Thailand Solar Photovoltaic Market to Witness Formidable Growth until 2025
Growing need for sustainable
energy resources to drive the growth of Thailand solar photovoltaic market
According to
TechSci Research report, “Thailand
Solar Photovoltaic Market By Product Type (Thin film, Multi-Si, Mono-Si),
By Grid Type (Grid Connected and Off-Grid), By Application (Residential,
Non-Residential/Commercial, Utility), By Region, Forecast & Opportunities,
2025”, the Thailand solar photovoltaic market is
expected to grow at a formidable rate during the forecast period on account of strong
government support for solar power development in the form of feed-in tariffs,
and Alternative Energy Development Plan (AEDP). The announcement of new solar
development plans by the Thai Energy Policy and Planning Office in 2017 is
aimed at increasing private firm participation. This, in turn, is likely to
provide significant opportunities for growth in the solar photovoltaic market
in Thailand over the next few years. Additionally, declining costs of solar photovoltaic
systems are further anticipated to drive the growth of market during forecast years.
Furthermore, volatility in crude oil price, environmental concern of hydro power
and risk of nuclear radiation accidents in nuclear power plants provide a great
opportunity for solar photovoltaic market. However, high initial cost of installation
might hamper the growth of market during forecast period. Certain area of land must
be given for installation of the panels; the required amount of area increases
with the increase in demand for energy. Post installation of the panels, the
area cannot be used for any other purpose, which might restrict the growth of
market. Additionally, policy uncertainties and complicated permitting
procedures of the government are further expected to restrain the growth of
market during forecast period. Also, uncertainties regarding the access to the
power grid are expected to restrain the operators from investing in renewable
power projects during the forecast period.
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The Thailand solar photovoltaic market
is segmented based on product type, grid type, application, company and region.
Based on application, the market can be categorized into residential,
non-residential/commercial and utility. The utility application segment is
expected to hold the largest market share during forecast period. This can be
accredited to the continuous supply of energy and comparatively lower expenses
than conventional energy sources have made solar photovoltaic technology an attractive
for application in utilities. The residential segment is expected to witness
significant growth during forecast period owing to the increased adoption and
growing applications of solar photovoltaic in the residential sector for water
heaters, phone chargers, battery, solar vehicles, among others.
Energy Absolute Public Companies,
SPCG PCL, Symbior Energy Limited, Thai Solar Energy PLC, Trina Solar Co., Ltd
(Trina Solar), Solaris Green Energy Co., Ltd., Solartron Public Company
Limited, Yingli Green Energy Holding Co., Ltd, ItalThai, Toyothai and others are some of the
leading players operating in Thailand solar photovoltaic market. The companies
are developing advanced technologies and launching new services in order to
stay competitive in the market. Other competitive strategies include mergers
& acquisitions and new service developments.
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“Thailand solar photovoltaic
market is expected to witness significant growth during the forecast period, owing
to the increasing awareness among consumers regarding environmental benefits of
renewable energy. Additionally, as part of the latest Power Development Plan
(PDP), Thailand is set to implement new policy changes to increase the share of
renewables in its energy mix. With a focus on accelerating photovoltaic uptake,
the new initiatives include energy trading, wheeling charges, FiT schemes, and
a new building energy code system. This complements the Government’s ‘Thailand
4.0’ campaign to boost innovation and research, and is anticipated to position
Thailand as a key market for distributed renewable energy over the next few
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Thailand Solar Photovoltaic Market By Product
Type (Thin film, Multi-Si, Mono-Si), By Grid Type (Grid Connected and
Off-Grid), By Application (Residential, Non-Residential/Commercial, Utility),
By Region, Forecast & Opportunities, 2025” 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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