Market Size of Thailand Power Generation EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Power Generation EPC Market Analysis
The Thai power generation EPC market is expected to register a CAGR of more than 4% during the forecast period, 2022-2027. The COVID-19 outbreak had a moderate impact on the power generation EPC market across the country, leading to delays in multiple power projects. Still, all the operations were resumed, augmenting the market size. Rapidly growing population and increasing power consumption are the paramount factors resulting in the growth of the power market. With rising power demand, numerous new projects are under construction and planning stages, which, in turn, is expected to enhance the market share. In addition, the accelerating deployment of renewable energy sources on a large scale is expected to drive the EPC market across the region. However, low domestic investments, along with slow processing of tenders, are likely to restrain the market growth during the forecast period.
- The conventional thermal power segment is expected to dominate the market due to rising power demand in Thailand.
- The energy demand in Thailand is anticipated to grow significantly, and the extensive renewable energy targets to reach 30% of total power consumption by 2037 are likely to create surplus opportunities for the EPC market players in the coming years.
- Favorable government policies and incentive programs toward the adoption of renewable energy sources and a rising focus on reducing carbon emissions are expected to boost the renewable power generation EPC market at a significant rate.
