Thailand Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Thailand's Electricity Market is segmented by Power Generation (Conventional, and Renewables) and Power Transmission and Distribution.

Thailand Power Market Size

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Thailand Power Market- Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.80 %

Major Players


*Disclaimer: Major Players sorted in no particular order


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Thailand Power Market Analysis

Thailand power market is estimated to be at 51.34 GW by the end of this year and is projected to reach 68.05 GW in the next five years, registering a CAGR of 5.8% during the forecast period.

  • Over the medium term, increasing renewables capacity and modernization of existing transmission and distribution infrastructure will likely help the market grow.
  • On the other hand, the huge capital expenditure required for modernizing existing facilities and building new ones may restrain the market.
  • Nevertheless, the Thai government targets achieving more than 30% of electricity generation through renewables by 2037. The country will also see transmission and distribution grid modernization owing to the increasing number of renewable energy power plants. Such activities are likely to present significant opportunities to the players involved in the market.

Thailand Power Market Trends

Renewable Power Generation to Witness Significant Growth

  • The country is significantly witnessing an increase in power generation from renewable sources owing to increase efforts to reduce carbon footprint in the country. As of January 2022, Thailand generated more than half of its natural gas and coal electricity.
  • These fuels give out significant emissions leading to higher global warming potential. The country is witnessing a substantial shift towards renewable energy sources for electricity generation to decarbonize its economy.
  • As per Energy Policy and Planning Office, Thailnd's Power generation capacity from natural gas was around 114.64 thousand GW-h, and power generation from renewable capacity is approximately 21.86 thousand GW-h in 2022.
  • In February 2022, TotalEnergies SE signed a binding long-term agreement to deliver a 2.7 MWp solar rooftop solution for TOA Paint in Samut Prakan Province, Thailand.
  • In January 2022, Marubeni Corp. announced that it would partner with Mitr Phol Sugar Corp. Ltd to develop renewable energy projects, among others, in Thailand. This partnership will likely bring new investments in the country's renewable energy power generation segment.
  • Due to such developments, the renewable power segment will likely witness significant growth during the forecast period.
Thailand Power Market- Electricity Generation Mix (%) by Source

Government Policies to Drive the Market

  • The Government of Thailand is encouraging renewable energy installations nationwide to reduce greenhouse gas emissions by 20-25% by 2030. The government also supported renewable energy power plants by providing various incentives and regulatory support.
  • The country planned to open its energy market further for private electricity trading through the New Solar Rooftop Regulations 2020. As per the regulation, solar PV owners can be connected to the grid for trading electricity, using the power transmission and distribution infrastructure by paying a transmission fee to the public utilities. The fee for retail power trading will be based on the amount of electricity transferred and the congestion level in the transmission line.
  • Moreover, the Thailand Government supports the deployment of floating solar energy farms for green energy development. The Thailand Government set a target for installing 90 MW/year from 2023 to 2025.
  • As per International Renewable Energy Agency (IRENA), the country's total installed renewable capacity is around 12,197 MW in 2022. The government is planning to increase this capacity by 29,411 by 2037.
  • Therefore, supportive government policies and initiatives are expected to drive the Thai power market in the forecast period.
Thailand Power Market- Installed Renewable Capacity

Thailand Power Industry Overview

The Thai power market is moderately consolidated. Some major players active in the market (not in particular order) include Siemens Gamesa Renewable Energy SA, JinkoSolar Holding Co. Ltd, General Electric Company, BCPG PCL, and the Electricity Generation Authority of Thailand., among others.

Thailand Power Market Leaders

  1. Siemens Gamesa Renewable Energy SA

  2. JinkoSolar Holding Co., Ltd.

  3. General Electric Company


  5. Electricity Generation Authority of Thailand

*Disclaimer: Major Players sorted in no particular order

Market Concentration-Thailand Power Market.png
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Thailand Power Market News

  • May 2023: Mae Hing Son province launched a solar power plant and battery energy storage project. The Electricity Generating Authority of Thailand (EGAT) held a commercial operation date (COD) ceremony for a 3 MW solar power plant and 4 MW battery energy storage system project.
  • May 2023: Acciona Energia and the Blue Circle announced inking a 25-year power purchase agreement (PPA) in Thailand for five wind farms with a total capacity of 436 MW. The projects were picked through a bidding process by the Energy Regulatory Commission (ERC), and these projects will be developed in phases. The first wind farm is expected to begin construction in 2024, and all five projects will be completed by 2030.

Thailand Power Market Report - 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 Power Generation Mix, 2022

    3. 4.3 Power Generation Installed Capacity and Forecast in GW, till 2028

    4. 4.4 Electricity Generation and Consumption Forecast in TWh, till 2028

    5. 4.5 Recent Trends and Developments

    6. 4.6 Government Policies and Regulations

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

        1. Increasing Renewables Capacity in Thailand

        2. Rising Modernization of Existing Transmission and Distribution Infrastructure

      2. 4.7.2 Restraints

        1. Huge Capital Expenditure Required for Carrying out Modernization of Existing Facilities

    8. 4.8 Supply Chain Analysis

    9. 4.9 PESTLE Analysis


    1. 5.1 Power Generation

      1. 5.1.1 Conventional

      2. 5.1.2 Renewables

    2. 5.2 Power 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 Electricity Generation Authority of Thailand

      2. 6.3.2 Siemens Gamesa Renewable Energy SA

      3. 6.3.3 Vestas Wind Systems AS

      4. 6.3.4 BCPG PCL

      5. 6.3.5 Glow Energy PCL

      6. 6.3.6 SGS SA

      7. 6.3.7 JinkoSolar Holding Co. Ltd

      8. 6.3.8 General Electric Company

      9. 6.3.9 Schneider Electric SE

      10. 6.3.10 SIAM SOLAR

      11. 6.3.11 Wind Energy Holding Co. Ltd

    4. *List Not Exhaustive

    1. 7.1 Supportive Government Policies

**Subject to Availability
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Thailand Power Industry Segmentation

Generally, electricity generation is generating electric power from primary energy sources. Electricity generation for utilities in the electricity industry is delivering (transmission, distribution, etc.) electricity to end users or storing it.

Thailand Power Market is segmented by power generation, Power Transmission, and Distribution (T&D). By power generation, the market is segmented into conventional and renewables. The market size and forecasts for each segment regarding installed capacity (GW) are done.

Power Generation
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Thailand Power Market Research FAQs

The Thailand Power Market is projected to register a CAGR of 5.80% during the forecast period (2024-2029)

Siemens Gamesa Renewable Energy SA, JinkoSolar Holding Co., Ltd., General Electric Company, BCPG PCL and Electricity Generation Authority of Thailand are the major companies operating in the Thailand Power Market.

The report covers the Thailand Power Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Thailand Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Thailand Energy Industry Report

Statistics for the 2024 Thailand Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Thailand Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)