Thailand Solar Energy Market is Expected to Grow at a 7.48% CAGR Through 2028
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.
Browse
over XX Market Data Figures spread through XX Pages and an in-depth TOC on the "Thailand Solar Energy Market.”
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
Download Free Sample Report
Customers
can also request 10% free customization on this report.
“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.
Contact
TechSci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States- 10170
M: +13322586602
Email: [email protected]
Website: https://www.techsciresearch.com