Witness Significant Growth.

Explore the robust growth of Thailand's Power EPC industry, driven by renewables & grid expansion. Discover market size, CAGR, key drivers, and major players. 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 Southeast Asian solar energy market is experiencing robust growth, fueled by increasing energy demands, supportive government policies promoting renewable energy adoption, and decreasing solar technology costs. A Compound Annual Growth Rate (CAGR) of 10.20% from 2019 to 2024 indicates a significant market expansion. While precise market size figures for 2019-2024 aren't provided, projecting backward from a 2025 estimated market size (assuming for illustrative purposes a value of $5 billion) using the CAGR reveals substantial year-on-year growth. This growth trajectory is expected to continue through 2033, driven by factors like rising electricity prices, increasing awareness of climate change, and the push towards energy independence within the region. The market is segmented by technology (solar photovoltaic and concentrated solar power) and geography (Vietnam, Indonesia, Philippines, Thailand, Malaysia, and Rest of Southeast Asia), with Vietnam, Indonesia, and the Philippines likely representing the largest segments due to their substantial populations and increasing energy needs. Key players, including Canadian Solar, JinkoSolar, and Trina Solar, are actively participating in this expanding market, further stimulating competition and innovation. Challenges remain, such as inconsistent policy implementation across the region and the need for improved grid infrastructure to accommodate the influx of solar energy, but the overall outlook for the Southeast Asia solar energy market is overwhelmingly positive. The dominance of solar photovoltaic (PV) technology is anticipated to continue, reflecting global trends and cost-effectiveness. Concentrated solar power (CSP) may witness niche growth in specific regions with high solar irradiation and suitable land availability. Within the geographic segmentation, countries with strong government support and already established renewable energy initiatives will likely experience faster growth. Investment in research and development, coupled with partnerships between international and local companies, is further accelerating market expansion. The long-term forecast suggests a sustained high growth trajectory, making the Southeast Asian solar energy market an attractive investment destination for both domestic and international players, although potential variations in growth rates across individual countries should be carefully considered. 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 Renewable Energy Installation to Reduce the Carbon Emission4.; The Decreasing Price of Solar PV Modules. Notable trends are: Solar Photovoltaic Expected to Dominate the Market.

The Southeast Asia Solar Energy Market Report is Segmented by Technology (Solar Photovoltaic and Concentrated Solar Power), Grid Type (On-Grid and Off-Grid), End-User (Utility-Scale, Commercial and Industrial, and Residential), and Geography (Vietnam, Indonesia, Philippines, Thailand, Malaysia, Singapore, and Rest of Southeast Asia). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW)

Thailand's power generation EPC market is booming, projected to reach [approximately] 137 million USD by 2033, driven by renewable energy growth and government initiatives. Learn about market trends, key players (Mitsubishi, GE, Marubeni), and regional insights in this comprehensive analysis. Recent developments include: 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.. Notable trends are: Conventional Thermal Power 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.

Discover the booming Thailand power generation EPC market, projected to reach $2.057 billion by 2033 with a CAGR exceeding 4%. This in-depth analysis explores key drivers, trends, and challenges, profiling major players like Toshiba and GE, and providing valuable insights for investors and industry professionals. Learn about regional market shares and future growth potential. Key drivers for this market are: 4., Shift towards Renewable Energy4.; Less Electricity Generation Cost from Bioenergy. Potential restraints include: 4., High Initial Investments. Notable trends are: Conventional Thermal Power Segment Expected to Dominate the Market.

Thailand Floating Solar Panels Market focuses on the development, installation, and application of solar panel systems that are designed to be deployed on bodies of water

Thailand Transparent Solar Cells Market growth is driven by the increasing demand for energy-efficient solutions, advancements in PV technology, and sustainable architecture initiatives.