Thailand Solar Energy Market Outlook 2031
The global Thailand solar energy market size was valued at USD XX Billion in 2022 and is projected to reach USD XX Billion by 2031, expanding at a CAGR of 7.2% during the forecast period 2023 - 2031. The growth of the market is attributed to strong government support in the form of alternative energy development plan and feed-in tariffs. The decreasing cost of solar photovoltaic system is anticipated to fuel the market expansion.
Solar power is the cleanest source of renewable energy. It is convenient renewable solution for increasing global warming and greenhouse emission. Solar energy is a radiant light and heat from the sun which is exploit using technologies including solar thermal energy, artificial photosynthesis, solar heating, molten salt power plants, photovoltaic, and solar architecture. Solar energy are used in generating electricity, heating water for commercial, domestic, & industrial use, and providing lighting and comfortable interior environment.
For Thailand solar energy market the government has set clean energy targets and it is trying to achieve their targets by changing to renewable energies. Various developments are taking place;
For instance, In 2020, the total capacity of solar energy reached to approximately 3,000 megawatts. Solar energy in Thailand is targeted to reach 6,000 megawatt by 2036.
Thailand Solar Energy Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for electricity in Thailand is projected to drive the thailand solar energy market growth during the forecast period.
- Increasing investment in solar energy is anticipated to fuel the market in the coming years.
- Government’s supportive policies and initiatives is major factor propelling the market during the forecast period.
- Huge solar plants require huge land which is inhibited by the availability of solar radiation act as key challenge that can hinder the market expansion.
- Uncertainties regarding access to the power grid are estimated to impede the market growth in Thailand.
- R&D investment and technological advancement resulting in the reduction in the cost of construction of solar power plant is expected to offer significant opportunities for the market players.
Scope of Thailand Solar Energy Market Report
The report on the Thailand solar energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Solar Energy Market - Thailand Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technologies (Concentrated Solar Power and Solar photovoltaic), Deployments (Rooftop and Ground Mounted)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
SPCG PCL, Solaris Green Energy Co., Ltd., Thai Solar Energy PLC, Trina Solar Co., Ltd., Symbior Energy Limited, Energy Absolute Public Companies, Toyothai, and Yingli Green Energy Holding Co., Ltd.
Thailand Solar Energy Market Segment Insights:
The solar photovoltaic segment is projected to hold a major market share
On the basis of technologies, the Thailand solar energy market share is bifurcated into concentrated solar power and solar photovoltaic. The solar photovoltaic segment is expected to constitute a key share of the market during the forecast period owing to rising demand for sustainable power, high efficiency, durability, compact design, and supportive government policies and initiatives.
The rising interest of corporate sector in obtaining solar photovoltaic power to complete their renewable energy targets is anticipated to boost the market in the coming years.
Solar photovoltaic has the highest rate of innovation and decreasing cost among all the solar technologies. However, the concentrated solar power segment is anticipated to expand at a rapid pace during the forecast period due to high usage of these technologies in end-user industries and it is most commercialized technology.
The ground mounted segment is projected to account for a large market share
In terms of deployments, the Thailand solar energy market share is segregated into rooftop and ground mounted. The ground mounted segment is expected to represent a key share of the market in the coming year due to increased airflow allows the panels to stay cooler, conversion of energy more efficiently, and it can be installed anywhere in the field or yard that faces the sun. It is highly used for agricultural, commercial or residential purpose.
Ground mounted are used in various farms which requires high amount of energy for different activities including pumping water, lightning and heating, running electric fences, running dryers and conveyors, powering greenhouse, operating milking, watering and feeding equipment, generating heat for buildings, and heating water.
The Thailand solar energy market has been segmented on the basis of
- Concentrated Solar Power
- Solar photovoltaic
- SPCG PCL
- Solaris Green Energy Co., Ltd.
- Thai Solar Energy PLC
- Trina Solar Co., Ltd.
- Symbior Energy Limited
- Energy Absolute Public Companies
- Yingli Green Energy Holding Co., Ltd.
Key players competing in the Thailand solar energy market include SPCG PCL, Solaris Green Energy Co., Ltd., Thai Solar Energy PLC, Trina Solar Co., Ltd., Symbior Energy Limited, Energy Absolute Public Companies, Toyothai, and Yingli Green Energy Holding Co., Ltd. Some of these players are engaged in several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.