The Thailand EPC power 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 3% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing population and power consumption.
EPC power stands for engineering, procurement, and construction of power plants. The single company or vendor takes the entire responsibility of designing and establishing the project.
Thailand’s increasing power demand has encouraged various industry players, from new entrants to emerging players to enter in the Thailand EPC power market. The country had 11800 MW renewable capacity in 2019. The market in country is expected to grow a significant growth, especially, in the renewable energy sector owing to the increasing number of renewable projects.
Thailand launched multiple programs for the growth of the power sector. For instance, it announced Power Development Plan in 2019, Renewable Energy Map 2036, Energy Efficiency Plan, Alternative Energy Development Plan, and some small-scale projects. These programs are expected to boost the power EPC market in the country. With Renewable Energy map 2036, Thailand is aiming to install 17 GW of solar power, which is expected to create ample opportunities in the coming years.
Market Drivers, Restraints, Trends, and Opportunities
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Increasing population and power consumption are driving the power market.
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The COVID-19 outbreak has caused supply chain disruptions and is expected to delay some EPC projects in the power sector. This is expected to restrain the market growth.
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Growing number of government initiatives to develop renewable projects is anticipated to positively influence the growth of the market.
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Decreasing prices of semiconductor is speculated to create opportunities for industry players during the forecast period.
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Rising number of incentive programs by the Government of Thailand to boost the establishment of power generation plants is anticipated to spur the Thailand EPC market in the projected timeline.
Scope of the Report
The report on Thailand Power EPC Market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Thailand Power EPC Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Sector Power Generation (Thermal, Renewables, and Others) and Transmission and Distribution)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mitsubishi Hitachi Power Systems, Ltd, Marubeni Corporation, General Electric Company, Poyry PLC, Black & Veatch Corporation, and others.
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Thailand EPC power market Market Insights
Renewable segment to Witness Significant Growth
Based on sectors, the market is segregated into thermal, renewables and others. In 2014, Thailand had a total capacity of 7406 MW renewable energy generation and in 2019, it increased to 11860 MW. The country announced in 2020 that Electricity Generating Authority of Thailand (EGAT) were planning to build 2.7 GW of floating solar power capacity on the dam reservoirs by 2037. Therefore, factors such as supportive government policies coupled with upcoming renewable energy projects are expected to drive the renewables segment.
Transmission & distribution segment to grow at a rapid race
The transmission & distribution segment accounted for a significant market share and is expected to grow at a rapid pace during the forecast period. Government state bodies and industry players are partnering to swift the deployment of centralized and decentralized power grids across the country. Moreover, government agencies are granting funding to improve the electricity infrastructure, propelling the growth of the transmission & distribution segment.
Segments
Sectors
- Thermal
- Renewables
- Others
Transmission and Distribution
Key players
Competitive Landscape
Some of the major companies include Mitsubishi Hitachi Power Systems, Ltd, Marubeni Corporation, General Electric Company, Poyry PLC, and Black & Veatch Corporation, and others.
In September 2020, Mitsubishi Power signed a contract with Hin Kong Power company to build a 1.4 GW natural gas-fired combined cycle turbine facility. According to the contract, the former company is expected to supply two gas turbines to the facility. As per Mitsubishi Power, the plant is anticipated to reduce up to 70% of carbon emissions.
In June 2019, DP Cleantech Group’s signed an EPC contract for a 9.5 MW biomass power plant in Uttaradit province. Under Power Development Plan 2037, Thailand is planning to add 56 GW of new power generation capacity to meet 77.21 GW aim by year 2037. This initiative is expected to drive the power EPC market considerably.
Mitsubishi Hitachi Power Systems, Ltd. received an order for EPC of 5300 MW natural gas-fired power plant. Thailand is working forward to reach its 2036 plan with such multiple projects, driving the EPC market in the power sector.
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