Thailand Power EPC Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Sector (Power Generation (Thermal, Renewables, and Others), and Transmission and Distribution)

Market Snapshot

Thailand Power EPC-Market Summary
Study Period:

2016 - 2026

Base Year:



>3 %

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Market Overview

The Thailand EPC power market is expected to grow at a CAGR of more than 3% in the forecast period of 2020-2025. Factors such as increasing population and power consumption are resulting in the growth of the power market. With growing power demand, projects that are under construction and in the planning stage are expected to drive the market significantly. However, factors such as COVID-19 outbreak has caused supply chain disruptions and is expected to delay some EPC projects in the power sector. This, in turn, is expected to retrain the market studied.

  • Thailand has witnessed continuous growth in the power EPC market, especially in renewable projects. With more than 11800 MW renewable capacity as of 2019, Thailand is expected to witness a significant growth in the renewable energy sector owing to the upcoming projects.
  • With Renewable Energy map 2036, Thailand is aiming to install 17 GW of solar power. This, in turn, is expected to create an ample amount of opportunities for solar PV manufacturers and associated equipment manufacturers to enter the market.
  • Thailand has launched multiple programs for the growth of the power sector. Some of them are Power Development Plan in 2019, Renewable Energy map 2036, Energy Efficiency plan, Alternative Energy Development Plan, and others. These programs are expected to boost the demand for power EPC market in the country.

Scope of the report

The Thailand power EPC market report includes:

Power Generation
Transmission and Distribution

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Key Market Trends

Renewable Energy to Witness Significant Growth

  • The share of renewable energy in the total power generation mix is expected to increase in Thailand significantly owing to the upcoming projects. With 7406 MW in 2014 and 11860 MW in 2019, the installed capacity of renewable projects is continuously growing.
  • In June 2019, DP Cleantech Group’s signed an EPC contract for a 9.5 MW biomass power plant in Uttaradit province.
  • In January 2020, the Electricity Generating Authority of Thailand selected a consortium of B.Grimm Power Public Company Limited and Energy China to build a 45 MW largest hybrid Hydro-Floating solar power plant.
  • From 2020, Electricity Generating Authority of Thailand (EGAT) is 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 market during the forecast period.
Thailand Power EPC Market-Renewable Energy Installed Capacity

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Supportive Government Initiatives and Upcoming Projects to Drive the Market

  • Under Power Development Plan 2037, Thailand is planning to add 56 GW of new power generation capacity to meet 77.21 GW aim by 2037. This initiative is expected to drive the power EPC market considerably.
  • In July 2019, Poyry completed the construction of twelve gas-fired power plants, including nine 120 MW and three 130 MW plants, allotted in 2015. With this, 1.49 GW of capacity was added to the grid.
  • With Renewable Energy map 2036, Thailand is aiming to install 17 GW of solar power. With such ambitious goals, vast opportunities for EPC companies can be witnessed in the forecast period.
  • In 2018, Mitsubishi Hitachi Power Systems, Ltd. received an order for engineering, procurement, and construction of 5300 MW natural gas-fired power plant. Thailand is working forward to reach its 2036 with such multiple projects driving the EPC market in the power sector.
  • The electricity generation in Thailand is expected to grow in the forecast period creating opportunities for the construction of new power plants and driving the market further. With 173.8 TWh in 2014 and 177.6 TWh in 2018, generation capacity is increasing gradually.
  • Therefore, with supportive government policies and upcoming projects, the power EPC market in Thailand is expected to grow during the forecast period.
Thailand Power EPC Market-Electricity Generation Capacity

Competitive Landscape

The Thailand power EPC market is moderately consolidated. Some of the major companies include Mitsubishi Hitachi Power Systems, Ltd, Marubeni Corporation, General Electric Company, Poyry PLC, Black & Veatch Corporation, and others.

Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Installed Power Generation Capacity and Forecast in MW, 2018-2025

    4. 4.4 Thailand Power Generation Installed Capacity, by Source, in Mega Watt, 2010-2019

    5. 4.5 Key Projects Information

    6. 4.6 Recent Trends and Developments

    7. 4.7 Government Policies and Regulations

    8. 4.8 Market Dynamics

      1. 4.8.1 Drivers

      2. 4.8.2 Restraints

    9. 4.9 Supply Chain Analysis

    10. 4.10 PESTLE Analysis


    1. 5.1 Sector

      1. 5.1.1 Power Generation

        1. Thermal

        2. Renewables

        3. Others

      2. 5.1.2 Transmission and Distribution


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Black & Veatch Corporation

      2. 6.3.2 General Electric Company

      3. 6.3.3 Mitsubishi Hitachi Power Systems, Ltd

      4. 6.3.4 Poyry PLC

      5. 6.3.5 Toshiba Corp.

      6. 6.3.6 Marubeni Corporation

      7. 6.3.7 DP Cleantech Group

      8. 6.3.8 B.Grimm Power Public Company Limited

    4. *List Not Exhaustive

**Subject to Availability

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Frequently Asked Questions

The Thailand Power EPC Market market is studied from 2016 - 2026.

The Thailand Power EPC Market is growing at a CAGR of >3% over the next 5 years.

  • Mitsubishi Hitachi Power Systems, Ltd
  • Marubeni Corporation
  • General Electric Company
  • Poyry PLC
  • Black & Veatch Corporation

Are the major companies operating in Thailand Power EPC Market.

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