Thailand Solar Energy Market Forecast: Riding Wave of Rising Demand and Renewable Investment

Rising demand for solar power and increasing investment in renewable energy are likely to propel the Thailand solar energy market in the upcoming years.

According to TechSci Research report, “Thailand Solar Energy Market - By Region, Competition, Forecast and Opportunities, 2028”. The Thailand solar energy market is expected to rise in the upcoming years owing to rising solar energy demand, reduce dependence on fossil fuels & coals, and rising investment in the renewable energy sector among others.

The growth of the Thailand solar energy market is majorly driven by an increase in energy demand due to an increase in population. For instance, in 2023, the total population of Thailand is around 71,801,279 which is a 0.15% increase from 2022, when the country had around 71,697,030 population in 2022. Additionally, in addition, the rise of the need for sustainable energy sources has been witnessed across the country, coupled with encouraging government policies that have boosted market growth. For instance, the solar energy for Thailand People Incentive Program, where residential electricity users (single home, non-collective) can apply for the program to install PV systems on their rooftop area and be able to serve the role of electricity producers.

The program started in 2019 with the primary objective of utilizing electricity produced from PV systems for self-consumption, while the excessed electricity from own use can be sold back to the grid at the failure in time (FiT) rate of 2,20 THB/kWh (equivalent to around 0,067 USD/kWh). The target of this program is 50 MWp PV installation per year and will receive the FiT for 10 years. Therefore, government policies help to reduce the dependency on fossil fuels and help in controlling environmental pollution. This, in turn, has a positive impact on the demand for renewable energy sources, such as solar energy across the nation. In addition, the reduction of carbon footprint and an upsurge in the need for low-cost energy generation are expected to propel the solar energy market growth.

In addition, a rise in the prices of fossil fuels is anticipated to provide positive opportunities for market expansion. The increase in the prices of fossil fuels, such as coal, is anticipated to boost the cost of electricity generation, which in turn is projected to result in an increase in the usage of alternative energy source such as solar energy. Furthermore, their various factors including the high cost of installation, lack of skilled workforce, and the low efficiency of the solar module are likely to negative impact on the growth of Thailand’s solar energy market. On the contrary, a decrease in the cost of solar systems and energy storage devices is expected to propose a profitable opportunity for Thailand’s solar energy market growth.

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The Thailand solar energy market is divided into technology, solar module, applications, and regions. Based on technology, the market is segmented into photovoltaic systems and concentrated solar power systems. Based on solar module, the market is segmented into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. Based on applications, the market is segmented into residential, commercial, and industrial. Additionally, the market is also segmented into regional analysis and divided into Bangkok, Eastern, Northeastern, Southern, and Northern.

Based on technology, photovoltaic systems had the largest market share in 2022 owing to the rising demand for electric vehicles which directly propels the demand for solar-powered EV infrastructure charging stations across the country which has a positive impact on the Thailand solar energy market. Also, the government rising renewable energy sources and demand for solar power investment across the country.

Based on the solar module, polycrystalline had the largest market share in 2022 and is expected to register a significant CAGR during the upcoming years. the polycrystalline solar module is widely used in the electrotonic sectors to develop smartwatches and calculators. Additionally, rising the standard of living and growing the income of consumers are likely to boost the demand for smartwatches and calculators across the nation. Therefore, is directly increases the demand for the polycrystalline solar module segment in the upcoming years.

Key market players in the Thailand solar energy market include:

SPCG Public Company Limited

Symbior Energy Limited

Thai Solar Energy PLC

B. Grimm Power Public Company Limited

Solaris Green Energy Co. Ltd

Energy Absolute PCL

Solartron PLC

Marubeni Corporation

Black & Veatch Holding Company

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“The Thailand solar energy market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. There are various driving factors, such as rising population & urbanization enhancing demand for power or energy, decreasing dependence on fossil fuels & coals to generate energy, and various major investments by the major international banks in the clean energy sector.

Additionally, factors such as strong government support for solar power development in the form of feed-in tariffs, the Alternative Energy Development Plan (AEDP), and declining costs of solar PV systems are expected to drive the solar energy market in Thailand during the forecast period. However, uncertainties regarding access to the power grid are expected to restrain operators from investing in renewable power projects during the forecast period”, said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Thailand Solar Energy Market Segmented By Technology (Photovoltaic Systems and Concentrated Solar Power Systems), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By Application (Residential, Commercial, and Industrial), By Region, Competition, Forecast and Opportunities, 2028”, has evaluated the future growth potential of Thailand solar energy market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Thailand solar energy market.

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