Thailand Wind Energy Market Trends, Growth & Revenue [2031]

Report Description

Thailand Wind Energy Market Outlook

The Thailand Wind Energy Market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031 expanding at a CAGR of 5.69% during 2023 – 2031. The growth of the market is attributed to the increasing energy demand combined with a rising percentage of renewables in the power generating.

Moreover, the initiatives taken by the government in the country to reduce reliance on fossil fuel-based power generation and improve energy efficiency standards present another key aspect of the market expansion.

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Wind energy, also known as wind power, refers to types of producing electricity by converting the wind resource into mechanical power. In general, the development of wind energy is primarily proceeded using the wind mills, which are usually placed or installed in high mountains or in sea. The Thai wind energy sector has ability to produce wide range of renewable power and several projects for generating electricity from wind mills are currently going on.

The country has advantage of generating a potential of 13-17 GW onshore energy due to rapid installation of technologies. Thailand has had 1.5 GW of onshore wind installed as of 2019. The Thai government announced that the country had plan to increase wind energy goal to 7 GW by 2037 as a solid path toward developing clean and competitive energy.

The COVID-19 pandemic had adversely impacted the market due to shifting attention of the government towards solving the healthcare burden caused by the rise of virus cases in the country. The installation of wind mills in the country was largely neglected. However, the market was seen rebounded in the second part of FY 2020 as a result of rapid project monitoring by various developers.

Market Trends, Drivers, Restraints, and Opportunities

• Rising government’s initiatives to replace traditional energy sources with renewable energy sources in the country is a key factor driving the market.
• Increasing pressure for the development of steady, clean, and inexpensive electricity to ensure economic stability is projected to boost the market during the forecast period.
• Favorable geographical landscape connecting sea and mountain terrains present key aspects for the market expansion.
• Availability of solar electricity as the most popular alternative renewable energy source is a key hurdle that can hinder the market expansion.
• Upcoming projects in the offshore wind energy industry in the Gulf of Thailand are likely to create lucrative opportunities for the market growth during the forecast period.

Scope of Thailand Wind Energy Market Report

The report on the Thailand wind energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Thailand Wind Energy Market Segment Insights

Onshore segment to grow at a high rate during the forecast period

Based on deployments, the Thailand wind energy market is bifurcated into offshore and onshore. The onshore segment is expected to grow at a high rate during the projected period owing to its low cost and easy installation process. In comparison to 2018, the cumulative onshore installed capacity of the country has increased by 10% in 2019. On the other hand, offshore wind power generation, is steadily increasing prominence globally. 

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Utility segment to hold a significant share of the market

In terms of applications, the market is divided into commercial, residential, utility, and industrial. The utility segment is expected to hold a significant share of the market in the coming years. Utility-scale wind generating projects need a plethora of land, building, and other permissions such as the careful management of relationships with many stakeholders.

Such scale wind turbines are often founded in huge and multi-turbine wind farms that are linked to the country's transmission infrastructure. However, the commercial segment is projected to account for significant market share in the coming years due to the existing challenges in using a wind turbine leading to a shortage of land and high cost associated with them.

Turbine segment to grow at a high rate during the forecast period

Based on components, the Thailand wind energy market is segregated into support structure, electrical infrastructure, turbine, and others. The turbine segment is expected to grow at a high rate during the projected period owing to the availability of raw materials, upgrading turbine technology, and decreasing operational costs. Furthermore, turbine manufacturers are increasing their R&D investments in order to improve turbine efficiency and minimize noise pollution, which further push the segment growth.

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