Thailand Solar Photovoltaic Market: Envisioned Growth Propelled by FiT Frameworks

Thailand Solar Photovoltaic Market is expected to grow owing to combination of FiT programs, tax incentives, and clear renewable energy policies throughout the forecast period.

According to TechSci Research report, “Thailand Solar Photovoltaic Market – By Region, Competition, Forecast and Opportunities, 2019-2029”, the Thailand Solar Photovoltaic Market is expected to register robust growth during the forecast period. A significant driver behind the growth of the Thailand Solar Photovoltaic market is the declining cost of solar PV technology. Over the past decade, the price of solar panels and associated equipment has dropped substantially, making solar energy more accessible and cost-effective for a wide range of consumers, including residential, commercial, and industrial sectors.

The Thai government has introduced various incentives and support mechanisms to encourage solar PV adoption. These include feed-in tariffs, tax incentives, and regulatory policies that make it financially attractive to invest in solar energy. This support creates a conducive environment for solar projects and offers opportunities for investors to benefit from stable and predictable returns on their investments.

Based on grid type, the On-Grid segment is expected to dominate the market during the forecast period. Thailand's regulatory environment supports the development of on-grid solar PV projects. The government has established clear guidelines and feed-in tariffs that guarantee fixed payments for the electricity generated and fed into the grid. Net metering regulations allow solar system owners to offset their electricity bills by exporting surplus energy back to the grid, further incentivizing on-grid solar installations.

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On-grid solar installations are not limited to residential and commercial customers. The industrial and utility sectors have also embraced solar power. Large-scale solar farms and industrial installations contribute significantly to the grid and play a crucial role in Thailand's renewable energy goals. Businesses, in particular, can benefit from reduced operational costs, making on-grid solar PV systems an attractive investment.

On-grid solar installations contribute to environmental sustainability by reducing carbon emissions. As more grid-connected solar systems are deployed, Thailand moves closer to its renewable energy and climate goals. The on-grid segment of the Thailand Solar PV market holds significant growth potential. As technology continues to improve and economies of scale drive down costs, more consumers and businesses are likely to adopt solar PV, further contributing to the segment's expansion.

Based on application, the Commercial segment is projected to dominate the market throughout the forecast period. Commercial solar installations in Thailand span various industry sectors, including manufacturing, retail, hospitality, agriculture, and more. These sectors have recognized the cost-saving potential of solar PV systems. The hospitality sector, in particular, has seen substantial growth in solar adoption, with hotels and resorts using solar installations to power their operations and enhance their sustainability credentials. Environmental sustainability and corporate social responsibility (CSR) are increasingly important to businesses.

Solar PV installations help companies reduce their carbon footprint and demonstrate a commitment to green practices. Commercial solar systems contribute to Thailand's environmental goals by reducing greenhouse gas emissions and reliance on fossil fuels. Advancements in solar technology have made commercial installations more efficient and cost-effective. Businesses can now choose from a variety of solar panel types and energy storage solutions, tailoring systems to their specific needs.

Access to financing options and third-party power purchase agreements (PPAs) has made solar installations more accessible for businesses that may not have the capital to invest upfront. PPAs allow businesses to purchase electricity from a solar provider at a predetermined rate, often lower than traditional utility rates. Solar PV installations are long-term investments for businesses, providing a stable and predictable source of electricity for decades. As energy prices continue to rise, solar power offers a hedge against future utility cost increases.

Key market players in the Thailand Solar Photovoltaic Market are:-

Energy Absolute Public Company Limited

Solairedirect Thailand

Superblock Public Company Limited

Tata Power Solar Systems Limited

Sharp Solar

Trina Solar

Hanwha Q CELLS

Solar Power Company Group (SPCG)

Gunkul Engineering Public Company Limited

Symbior Solar

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“The Thailand Solar Photovoltaic Market in Central Thailand is poised to be the dominant force in the industry. Central Thailand is home to a wide range of industries and businesses that are increasingly adopting solar PV systems. These include manufacturing, retail, hospitality, and service sectors. Industrial and commercial installations contribute to grid stability and economic growth in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Thailand Solar Photovoltaic Market Segmented By Product Type (Thin film, Multi-Si and Mono-Si), By Grid Type (On-Grid and Off-Grid) and By Application (Residential, Commercial and Utility), By Region, and By Competition, 2019-2029,” has evaluated the future growth potential of Thailand Solar Photovoltaic Market and provides statistics & information on market size, structure, and future market growth. The report intends 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 in Thailand Solar Photovoltaic Market.

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